Weary officials of First Security Islami Bank Limited (FSIBL) gathered on Tuesday outside the residence of Saifur Alam, also known as Masud, the former chairman of the bank and chairman of S Alam Group in Chattogram.
This protest focused on recovery of non-performing loans, which have created a significant financial crisis within the bank.
About hundred officials from the bank's Chattogram region and eleven local branches participated in the protest in front of home of Alam's Sugandha residential area. Many protesters wore masks, concealing their identities while clearly expressing their distress over the bank's growing financial difficulties.
Mohammad Mustafa, the manager of the bank's Khatunganj branch, explained, "The purpose of the bank is to collect deposits from customers and invest those funds elsewhere. When we fail to recover investments in time, it becomes difficult to return deposited money to customers as they demand it."
He highlighted that the delay in repayment of loans taken by Saifur Alam's enterprises has exacerbated the bank's current crisis.
Furthermore, Mosharraf Hossain Chowdhury, manager of the bank's Agrabad branch, emphasized the magnitude of investments linked to S Alam Group, stating, "Our bank has a substantial portion of its investments tied with Saifur Alam's companies. We are here today as directed by our head office to recover those investments."
Reports indicate that the First Security Islami Bank holds investments totaling nearly Tk650 billion, with Tk450 billion specifically linked to enterprises associated with S Alam Group. Notably, about Tk350 billion of this investment lies within the Chattogram region alone, underscoring the critical need for resolution in this financial turmoil, he said.
