Jubilee Bank Explained

Jubilee Bank
Foundation:Kushtia, Bangladesh
Location:Kushtia, Bangladesh
Industry:Banking
Products:Banking services
Consumer Banking
Corporate Banking
Investment Banking

Jubilee Banks is one of the oldest commercial banks in Bangladesh.[1] It is a non-scheduled bank, one of five in Bangladesh.[2] The others are Ansar-VDP Unnayan Bank, Grameen Bank, Karmasangsthan Bank, and Palli Sanchay Bank.[3] It is scheduled for liquidation in 2022.[4]

History

Jubilee Bank was founded in 1913 in Khoksa, Kushtia as the Khoksha-Janipur Bank.[5] The bank was renamed to Khoksha-Janipur Loan Company in 1964 under the 1962 Banking Companies Ordinance.[6] After the independence of Bangladesh in 1971, owner of Afil Jute Mills Limited, Mohammad, served as the chairman of the bank.[7] In 1987, Khoksha-Janipur Bank was renamed to Jubilee Bank. In 1988 the bank with permission from Bangladesh Bank was transformed into a commercial bank with Mia Abdur Rashid, co-chairman of Bangladesh Freedom Party, as chairman.[8] The bank gained some notoriety for having shares owned by Colonel Khandaker Abdur Rashid, Colonel Syed Farooq Rahman, Major Bazlul Huda. They were the convicted assassins of Sheikh Mujibur Rahman, President of Bangladesh.[9] [10] Their shares were confiscated by the government of Bangladesh. The bank had no branches and operated from Kushtia headquarters. The bank did not inform the Registrar of Joint Stock Companies And Firms about their ownership as required by law.

In 2000, there were ten non-scheduled banks in Bangladesh.[11] MBI Munshi was made the chairman of the bank in 2002.

In September 2018, Bangladesh Bank appointed Md Shah Alam, a director of Bangladesh Bank, chairman of the Jubilee Bank.

On 27 December 2020, Bangladesh Bank removed the Chairperson of the bank, Md. Shah Alam, and also dissolved the working committee of the bank. Following a High Court verdict by justice Muhammad Khurshid Alam Sarkar,[12] Bangladesh Bank started taking steps to liquidate Jubilee Bank.[13] In June 2021, the government cancelled the registration of Jubilee Bank with a notification on the Bangladesh Gazette.

Justice Muhammad Khurshid Alam Sarkar appointed retired justice AHM Shamsuddin Chowdhury Manik on 3 February 2022 liquidator of Jubilee Bank. Barrister Faria Huq was appointed an additional liquidator of Jubilee Bank.

