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HC orders freeze on S Alam’s 81.92% stake in Islami Bank

Published : Friday, 4 September, 2026 at 4:39 PM

Observer Online Report

The High Court has ordered a freeze on the 81.92 percent shares held in Islami Bank in the names of entities associated with the S Alam Group.

The order was issued by a High Court bench led by Justice K M Kamrul Kader following an application filed by the Islami Economic Research Bureau last week.

On Friday (September 4), lawyer Shishir Monir said that a written copy of the order was published last Thursday.

The writ petition stated that, under the law, more than 10 percent of a bank’s shares cannot be held by members of the same group or family. However, 24 companies linked to S Alam became institutional shareholders of Islami Bank, collectively holding 81.92 percent of the bank’s shares.

Earlier, last year, the High Court had ordered the freezing of the bank accounts associated with the 24 institutional shareholders linked to S Alam, as well as the accounts of their directors and other individuals.

At the same time, the court imposed a travel ban on the directors of these shareholder companies, prohibiting them from leaving the country without the court’s permission.

-MT

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Editor : Iqbal Sobhan Chowdhury

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