Social Islami Bank
Social Islami Bank is a Bangladesh-based Sharia-compliant commercial bank offering Islamic deposit, investment, card, agency and related financial services.
Last updated August 24, 2026
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Overview
Social Islami Bank PLC is a Bangladesh-based Islamic bank that began operations on 22 November 1995 under the name Social Investment Bank Limited. Its business model is based on Sharia principles, including the prohibition of interest-based lending, and it provides deposit, investment, payment-card and related banking services to retail, business and institutional customers. The bank is incorporated as a public limited company under Bangladesh’s Companies Act 1994 and operates within the regulatory framework of the Bank Company Act 1991. The institution was established by M. A. Mannan, Hamid Al Gabid, Abdullah Omar Nasseef and Ahmed M. Salah Jamjoom. Its original name was changed to Social Islami Bank Limited in 2009, reflecting a clearer emphasis on its Islamic-banking identity. The bank’s offering includes Mudaraba-based deposits, Al Wadiah current accounts, term deposits, Cash Waqf deposits, Sharia-compliant financing and investment structures, and branded debit, credit and Hajj cards. Listed investment structures include Bai-Muazzal, Murabaha, Musharaka, Bai-Salam, Qard, Hire Purchase under Shirkatul Melk and HPSM-Ijara. Social Islami Bank has also developed a distribution model extending beyond conventional branches. The supplied reference material records 181 branches as of October 2021, including 22 Authorized Dealer branches, together with 234 subbranches, 271 agent-banking outlets and 223 ATM booths. The bank also has subsidiaries identified as SIBL Securities Limited and SIBL Investment Limited. It describes corporate social responsibility activity that includes donations. The bank’s history has included substantial governance, ownership and regulatory scrutiny. In 2012, a United States Senate investigation into HSBC-related records referred to alleged terrorism-financing links involving organizations that were shareholders of the bank and raised allegations concerning founder M. A. Mannan. Social Islami Bank denied the terrorism-financing allegations and pursued action seeking removal of the two organizations as shareholders. In 2015, the bank apologized to Bangladesh Bank over financial irregularities, while reporting based on International Consortium of Investigative Journalists material later identified suspicious transactions during 2014–2016. A major ownership and board change occurred in 2017 after S. Alam Group acquired more than half of the bank’s shares, according to the supplied reference material. Multiple directors resigned and were replaced, including directors described as having links to the acquiring group. Subsequent reporting in 2022 and 2023 connected the bank to broader allegations involving related-party borrowing, loan irregularities and liquidity pressure across banks associated with S. Alam Group. These matters prompted court, regulatory and media scrutiny, although the bank disputed some of the reporting. Bangladesh Bank approved emergency lending for Social Islami Bank and several other banks in January 2023. The supplied sources do not establish a later change of ownership, a completed resolution process or the bank’s current financial condition.
History
Social Islami Bank began operations in Bangladesh on 22 November 1995 as Social Investment Bank Limited. Its founders were M. A. Mannan, Hamid Al Gabid, Abdullah Omar Nasseef and Ahmed M. Salah Jamjoom. The institution was formed as a public limited company under the Companies Act 1994 and operates under the Bank Company Act 1991. Its banking model is based on Islamic Sharia principles, particularly structures that avoid conventional interest and instead use trade, partnership, leasing, deferred-sale and charitable-finance arrangements. The bank adopted the name Social Islami Bank Limited in 2009. Over time it developed a broad Islamic banking portfolio, including Mudaraba deposits, Al Wadiah current accounts, Murabaha, Musharaka, Bai-Muazzal, Bai-Salam, Qard, HPSM-Ijara and Hire Purchase under Shirkatul Melk. It also introduced branded payment cards, including credit, debit and Hajj cards. Its distribution network combined conventional branches with Authorized Dealer branches, subbranches, agent-banking outlets and ATMs. As recorded in the supplied reference material, the network had 181 branches, 234 subbranches, 271 agent outlets and 223 ATM booths by October 2021. The bank’s related businesses included SIBL Securities Limited and SIBL Investment Limited. The institution faced reputational and governance controversy