Standard Bank Limited
A Bangladeshi private commercial bank that transitioned from conventional banking to a Sharia-compliant banking model.
Last updated August 24, 2026
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Overview
Standard Bank Limited is a Bangladeshi private commercial banking brand established in 1999. It was founded with approved capital of 750 million taka and operated as a conventional private bank before undertaking a major strategic transition toward Sharia-compliant banking. The institution is identified in reference material as having subsequently operated as Standard Bank PLC and, in February 2026, as Standard Islami Bank PLC. The bank's early development included conventional corporate and retail banking activities. In July 2004, it extended 100 million taka in credit to International Leasing and Financial Services Limited. By 2007, the bank was distributing a 12 percent dividend, reflecting its position as an established private-sector banking institution at that time. Its service portfolio has included retail banking, small and medium-sized enterprise finance, foreign exchange and related services, card products, agent banking, expatriate or probashi banking, and Islamic banking. A defining turning point came in December 2020, when the bank temporarily closed its operations for four days to facilitate a conversion from conventional banking to a Sharia-compliant model. The transition affected the institution's product architecture, operating procedures, and market positioning. Rather than competing solely as a general private commercial bank, the organization began emphasizing Islamic financial services while retaining a broad branch, retail, SME, card, remittance, and agency-banking offering. The bank has also faced governance, compliance, and labor-related scrutiny. In 2021, Bangladesh's Anti-Corruption Commission filed a case concerning allegations that 40 million taka had been misappropriated from the bank. The case named former managing director Mamun-Ur-Rashid and other individuals connected with the bank and Sachetan Sahajjo Songstha. In October 2022, a Dhaka court reportedly ordered Mamun-Ur-Rashid to jail in connection with the alleged embezzlement case. These allegations and proceedings are matters of reported legal action rather than a final finding of institutional guilt. Separate employee complaints in 2021 alleged unpaid overtime and discriminatory treatment affecting pregnant employees and women with young children; the Bangladesh Bank was reported to be investigating those claims. In 2022, employees also protested over alleged overtime-payment issues and insufficient training and management support. The disputes were reportedly resolved, but they contributed to public discussion about the bank's employment practices. In January 2023, the bank donated 40 million taka to a Prime Minister's relief fund. The same reference material identifies Kazi Khurram Ahmed as having been elected vice-chairman during that period. Governance information associated with the brand identifies Mohammed Abdul Aziz as chairman and Gulzar Ahmed as vice-chairman in the Wikipedia reference, although officeholders may change over time. Standard Bank's present identity is therefore shaped by three elements: its roots as a Bangladeshi private commercial bank, its expansion across retail, corporate, SME, card, remittance, foreign-exchange, and agency services, and its conversion into a Sharia-compliant banking institution. The brand's principal market remains Bangladesh, where it serves individuals, businesses, SMEs, expatriate customers, and customers seeking Islamic banking products.
History
Standard Bank was established in Bangladesh on 3 June 1999 as a private commercial bank. Its approved capital at formation was 750 million taka, and Kazi Akram Uddin Ahmed served as its founding chairman. The institution entered the market as a conventional bank serving commercial and retail customers. During its early operating period, Standard Bank developed lending and general banking activities. In July 2004, it reportedly provided 100 million taka in credit to International Leasing and Financial Services Limited. At its ninth annual general meeting in 2007, the bank decided to distribute a 12 percent dividend. These events indicate the development of a conventional private-bank franchise with lending, deposit, and shareholder-distribution activities. The bank later broadened its service mix. Its reported offerings included retail banking, SME banking, card services, foreign exchange, probashi banking, agent banking, and Islamic banking. This combination allowed it to address individual customers, businesses, smaller enterprises, expatriate Bangladeshis, and customers using branch or agent channels. A major strategic change occurred in December 2020, when Standard Bank decided to move from conventional banking to a Sharia-compliant model. The bank reportedly closed for four days while it carried out the operational transition. The conversion changed the institution's core positioning and required its products and banking processes to be aligned with Islamic-finance principles. The later use of the Standard Islami Bank name reflects the growing importance of this identity. The institution also experienced leadership changes and governance scrutiny. Mamun-Ur-Rashid became managing director in October 2016. In February 2021, the Anti-Corruption Commission filed a case naming him and seven others in relation to alleged misappropriation of 40 million taka from Standard Bank. In October 2022, a Dhaka court reportedly sent the former managing director to jail in connection with the case. The reported proceedings should be distinguished from a final determination of guilt unless established by a court judgment. Labor relations became another source of public concern. In 2021, employees reportedly complained to Bangladesh Bank about alleged violations involving overtime payments and alleged discrimination against pregnant employees and women with young children. In 2022, employees staged a protest over alleged unpaid overtime and insufficient training and management support. The protest was reportedly resolved, although the episode highlighted concerns about workplace practices and employee relations. In January 2023, Standard Bank donated 40 million taka to a national relief fund associated with Prime Minister Sheikh Hasina. During the same period, Kazi Khurram Ahmed was reported to have been elected vice-chairman. Reference material identifies Mohammed Abdul Aziz as chairman and Gulzar Ahmed as vice-chairman in another governance listing, so the exact chronology of these offices requires verification from current corporate records. The bank's reported February 2026 rebranding as Standard Islami Bank PLC marked another stage in the institution's evolution. Its historical trajectory therefore runs from a conventional Bangladeshi private commercial bank founded in 1999 to a bank centered on Sharia-compliant finance while retaining services for retail customers, businesses, SMEs, cardholders, remittance users, foreign-exchange customers, and agent-banking clients.
