Although Sheikh Hasina’s government was overthrown following a student-led and public uprising, and Islami Bank has since been liberated from external influence, its leadership remains unchanged.

Muhammad Monirul Moula continues to serve as the bank`s Managing Director (MD) and Chief Executive Officer (CEO).

In 2017, after S. Alam Group assumed control of Islami Bank, it reportedly siphoned off Tk88,000 crore through 45 accounts. Banking experts believe such a massive withdrawal of funds would not have been possible without the MD’s consent. During this period, the group allegedly used public deposits, disguised as loans, for illicit transfers abroad. All this occurred with the apparent approval of the bank’s MD, Monirul Moula, disregarding established banking regulations.

Though the Bangladesh Bank has recently intervened to free Islami Bank from S. Alam Group’s control, a full transition has not yet occurred. While some Deputy Managing Directors, including Akij Uddin Chowdhury and Miftah Uddin Ahmed, have been dismissed, Monirul Moula and other senior executives involved in facilitating such irregularities still hold their positions.

Evidence reveals that S. Alam Group and its affiliated companies have taken loans amounting to Tk88,000 crore from Islami Bank through 45 accounts. Over the past seven years, the group has acquired 82% of the bank’s Tk175,000 crore total distributed loans. Observers point to Monirul Moula as a key enabler in sanctioning these irregular loans. Since taking office on 1 January 2021, Moula allegedly facilitated reckless loan disbursements to shell companies under the guise of S. Alam Group.

For instance, Tk26,000 crore was loaned to entities directly linked to S. Alam. The rest was allocated to 29 other associated firms, including Deshbandhu Group, Unitex Group, and Anontex Group. In November 2022, Nabil Group alone received loans totaling Tk2,460 crore, approved under the direct instructions of the MD.

One startling case involves Murad Enterprise, a company registered as a seller of corrugated iron sheets. Within a month of opening an account at Islami Bank’s Chaktai branch in Chittagong, the company received a loan of Tk890 crore, followed by an additional Tk110 crore a year later. According to Bangladesh Bank records, Murad Enterprise is a shadow company of S. Alam Group. The bank reportedly took minimal collateral for these loans, which totalled Tk35,924 crore across 10 companies.

Further investigations revealed that several other S. Alam-linked companies, such as Nabil Foods, Nabil Auto Rice Mills, and MS AJ Trade International, collectively obtained Tk29,575 crore in loans from Islami Bank’s Rajshahi branch. Another Tk23,900 crore was disbursed unlawfully through offshore banking and other branches.

Despite repeated media coverage of these irregularities, MD Monirul Moula has consistently denied all allegations. He previously stated that the bank operates under strict systems and there is "no possibility" of irregularities. However, after the regime change, Islami Bank’s financial distress has become evident, with severe liquidity shortages forcing it to fail in meeting Central Bank requirements like CRR (Cash Reserve Ratio) and SLR (Statutory Liquidity Ratio).

Amid this turmoil, questions abound over why Monirul Moula and other implicated senior officials—such as Additional MD Altaf Hussain, Senior Executive Vice Presidents (SEVP) GM Mohammad Gias Uddin Kader and Ahmed Jubairul Haque, and others—are still in their positions. Even regional branch managers involved in questionable loan approvals, including heads from Rajshahi, Gulshan, and Chaktai branches, remain unscathed.

Chairman Obaidullah Al Masud of Islami Bank acknowledged the misappropriation of funds but stated, “Immediate actions against lower-level staff are not being taken. The process of identifying culpable officials is ongoing, and measures will be taken gradually.”

Repeated attempts to contact MD Monirul Moula for comments were unsuccessful.