Before taking up this role, Dr. Islam served as Executive Director (Grade-1) in charge of the Monetary Policy Department at Bangladesh Bank and was an active member of the Monetary Policy Committee, the Foreign Exchange Auction Committee, and the Money Market Operation Committee, according to a press statement.

Dr. Islam led efforts to modernize the monetary policy framework and played a pivotal role in adopting the interest rate corridor.

He also contributed to streamlining liquidity management as well as money market operations and instruments.

Dr. Islam served at Bangladesh Bank for more than thirty-three years, with experience spanning monetary and fiscal policy, exchange rate policy, and interest rate policy.

He has published more than 35 articles on money, credit, debt, exchange rates, banking, interest rates, and broader financial and macroeconomic issues in refereed journals in Bangladesh and abroad.

Dr. Islam holds a PhD in Monetary Economics. In 2013, he received the Bangladesh Bank Gold Medal Employees’ Recognition Award for outstanding performance.

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The directive, issued through a circular on Thursday with immediate effect, provides banks a transition period until March 31, 2026, to achieve full compliance.

Under the new instructions, authorized dealer (AD) banks must promptly notify customers through secure electronic channels upon receipt of inward remittance messages. Remittances received during banking hours are to be credited on the same business day, while those received after hours are to be credited on the next business day.

Banks have been advised to implement straight-through processing (STP) or risk-based expedited processing. Where essential information is available, beneficiary accounts may be credited even if some documentation or checks are pending, with remaining requirements completed afterward. If post-credit review is not feasible, banks must conduct pre-credit verification and settle transactions within three business days.

To further accelerate processing, BB has asked banks to reduce reliance on end-of-day NOSTRO account statements and instead use intraday credit confirmations. Banks are also encouraged to enhance reconciliation systems, ensuring reconciliation intervals generally do not exceed 60 minutes.

The circular emphasizes payment tracking and transparency, directing banks to use the Unique End-to-End Transaction Reference (UETR) to trace inward remittances from receipt to final credit. Banks have also been instructed to strengthen digital foreign exchange platforms, paving the way for the eventual discontinuation of Form C and Form C (ICT).

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The cut-off yield on Bangladesh Government Treasury Bonds (BGTBs) dropped to 10.51 per cent from 10.72 per cent, according to auction results.

“Most banks are parking excess liquidity in risk-free securities as private sector credit demand remains weak ahead of the upcoming national polls,” a senior BB official said, citing political uncertainty and cautious lending sentiment. He added that higher remittance inflows, alongside the central bank’s dollar purchases, have eased yields on government securities.

On the day, the government raised BDT 35 billion through BGTBs and BDT 5.0 billion via Three-Year Floating Rate Treasury Bonds (FRTBs), whose cut-off yield fell to 10.67 per cent from 11.08 per cent.

FRTB coupons are linked to the benchmark 91-day Bangladesh Compounded Rate (BCR), which is based on Treasury Bill auction results.

Market operators said BB’s dollar purchases injected local currency into the system, easing short-term borrowing costs. The central bank has bought a total of $3.55 billion directly from banks since July under the free-floating exchange rate arrangement.

“Such interventions are gradually rebuilding the country’s foreign exchange reserves,” a central banker noted. Reflecting these efforts, gross forex reserves rose to $33.18 billion on January 1 from $32.80 billion on December 24, while BPM6 calculations showed reserves at $28.51 billion from $28.11 billion.

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Ahsan Zaman Chowdhury, managing director and CEO of Trust Bank, has been elected secretary general, according to a press release.

The newly elected leadership will serve a two-year term covering 2026–2027. The committee was elected at ABB’s 28th annual general meeting, held recently.

Mr Arefin brings more than 31 years of banking experience and has been leading City Bank for the past seven years. He previously served as ABB’s interim chairman for seven months and currently chairs the SWIFT Members & Users Group in Bangladesh.

Mr Chowdhury began his banking career in 1986 at AB Bank before joining Eastern Bank in 1998. He has been serving as managing director and CEO of Trust Bank since July 2024.

Three vice-chairmen were also elected: Hassan O Rashid, managing director and CEO of Prime Bank; Mohammad Ali, managing director and CEO of Pubali Bank; and Mohammad Mamdudur Rashid, managing director and CEO of United Commercial Bank.

Tarek Reaz Khan, managing director and CEO of NRB Bank, was elected treasurer, while Mirza Elias Uddin Ahmed, managing director and CEO of Jamuna Bank, was elected joint secretary.

In addition, the AGM elected 12 managing directors and chief executives of banks as members of ABB’s board of governors.

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Prior to this elevation, he served as Senior Executive Vice President and Chief Financial Officer (CFO) of the bank, according to a press statement.

 In addition to overseeing core financial functions, he held leadership responsibilities for the Payment & Settlement Division (PSD), Common Services Division (CSD), and the Branding & Product Development Department.

Mr. Sadeq is a Fellow Chartered Accountant (FCA) of the Institute of Chartered Accountants of Bangladesh (ICAB). He holds a Master’s degree in Accounting from Jagannath University and has maintained a strong academic record.

He began his professional career in 2002 with Hoda Vasi Chowdhury (HVC), Chartered Accountants, where he built a solid foundation in auditing, financial control systems, regulatory compliance, and corporate governance.

