Islami Bank’s Annual Report shows that 14.74% of its 2023 loan disbursements went to companies associated with the S Alam Group. The report states that S Alam Group companies received Tk 20,547 crore, labeled as ‘Investments,’ while the Nabil Group, a distributor for S Alam, received Tk 3,047 crore, totaling Tk 23,594 crore.
However, social media reports claim S Alam borrowed Tk 74,972 crore, a figure not supported by the bank’s report. A former chairman of the Bangladesh Association of Banks (BAB) explained that banks don’t need to disclose their entire loan portfolio, only highlighting large loans.
Additionally, S Alam companies exceeded their sanctioned loan limits. S Alam Steels & Sugar Industry borrowed Tk 4,216 crore against a Tk 4,000 crore limit, S Alam Vegetable Oil took Tk 4,100 crore, and S Alam Super Edible Oil borrowed Tk 3,980 crore, both exceeding their Tk 3,840 crore limits. The Central Bank will review these questionable loans.