ICB Islamic Bank is a second generation commercial Islamic Bank in Bangladesh listed on the Dhaka Stock Exchange.[3] Muhammad Shafiq Bin Abdullah is the managing director of ICB Islamic Bank Limited.[4]
ICB Islamic Bank was established in 1987 and started operations on 20 May 1987 as Al-Baraka Bank.[5][6] The bank listed on Dhaka Stock Exchange in 1990.[7] By 1994, the bank ran into financial troubles.[6] In 2004, the bank was reorganized and renamed to Oriental Bank.[6]
In 2006, Bangladesh Bank dissolved Oriental Bank's board of directors and auctioned majority of the shares.[6] The ICB Banking Group bought majority of the shares and renamed it ICB Islamic Bank in 2008.[6]
In 2014, Bangladesh Bank rescheduled the payment plan of ICB Islamic Bank to the depositors' of Oriental Bank.[8]
By 2018, ICB Islamic Bank had failed to return 4.44 billion taka to the depositors' of Oriental Bank, a condition set by Bangladesh bank, and sought a change in the repayment plan from the central bank.[6]
In January 2021, seven officers of Oriental Bank were sentenced to jail for embezzlement.[9] ICB Islamic Bank reduced staff salary due to losses.[10] It suffered losses that year and the bottom line remained in the red.[11]
ICB Islamic Bank had an accumulated loss of nearly 20 billion taka in 2022.[7] The bank had been running at a loss for years and had failed to pay dividends to shareholders for the last few years.[12] Bangladesh High Court summoned an investigator of Anti-Corruption Commission, Md Jahangir Alam, after he removed the names of 25 officials of Oriental Bank from a embezzlement case.[13]
