Bangladesh Bank Ousts S Alam Group from FSIBL Board

bKash, Bangladesh’s leading mobile financial service provider, received the "Mastercard Excellence Award" in the digital business category for the 4th consecutive year. The award, presented on November 22 during the 6th edition of the awards ceremony at Radisson Blu Dhaka Water Garden, recognized bKash’s role in advancing financial inclusion and fostering a digital economy.

Dhaka Bank PLC signed a memorandum of understanding (MoU) with Dhaka South City Corporation (DSCC) on November 22 to streamline the collection of holding tax and trade licence fees. Under the agreement, the bank will integrate with DSCC servers via API connectivity, enabling residents to pay taxes and fees at designated branches, sub-branches, and five newly established collection booths at Nagar Bhaban and zonal offices during the first phase.

The interim government of Bangladesh has extended a 20% cash incentive to juice and drink exports made from locally sourced fruit pulp, aiming to promote agro-processing industries and rural entrepreneurship. Bangladesh Bank issued a circular on November 21, highlighting that firms collaborating with exporters to source local fruit pulp are also eligible.

Investors in Bangladesh face challenges as brokerage houses with deficits in consolidated customer accounts (CCAs) have their trading halted by the Bangladesh Securities and Exchange Commission (BSEC). With a Tk 28 crore deficit, PFI Securities is among those affected, leaving investors unable to trade or transfer funds.

Moody's downgraded Bangladesh's sovereign rating from B1 to B2, shifting its outlook to negative, citing heightened political risks and potential economic slowdown. However, Bangladesh Bank (BB) criticized the downgrade, labeling it as retrospective and not reflective of current progress.

Islami Bank has announced plans to raise Tk 20,000 crore, including Tk 10,000 crore from selling S Alam Group's stake and the rest through new share issuance. Questions loom over the feasibility of this target, given the financial sector's fragility and political uncertainties. Market calculations suggest that even if S Alam's alleged 80% stake—valued at Tk 6,700 crore—is sold, achieving Tk 10,000 crore would require doubling the market price.