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Islami Bank Responds to Loan Controversy

Industry: Bank, Financial
Company: Islami Bank Bangladesh Limited (IBBL)
Company Intelligence Tag: Business Insights

Islami Bank has issued a statement refuting claims made in a news article regarding its loans to Shob Meher Spinning Mills Limited. According to the bank, it provided a non-funded investment of Tk 500 crore and a funded investment (loan) of Tk 200 crore to the export-oriented industry to generate foreign exchange by producing yarn from cotton. The bank insists that this investment was not meant to repay the debt of another bank and was made based on the bank’s investment policies and regulatory guidelines.

Islami Bank also criticized the news outlet, Dainik Prothom Alo, for publishing information that could potentially harm the bank’s reputation and for quoting individuals with a negative attitude towards the bank. The bank called for responsible reporting and expressed concern over attempts to destabilize its image.

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