Banks Promote Tax-Free Offshore Banking to Attract Foreign Deposits

Md Shahidul Islam has been promoted to Deputy Managing Director of Jamuna Bank PLC, effective April 28, 2025. With over 30 years in banking, he oversees key areas like corporate, SME, retail, Islamic banking, and more. Previously with Prime Bank and Islami Bank, he holds a degree from the University of Dhaka and has undergone specialized training in multiple countries.

Mohammed Rashedul Amin has been promoted to Deputy Managing Director (DMD) of Southeast Bank. Previously the Senior Executive Vice President and Agrabad branch head, he joined the bank in 2019 after serving at IFIC Bank, DBBL, and One Bank.

Islami Bank removed its Managing Director, Muhammad Monirul Moula, over loan irregularities revealed in an external audit. Approved by Bangladesh Bank on May 20, the decision follows Moula’s earlier three-month leave. He, along with others, faces embezzlement charges linked to Tk 109.2 crore.

Eastern Bank PLC declared a 35% dividend (17.5% in cash) for 2024 at its 33rd virtual AGM, chaired by Md Showkat Ali Chowdhury. Shareholders praised the bank's strong financial performance, notably its Islamic banking launch, amid economic challenges.

Bangladesh Bank has allowed banks to remit fees for overseas correspondence courses without prior approval. This applies to one course at a time and is intended to support professional skill development. Students can pay foreign institutions for courses like CFA or ACCA, with remittances subject to applicable tax deductions.

Premier Bank PLC has officially launched its bancassurance services at its head office in Dhaka, partnering with LIC Bangladesh and Pragati Insurance Limited. The initiative, inaugurated by CEO Mohammad Abu Jafar, aims to offer integrated life and non-life insurance products through its branch network.