Global Islami Bank Explained

Global Islami Bank PLC
Former Name:NRB Global Bank
Type:Commercial bank
Industry:Banking
Founded:July 25, 2013
Hq Location:Dhaka, Bangladesh
Key People:Mr. Syed Habib Hasnat (Managing Director)
Products:Banking services, ATM services
Consumer Banking
Corporate Banking
Investment Banking

Global Islami Bank PLC, former known as NRB Global Bank, is a fourth generation Bangladeshi sharia compliant private bank.[1] [2] Nizam Chowdhury is the chairperson of the Bank.[3] [4] Syed Habib Hasnat is the managing director of Global Islami Bank.[5]

History

The Bank was founded as NRB Global Bank on 25 July 2013 targeting not resident Bangladeshis.[6] Bangladesh Bank provided licenses to nine banks, including NRB Global Bank, in 2013 on the condition that the bank will eventually list on the stock market.[7] On 14 August 2013, Md Abdul Quddus was appointed managing director of NRB Global Bank.[8]

In 2015, Prashanta Kumar Halder became the managing director of the Bank.[9]

Nizam Chowdhury, director of Diamond Life Insurance Company Limited and Kushira Power Limited, was appointed chairman of NRB Global Bank in August 2016.[10]

In April 2019, the NRB Global Bank announced its intention to change its name to Global Bank of Bangladesh due to the existence of two banks, NRB Commercial Bank Limited and NRB Bank, which included NRB in their names.[11]

In 2020, NRB Global Bank was providing both conventional and sharia compliant banking services.[12] In August 2020, Bangladesh Financial Intelligence Unit ordered the freezing of banks accounts of the former managing director of NRB Global Bank Proshanta Kumar Halder and his family members.[13] Halder was being investigated for embezzlement from multiple financial institutions. On 31 December 2020, the bank announced plans to change their name.[14] Former managing director of the Bank, Proshanto Kumar Haldar, is suspected by the Anti-Corruption Commission of embezzling hundreds of millions taka from various financial institutions.[15] [16]

On 3 January 2021, NRB Global Bank rebranded itself as Global Islami Bank and became a sharia compliant bank.[17] In June, the banks proposal to raise 42.5 billion taka from an IPO was approved by Bangladesh Bank. In September 2021, Bangladesh Bank fined the bank for going beyond the investment ceiling for banks in the stock market.[18]

Notes and References

  1. News: NRB Global Bank turns Global Islami Bank. 2022-01-01. Priyo.com. en.
  2. Web site: NRB Global Bank Renamed as Global Islami Bank; Switches to Full-Fledged Shariah-Based Islamic Banking Operations. 2022-01-01. islamicmarkets.com. en.
  3. Web site: 2020-12-04. The main characteristics of Bengalees are self reliant and hard-working. 2022-01-01. Business America Magazine. en-US.
  4. News: Nizam Chowdhury, Chairman of NRB Global Bank Ltd. 2022-01-01. The New Nation. en.
  5. News: Global Islami Bank starts journey . 2022-01-01. Daily Sun. en.
  6. Web site: GIB Profile. 1 January 2022. Global Islami Bank.
  7. Web site: Global Islami Bank to raise Tk 425 crore through IPO. 2022-01-01. businesspostbd.com. en.
  8. News: 2013-08-14. NRB Global Bank gets top boss. 2022-01-01. The Daily Star. en.
  9. News: 2015-07-28. New MD for NRB Global Bank. 2022-01-01. The Daily Star. en.
  10. News: 2016-08-24. New chairman of NRB Global Bank. 2022-01-01. The Daily Star. en.
  11. News: NRB Global Bank wants to change name . 2022-01-01. Bangla Tribune. en.
  12. News: NRB Global Bank opens six sub-branches. 2022-01-01. The Financial Express. en.
  13. News: 2020-08-18. BFIU orders freeze of NRB Global Bank ex-MD’s accounts. 2022-01-01. The Daily Star. en.
  14. Web site: NRB Global Bank to be renamed Global Islami Bank in new year. 2022-01-01. Business Insider Bangladesh. en.
  15. News: 2020-01-09. Amassing Tk 275cr Illegally: Case filed against ex-MD of NRB Global Bank. 2022-01-01. The Daily Star. en.
  16. News: 2020-01-08. ACC finds Tk 1,636cr ‘shady transactions’ by NRB Global Bank ex-MD. 2022-01-01. The Daily Star. en.
  17. News: 2021-01-03. NRB Global Bank turns Global Islami Bank. 2022-01-01. The Daily Star. en.
  18. News: Uddin. AKM Zamir. 2021-09-06. NRB Commercial Bank fined for breaching stock investment ceiling. 2022-01-01. The Daily Star. en.