during the 2010s. A U.S. Senate investigation published in 2012 in the context of an HSBC inquiry referred to alleged terrorism-financing links associated with two Saudi charitable organizations that held shares in the bank. The investigation also raised allegations regarding founder and first chairman M. A. Mannan. Social Islami Bank rejected the terrorism-financing allegations and said it was attempting to have the organizations sell their disputed holdings; it subsequently filed a local court case seeking their removal as shareholders. In 2015, the bank apologized to Bangladesh Bank over financial irregularities. Separately, reporting based on International Consortium of Investigative Journalists material identified suspicious transactions involving the bank during 2014–2016. These reports contributed to the institution’s history of regulatory and reputational scrutiny, although the supplied material does not provide a final adjudication of every allegation. A major governance change followed the reported acquisition of more than 50 percent of the bank by S. Alam Group in 2017. Seven directors resigned after a board meeting at The Westin Dhaka, and the reported number later increased to nine. They were replaced by seven independent directors and two shareholding directors. Anwarul Arif became chairman, while Quazi Osman Ali, then managing director of First Security Islami Bank, became Social Islami Bank’s managing director. Former Bangladesh Bank governor Salehuddin Ahmed publicly expressed concern about the concentration of banking ownership associated with S. Alam Group. The supplied reference also states that the shares were acquired through 19 subsidiaries and alleges that this structure breached the Banking Company Act 1991; these are reported allegations rather than an independently established final legal finding in the supplied material. In 2019, the bank reportedly rescheduled BDT 29.5 billion in loans, described as approximately half of all loan rescheduling in Bangladesh that year. In 2022, further reporting alleged that S. Alam Group had used bank borrowing to acquire several banks and that approximately US$1.64 billion had been taken from Social Islami Bank through letters of credit. The bank disputed the reporting, while supporting coverage cited Bangladesh Financial Intelligence Unit material. Bangladesh’s High Court Division ordered an investigation on 4 December 2022 into alleged loan scams involving Social Islami Bank and two other banks. The securities regulator also authorized Social Islami Bank and Islami Bank Bangladesh to raise funds through bonds, while Bangladesh Bank appointed observers to two other S. Alam-linked banks. In January 2023, Bangladesh Bank approved emergency lending for Social Islami Bank and three other banks. The supplied sources do not document a definitive resolution of the ownership, asset-quality or governance issues after these events.
- 2023
Emergency lending approved
[1]Bangladesh Bank approved emergency loans for Social Islami Bank and three other banks.
- 2022
Court investigation ordered
[1]The High Court Division ordered a government investigation into alleged loan scams involving Social Islami Bank and two other banks.
- 2021
Branch and alternative-distribution network documented
[1]By October, the reported network included 181 branches, 234 subbranches, 271 agent outlets and 223 ATMs.
- 2019
Large-scale loan rescheduling reported
[1]The bank reportedly rescheduled BDT 29.5 billion in loans during the year.
- 2017
Board reconstituted after reported S. Alam Group takeover
[1]Several directors resigned and were replaced after S. Alam Group was reported to have acquired more than half of the bank’s shares.
- 2012
U.S. Senate investigation references the bank
[1]A Senate investigation into HSBC-related records raised allegations involving two shareholder organizations and founder M. A. Mannan.
- 2009
Name changed to Social Islami Bank
[1]The bank changed its name from Social Investment Bank Limited to Social Islami Bank Limited.
- 1995
Bank established and operations begin
[1]Social Investment Bank Limited was established and began operations in Bangladesh on 22 November 1995.
Products and positioning
A Bangladesh-focused Sharia-compliant banking brand combining Islamic deposit and investment products with branch, agent-banking, card and ATM distribution.
Deposit products
Mudaraba deposits
Profit-sharing deposit products based on the Mudaraba structure. The recorded portfolio includes Mudaraba Scheme Deposits, Mudaraba Savings Deposits and Mudaraba Term Deposits.
Current account
Al Wadiah Current Account
A current-account product identified in the bank’s Islamic deposit portfolio and structured under Al Wadiah principles.
