Sharia banker unseated for “militant financing”January 25, 2016
A senior official of an Islamic bank in Bangladesh has been removed from his position by the country’s central bank over his support for Islamic militancy. The Dhaka Tribune reports that Nurul Islam, a deputy managing director of Islami Bank Bangladesh, is an ex-convict. Bangladesh’s finance ministry suspects Nurul Islam of “involvement in militant financing” and involvement “with the recent violence carried out by Jamaat-Shibir,” a radical Islamist student group. This development is further evidence of the connection between sharia finance and the funding of terrorism. Prior Money Jihad coverage of the dangerous Islami Bank Bangladesh and its leadership can be found here.
The central bank has removed Deputy Managing Director of Islami Bank Nurul Islam for his alleged involvement with Jamaat-e-Islami, the party which opposed the birth of Bangladesh in 1971.
Bangladesh Bank issued a letter in this regard yesterday. The decision came after the Finance Ministry asked the central bank governor to take action against the financial organisations linked to Jamaat.
A top officer of the central bank confirmed to the Dhaka Tribune that Nurul Islam had been removed on the ground that he was a convict and has cases against him.
The central bank issued the letter yesterday saying that a convict cannot hold such a high position. Moreover, the cases against him are yet to be disposed of.
The letter, however, did not mention about the issue of his Jamaat connection.
Bangladesh Bank last month detected 27 suspected terror financial transactions made by Islami Bank and put it under the scanner. Earlier, the bank was fined four times under the Anti-Money Laundering Act for militant financing.
Last year, the National Committee on Militancy Resistance and Prevention asked the central bank to ensure submission of the reports to the ministry on the expenditures of the Islamic banks and insurance companies.
Apart from the Finance Ministry, the Home Ministry too sent a letter to the central bank asking them to take action against Nurul Islam for his alleged involvement in militant financing. The ministry said they had found involvement of the banker with the recent violence carried out by Jamaat-Shibir.
The central bank launched an inquiry against the accused following the Home Ministry’s instructions. The inspection team was led by Dipankar Bhattacharya, a deputy general manager of the central bank’s Bank Inspection Department 1.
The Home Ministry was concerned about Nurul Islam as he had been chosen for the managing director post to replace the existing MD, Mohammad Abdul Mannan, by the board of Islami Bank.