He commenced his banking career with One Bank and joined Shahjalal Islami Bank in 2006 in the Financial Administration Division. Since then, he has played a pivotal role in the bank’s strategic growth and in strengthening its financial governance framework. Demonstrating strong leadership across finance, operations, treasury, risk management, and business functions, he was appointed CFO in 2015 and later promoted to Senior Executive Vice President through sustained performance excellence and strategic acumen.

With over two decades of extensive experience in the banking sector, Mr. Sadeq is widely recognized as a seasoned finance professional. His areas of expertise include financial planning and analysis, taxation, regulatory reporting, capital planning, asset–liability management, risk management oversight, and capital markets.

Under his leadership as CFO, Shahjalal Islami Bank achieved first position (Gold Award) for the Best Presented Annual Report in Bangladesh for consecutive years, as recognized by ICAB, ICMAB, and ICSB. The bank also secured first position (Gold Award) among SAARC countries from the South Asian Federation of Accountants (SAFA), a prestigious recognition reflecting excellence in corporate governance, transparency, and accountability.

An avid reader and passionate traveler, Mr. Sadeq has participated in numerous training programmes, workshops, seminars, and webinars both at home and abroad. He is a regular trainer at the Shahjalal Islami Bank Training Institute as well as at the training institutes of other banks and financial institutions.

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Mr. Kabir brings over 30 years of distinguished and active experience in the banking industry. Throughout his career, he has held several senior leadership roles, including Head of Credit, Chief Business Officer, Head of Credit Administration, and Head of Branch, contributing significantly to multiple areas of banking operations.

He began his professional journey as a Probationary Officer at National Bank PLC. Subsequently, he served at EXIM Bank PLC, Jamuna Bank PLC, Southeast Bank PLC, and Community Bank PLC, earning a strong reputation for professionalism, integrity, and effective leadership.

Mr. Kabir has participated in numerous professional and management development programs, workshops, and seminars, both at home and abroad.

He completed his Honours and Master’s degrees in Finance and Banking from the University of Dhaka, and later earned an MBA from the Department of Management Studies at the University of Dhaka, further strengthening his academic and professional foundation.

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The central bank said the approval is a key component of the banking sector reform programme launched in September 2024 to restore governance, strengthen accountability, and bring discipline to the financial system.

Under the Bank Resolution Ordinance 2025, EXIM Bank, First Security Islami Bank, Global Islami Bank, Social Islami Bank, and Union Bank were declared failed institutions and placed under resolution, with administrators appointed on November 5.

The central bank of Bangladesh issued a letter of intent and a no-objection certificate for establishing Sammilito Islami Bank on November 9.

As per the BB’s merger roadmap, the new bank will have a paid-up capital of BDT 350 billion — BDT 200 billion to be injected by the government as equity, and BDT 150 billion to come from the deposit-insurance trust fund and institutional deposits.

The combined non-performing loans of the five banks stand at around BDT 1.47 trillion, representing 77 per cent of their total loan portfolios.

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A senior Bangladesh Bank (BB) official confirmed to local media that a formal directive may be issued to the five banks by Sunday (30 November).

Bangladesh Bank spokesperson and director Mohammad Shahriar Siddique said, “Bangladesh Bank has provided Tk 3.50 billion in support to the merged bank. The governor has said salaries will be reduced to some extent. However, a new pay scale will be introduced for them.”

A senior official from one of the Shariah-based banks also said the central bank had verbally informed them of a 20 per cent salary cut, adding that a written order is expected by Sunday.

Earlier, on 9 November, the central bank’s board, chaired by Governor Dr. Ahsan H. Mansur, granted preliminary approval for the new Shariah-based, state-owned Sammilito Islami Bank to begin operations following the merger of the five weak banks.

The banks involved in the merger are Exim Bank, Social Islami Bank, First Security Islami Bank, Union Bank, and Global Islami Bank.

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Speaking as the chief guest at the 4th Bangladesh Economic Conference at a city hotel, the central governor said they have almost completed all the formalities to launch the largest Islamic bank to be formed through the merger of five shariah-based banks.

The banks are Social Islami Bank, Global Islami Bank, First Security Islami Bank, Union Bank and EXIM Bank.

Earlier, on November 9, the central bank's board, chaired by Governor Dr Ahsan H Mansur, granted preliminary approval for the new Shariah-based, state-owned Sammilito Islami Bank to begin operations following the merger of the five weak banks.

According to the BB merger roadmap, the proposed bank will have a paid-up capital of BDT 350 billion: BDT 200 billion provided by the government as equity and the remaining BDT 150 billion coming from the deposit-insurance trust fund and institutional deposits.

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The test targeted 5,385 officials whose recruitment under S Alam Group’s control (2017–2024) was deemed questionable.

Only 414 sat for the September 27 exam, conducted by Dhaka University’s IBA.

Those absent were made OSD, while 200 were dismissed for disciplinary breaches, according to a spokesperson of the Shariah-based bank said.

More than 11,000 appointments were made during S Alam’s tenure—many without exams or with fake certificates—according to Islami Bank records. Of them, over 7,200 were from Chattogram, including 4,500 from Patiya, hometown of S Alam Chairman Mohammed Saiful Alam.

After the Awami League’s fall in 2024, Bangladesh Bank dissolved the S Alam-linked board and ordered an HR audit, which found nearly half of Islami Bank’s 21,000 staff were recruited post-takeover.

While Bangladesh Bank (BB), the country’s central bank, said the bank has the right to evaluate staff, a section of officials boycotted the test, holding protests and filing a writ petition in the High Court.

The final fate of those made OSD will be decided soon, the spokesperson added.

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