DHAKA, Sept 05, 2024 (BSS) - Islami Bank Bangladesh PLC (IBBPLC) Chairman Obayed Ullah Al Masud today said the S Alam Group has taken more than half of the total loans disbursed by the Islami Bank.

"S Alam had overvalued its assets and taken debts based on those. The assets are already being reassessed. Also, the collaterals against the loans will not be enough to cover those. Therefore, a letter has been written to the Law Ministry to find out the assets which are out of the collaterals," he said. 

The chairman said this while talking to reporters after a meeting with Bangladesh Bank (BB) Governor Dr Ahsan H Mansur at the central bank headquarters in the city. 

Masud, however, informed that customers won't face problems in withdrawing money after today as the amount deposited in the last week was more than what was withdrawn.

Asked what kind of action was being taken against various officials who cooperated with S Alam, he said, "We do not want to move against the lower-tier officials now. If you hit the bottom now, everything will collapse. Some on the top rungs are already being removed and all will be dealt with gradually. Action will be taken according to the law."

He said, "A roadmap has been drawn up to turn around the bank. The roadmap was made in three phases with 2025-26 considered the turning point."