# Social Islami Bank

Social Islami Bank PLC (SIBPLC; Bengali: সোশ্যাল ইসলামী ব্যাংক পিএলসি) is a Shari'ah based Islami Bank in Bangladesh. It was established on 22 November 1995 as Social Investment Bank Limited. Later it changed name to Social Islami Bank Limited. Up to January, 2025, SIBL has 181 branches including 22 AD (Authorized Dealer) branches, 238 subbranches & 377 agent banking outlets. Currently Md. Nazmus Saadat takes charge as Managing Director (Acting) of Social Islami Bank PLC.

## History

Social Islami Bank Limited is a Sharia compliant bank in Bangladesh which started operations on 22 November 1995. SIBL was founded by M. A. Mannan, Dr. Hamid Al Gabid, Former Secretary General of O.I.C., Dr. Abdullah Omar Nasseef, and Ahmed M. Salah Jamjoom, Former Commerce Minister, Kingdom of Saudi Arabia. It is a public limited company registered under the Companies Act of 1994 and regulated by Bank Company Act 1991. The bank is an Islamic bank, based on Islamic Sharia law forbidding usury.
In 2009, the bank changed their name from Social Investment Bank Limited to Social Islami Bank Limited.
In July 2012, the US Senate Permanent Subcommittee on Investigations, a Congressional found evidence of terrorism financing after examining the bank documents in their investigation of HSBC. They also found evidence of impropriety against the founder of the bank and first chairman, MA Mannan. They identified the International Islamic Relief Organisation and Lajnat-al-Birr-al-Islam, Islamic Charitable Society, who are shareholders of the bank, with having links to terror organizations. The bank has denied all allegations of terror financing and has claimed that they are trying to get the two Saudi companies in dispute to sell their shares in the bank. After the report came out, the bank filed a case with a local court to remove the two organizations as shareholders.
The bank engages in corporate social responsibility through donations. SIBL apologized to Bangladesh Bank over financial irregularities in 2015. According to International Consortium of Investigative Journalists, the bank had suspicious transactions from 2014 to 2016.
In November 2017, seven directors of the Social Islami Bank Limited resigned following a board meeting at The Westin Dhaka. Bangladesh Bank did not follow its own rules so that it could quickly accept the resignation letter of the bank chairman Md Rezaul Haque. Two days later the number of resigning directors increased to nine. Seven new independent directors and two shareholding directors were appointed to replace them. The changes took place after S Alam Group took over 50 per cent shares of the bank. The replacement had ties to S. Alam Group. The group had purchased the shares through 19 subsidies violating the Banking Company Act, 1991. The chairman of S. Alam Group, Mohammed Saiful Alam, also owns other banks in Bangladesh which are Al-Arafah Islami Bank, Bangladesh Commerce Bank, First Security Islami Bank, Islami Bank Bangladesh, NRB Global Bank, and Al-Arafah Islami Bank. Anwarul Azim Arif was made chairman of the new board of the bank. The managing director of First Security Islami Bank, Quazi Osman Ali, was appointed managing director of Social Islami Bank Limited. Former governor of Bangladesh Bank, Salehuddin Ahmed, described the situation as concerning since S. Alam Group had taken control over a large number of banks.
In 2019, the bank rescheduled a record number of loans, 29.5 billion BDT, accounting for 50 per cent of all rescheduled loans in Bangladesh that year.
In 2022, it emerged that S. Alam Group had purchased the banks, including Social Islami Bank Limited, with bank loans. In November, 1.64 billion USD was stolen from the bank through letter of credits. The Bank protested the report while Bdnews.com defended their report based on the report of Bangladesh Financial Intelligence Unit. On 4 December, the High Court Division ordered the government of Bangladesh to investigate loans scams at Social Islami Bank Limited, First Security Islami Bank Limited, and Islami Bank Bangladesh Limited. According to Ahsan H Mansur, director of Policy Research Institute of Bangladesh, alleged S. Alam Group had taken 800 billion BDT from banks it owns. In December, Bangladesh Securities and Exchange Commission allowed Social Islami Bank Limited and Islami Bank Bangladesh Limited to raise funds through issuing bonds. Bangladesh Bank appointed observers for the First Security Islami Bank Limited, and Islami Bank Bangladesh Limited. S. Alam Group filed a Digital Security Act against a insurance agent who had posted posters alleging the group had stolen funds from Social Islami Bank and six other banks.
In January 2023, Bangladesh Bank approved emergency loans for Social Islami Bank Limited, First Security Islami Bank, Global Islami Bank, and Union Bank worth 67 billion BDT.
In 2024, The newly-formed board of Social Islami Bank PLC held a meeting on 28th August at the Bank’s head office to safeguard depositors’ interest and ensure good governance within the Bank. Dr. M. Sadiqul Islam, FCMA, Professor of the Department of Finance at University of Dhaka, was elected as Chairman, and Md. Anisul Hoque, Representative of Hamdard Laboratories (Waqf) Bangladesh, was elected as Vice-chairman at the meeting. Maksuda Begum, Former Executive Director of Bangladesh Bank, was elected as chairman of EC Committee, Major (Retd.) Dr. Md. Rezaul Haque, Sponsor Director, as chairman of Risk Management Committee, and Chartered Accountant Md. Anwar Hossain, FCA, as chairman of Board Audit Committee of the Bank. Former Deputy Managing Director of Rupali Bank Md. Morshed Alam Khondoker, Independent Director of the Bank, was also present there.
Bangladesh Bank reformed the Board of the Bank on 25th August for ensuring good governance in the Bank. With the formation of new board, clients trust started to restore and increase deposit.
In January 2025, Md. Nazmus Saadat has taken the charge of Managing Director (Acting) of Social Islami Bank PLC. He has also served as a Deputy Managing Director of the Bank. He has served Islami Bank Bangladesh, Al Arafa Islami Bank and Social Islami Bank for more than 27-year with reputation. He started his banking journey in 1995 as a probationary officer at Islami Bank Bangladesh Limited (IBBL), and served there over 12 years excelling in various departments of the Local Office & Foreign Exchange Branch. He also served as the Manager of Dilkusha and Motijheel branch of Al Arafa Islami Bank. Demonstrating his capacity for leadership, he advanced to head multiple divisions, including the Marketing & Business Development Division and the Corporate Investment Division.
In 2014, he joined Social Islami Bank PLC (SIBPLC) and assumed key roles, including leading the Investment Risk Management Division and serving as Manager of the Principal Branch. His keen strategic insight and dedication earned him widespread respect and recognition within the bank.

## Shareholding

Shareholding Position [as on 28 February 2019] :
| Type | Percentage |
| Sponsor/Director | 30.23% |
| Institute | 48.10% |
| Foreign | 1.36% |
| Public | 20.21% |

## Subsidiaries

01. SIBL Securities Limited (SIBLSL)
02. SIBL Investment Limited (SIBLIL)

## Banking Products and Services

* Investment Products
** Bai-Muazzal
** Hire Purchase under Shirkatul Melk
** HPSM-Ijara
** Murabaha
** Musharaka
** Bai-Salam
** Quard and others
* Deposit Products
** Mudaraba Scheme Deposits
** Al Wadiah Current Account
** Mudaraba Savings Deposit
** Mudaraba Savings Deposit
** Mudaraba Term Deposit
** Cash Waqf Deposit
* Card Products
** SIBL Credit Card
** SIBL Zameel Debit Card
** SIBL Hajj Card