Notes and References

  1. News: Century-old Jubilee Bank in Kushtia disarray . The Kushtia Times . 22 November 2016.
  2. Book: P.C, Lai . Handbook of Research on Social Impacts of E-Payment and Blockchain Technology . 2021-12-10 . IGI Global . 978-1-7998-9037-9 . 325 . en.
  3. News: bn:বাণিজ্যিক ব্যাংকে রূপান্তর হচ্ছে সমবায় ব্যাংক . https://www.samakal.com/todays-print-edition/tp-industry-trade/article/2108113642/%E0%A6%AC%E0%A6%BE%E0%A6%A3%E0%A6%BF%E0%A6%9C%E0%A7%8D%E0%A6%AF%E0%A6%BF%E0%A6%95-%E0%A6%AC%E0%A7%8D%E0%A6%AF%E0%A6%BE%E0%A6%82%E0%A6%95%E0%A7%87-%E0%A6%B0%E0%A7%82%E0%A6%AA%E0%A6%BE%E0%A6%A8%E0%A7%8D%E0%A6%A4%E0%A6%B0-%E0%A6%B9%E0%A6%9A%E0%A7%8D%E0%A6%9B%E0%A7%87-%E0%A6%B8%E0%A6%AE%E0%A6%AC%E0%A6%BE%E0%A7%9F-%E0%A6%AC%E0%A7%8D%E0%A6%AF%E0%A6%BE%E0%A6%82%E0%A6%95 . 2022-11-09 . Samakal . bn.
  4. News: bn:বিলুপ্ত হচ্ছে শতাব্দী প্রাচীন 'জুবিলী ব্যাংক' : অবসায়ক অবসরপ্রাপ্ত বিচারপতি . https://m.dailyinqilab.com/article/459302/%E0%A6%AC%E0%A6%BF%E0%A6%B2%E0%A7%81%E0%A6%AA%E0%A7%8D%E0%A6%A4-%E0%A6%B9%E0%A6%9A%E0%A7%8D%E0%A6%9B%E0%A7%87-%E0%A6%B6%E0%A6%A4%E0%A6%BE%E0%A6%AC%E0%A7%8D%E0%A6%A6%E0%A7%80-%E0%A6%AA%E0%A7%8D%E0%A6%B0%E0%A6%BE%E0%A6%9A%E0%A7%80%E0%A6%A8-%E0%A6%9C%E0%A7%81%E0%A6%AC%E0%A6%BF%E0%A6%B2%E0%A7%80-%E0%A6%AC%E0%A7%8D%E0%A6%AF%E0%A6%BE%E0%A6%82%E0%A6%95-%E0%A6%85%E0%A6%AC%E0%A6%B8%E0%A6%BE%E0%A7%9F%E0%A6%95-%E0%A6%85%E0%A6%AC%E0%A6%B8%E0%A6%B0%E0%A6%AA%E0%A7%8D%E0%A6%B0%E0%A6%BE%E0%A6%AA%E0%A7%8D%E0%A6%A4-%E0%A6%AC%E0%A6%BF%E0%A6%9A%E0%A6%BE%E0%A6%B0%E0%A6%AA%E0%A6%A4%E0%A6%BF . 2022-11-09 . Daily Inqilab . bn.
  5. News: 2022-02-03 . HC orders liquidation of Jubilee Bank within 9 months . 2022-11-09 . The Business Standard . en.
  6. News: Uddin . AKM Zamir . 2018-09-04 . Independent chairman appointed to Jubilee Bank . 2022-11-09 . The Daily Star . en.
  7. News: 2017-02-24 . bn:ফারুক-রশিদের শেয়ার বাজেয়াপ্তে আপত্তি নেই জুবিলী ব্যাংকের . https://www.banglanews24.com/economics-business/news/bd/556374.details . 2022-11-09 . banglanews24.com . bn.
  8. News: bn:১০০ বছরের পুরনো জুবিলী ব্যাংকের মালিকানায় বঙ্গবন্ধুর তিন খুনি . https://www.banglatribune.com/national/147503/%E0%A7%A7%E0%A7%A6%E0%A7%A6-%E0%A6%AC%E0%A6%9B%E0%A6%B0%E0%A7%87%E0%A6%B0-%E0%A6%AA%E0%A7%81%E0%A6%B0%E0%A6%A8%E0%A7%8B-%E0%A6%9C%E0%A7%81%E0%A6%AC%E0%A6%BF%E0%A6%B2%E0%A7%80-%E0%A6%AC%E0%A7%8D%E0%A6%AF%E0%A6%BE%E0%A6%82%E0%A6%95%E0%A7%87%E0%A6%B0-%E0%A6%AE%E0%A6%BE%E0%A6%B2%E0%A6%BF%E0%A6%95%E0%A6%BE%E0%A6%A8%E0%A6%BE%E0%A7%9F . 2022-11-09 . Bangla Tribune . bn.
  9. News: BB asked to confiscate bank shares of Bangabandhu killers . Dhaka Tribune . 3 October 2016 . 22 November 2016.
  10. News: Transfer of Farooq-Rashid's Jubilee Bank shares stopped . Dhaka Tribune . 22 November 2016. 22 November 2016.
  11. Book: Dhaka University Journal of Business Studies: A Journal of the Faculty of Commerce, University of Dhaka . 2000 . Registrar, University of Dhaka . 242 . en.
  12. News: Government scraps Jubilee Bank: BB . 2022-11-09 . New Age . en.
  13. News: 2020-12-30. Jubilee Bank, one of Bangladesh's oldest bank, is headed towards liquidation. 2020-12-31. Dhaka Tribune.

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