There has been significant controversy surrounding the credit rating and financial health of First Security Islami Bank (FSIBL). Initially rated ‘A+’ long-term and ‘ST-2’ short-term by Emerging Credit Rating Limited (ECRL), the bank’s actual financial situation is starkly different. Issues like non-performing loans, loan fraud, and irregularities linked to the S Alam Group have emerged in central bank and internal audit reports. These problems led to the dissolution and restructuring of the bank’s board. Such discrepancies, compounded by the failure of regulators and auditors to reveal the true financial condition, may severely impact the country’s economic stability.
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