IslamicFinance.de

Ten days after losing its chairman, Islami Bank Bangladesh is preparing to lose one of its biggest sponsor shareholders. Ibn Sina Trust announced its intention to withdraw by the end of next month. The Ibn Sina Trust is the largest local corporate shareholder in Islami Bank. Its 36,077,391 shares are worth around Tk94.16 crore. A year ago, the Islamic Development Bank (IDB) sold off two-thirds of its shares, shrinking its stake in the bank to 2.1% from 7.5%. Two other foreign banks have sold out from Islami Bank in recent years. In 2014, foreign sponsor shareholder Bahrain Islamic Bank sold off all its shares, followed by Dubai Islamic Bank, which sold all its shares in 2015. Islami Bank has always had the reputation of being influenced by Jamaat-e-Islami, the Islamist political organization noted for its connection with the local collaborators of Pakistan occupation forces during the Liberation War in 1971.