Islamic deposit and charitable product
Cash Waqf Deposit
A deposit product associated with the Waqf tradition, allowing customers to place cash into a Sharia-oriented charitable or endowment framework.
Islamic financing
Sharia-compliant investment products
The bank lists Bai-Muazzal, Murabaha, Musharaka, Bai-Salam, Qard, HPSM-Ijara and Hire Purchase under Shirkatul Melk. These cover deferred-sale, cost-plus, partnership, forward-sale, benevolent-loan and lease or diminishing-partnership-style structures.
Payment card
SIBL Zameel Debit Card
A branded debit-card product in Social Islami Bank’s card portfolio.
Payment card
SIBL Credit Card
A branded credit-card offering listed among the bank’s card products.
Hajj-related payment card
SIBL Hajj Card
A card product designed for customers’ Hajj-related financial needs, as identified in the bank’s product listing.
Controversies
2022
Alleged loan and letter-of-credit abuses
Media reports alleged large-scale borrowing and letter-of-credit losses involving the bank and related banks. Social Islami Bank contested the reporting, and the High Court ordered an investigation into alleged loan scams.
2017
Ownership and board-control controversy
The reported S. Alam Group takeover was followed by the resignation and replacement of multiple directors. Critics raised concerns about ownership concentration and alleged use of subsidiary entities to acquire shares.
2015
Financial irregularities acknowledged in apology to Bangladesh Bank
Social Islami Bank apologized to Bangladesh Bank over financial irregularities.
2012
Terrorism-financing allegations involving shareholder organizations
A U.S. Senate investigation into HSBC-related records referred to alleged links between two shareholder organizations and terrorist groups and raised allegations concerning founder M. A. Mannan. The bank denied the terrorism-financing allegations and sought action concerning the organizations’ shareholdings.
Brand decisions
2023
Received emergency central-bank lendingStrategyBackground
Social Islami Bank was included among banks requiring emergency liquidity support.
Action taken
Bangladesh Bank approved emergency loans for Social Islami Bank and three other banks.
Aftermath
The measure supplied short-term support, but the provided sources do not establish the longer-term outcome.
Combined emergency loans approved for four banks. BDT 67 billion approved (January 2023)
2022
Pursued bond-based fundraisingOtherBackground
The bank faced reported liquidity and governance scrutiny amid allegations involving related banks.
Action taken
Bangladesh Securities and Exchange Commission allowed Social Islami Bank and Islami Bank Bangladesh to raise funds through bonds.
Aftermath
The authorization provided an additional potential funding channel, while broader regulatory scrutiny continued.
2017
Reconstituted the board after reported change in controlOtherBackground
S. Alam Group was reported to have acquired more than half of the bank’s shares.
Action taken
Nine directors were ultimately reported to have resigned or been replaced, with new independent and shareholding directors appointed. Anwarul Arif became chairman and Quazi Osman Ali became managing director.
Aftermath
The changes generated concern about concentrated ownership across Bangladesh’s banking sector.
2009
Adopted the Social Islami Bank nameStrategyBackground
The institution had operated since 1995 as Social Investment Bank Limited.
Action taken
It changed its name to Social Islami Bank Limited, making its Islamic-banking identity more explicit.
Aftermath
The bank continued expanding its Sharia-compliant deposit, investment and card portfolio.
Recent events
- 2023
Bangladesh Bank approved emergency loans for Social Islami Bank[1]
Regulation · Other
Bangladesh Bank approved emergency lending for Social Islami Bank, First Security Islami Bank, Global Islami Bank and Union Bank, with the combined facility reported at BDT 67 billion.
- 2022
Bangladesh regulators approved bond fundraising[1]
Regulation · Other
The Bangladesh Securities and Exchange Commission allowed Social Islami Bank and Islami Bank Bangladesh to raise funds through bond issuance.
- 2017
Multiple directors resigned after S. Alam Group takeover[1]
M&A · Leadership change
Seven directors initially resigned following a board meeting, with the reported number later rising to nine. New independent and shareholding directors were appointed after S. Alam Group acquired more than half of the bank’s shares.
Sources3 sources
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