- 2026
Rebranding as Standard Islami Bank
[1]Reference material states that Standard Bank PLC rebranded as Standard Islami Bank PLC in February 2026.
- 2023
Relief-fund donation
[1]The bank donated 40 million taka to a national relief fund.
- 2021
Anti-corruption case filed
[1]The Anti-Corruption Commission filed a case concerning alleged misappropriation of 40 million taka.
- 2020
Conversion to Islamic banking
[1]The bank closed for four days in December while transitioning from conventional banking to a Sharia-compliant model.
- 2016
Managing director appointed
[1]Mamun-Ur-Rashid was appointed managing director in October.
- 2007
12 percent dividend decision
[1]At its ninth annual general meeting, Standard Bank decided to provide a 12 percent dividend.
- 2004
Credit facility to International Leasing
[1]The bank reportedly provided 100 million taka in credit to International Leasing and Financial Services Limited.
- 1999
Bank founded
[1]Standard Bank was founded in Bangladesh on 3 June 1999 with approved capital of 750 million taka.
Products and positioning
A Bangladesh-focused private bank positioned around broad retail, business, SME, remittance, agency, and Islamic-finance services, with Islamic banking becoming central after its 2020 conversion.
Banking · 2020
Islamic banking
Sharia-compliant banking became the bank's central strategic focus after its conversion from conventional banking in December 2020. The transition required the institution to align its deposit, financing, and operating practices with Islamic-finance principles.
Banking
Retail banking
Retail banking services serve individual customers through account, payment, financing, and related banking products. The bank's retail franchise is part of its broader Bangladesh-focused offering.
Business banking
SME banking
SME banking provides financing and banking support for small and medium-sized enterprises. It complements the institution's retail and commercial banking activities.
Payments
Card services
The bank offers credit and debit card services as part of its payment and retail-banking portfolio.
Remittance banking
Probashi banking
Probashi banking is designed for Bangladeshi expatriates and customers connected with overseas remittances and cross-border financial activity.
Branchless banking
Agent banking
Agent banking extends selected banking services through authorized agents, supporting access beyond the bank's conventional branch network.
Controversies
2022
Employee protest over overtime and training
Employees reportedly protested over alleged unpaid overtime and inadequate training and management support. The dispute was reported as eventually resolved.
2021
Alleged misappropriation of bank funds
The Anti-Corruption Commission filed a case against former managing director Mamun-Ur-Rashid and other officials over alleged misappropriation of 40 million taka from Standard Bank. A court reportedly sent the former managing director to jail in 2022 in connection with the case.
2021
Employee allegations concerning labor practices
Employees reportedly complained to Bangladesh Bank about alleged unpaid overtime and discrimination involving pregnant employees and women with young children. The reported regulatory investigation does not itself establish that the allegations were proven.
Brand decisions
2026
Rebrand as Standard Islami Bank PLCStrategyBackground
The institution's strategic identity had increasingly centered on Sharia-compliant banking after the 2020 conversion.
Action taken
Reference material states that Standard Bank PLC adopted the Standard Islami Bank PLC name in February 2026.
Aftermath
The rebrand further aligned the corporate name with the bank's Islamic-finance positioning.
2020
Convert the bank to Sharia-compliant bankingStrategyBackground
Standard Bank had operated as a conventional private commercial bank but decided to adopt an Islamic-banking model.
Action taken
The bank closed for four days in December 2020 to carry out the operational transition to Sharia-compliant banking.
Aftermath
Islamic banking became a central part of the bank's identity and was later reflected in the reported Standard Islami Bank name.
Recent events
Standard Bank sponsors IMM conference and awards[3]
Reported:
Standard Bank Plc announced it would be the principal sponsor of the Institute of Marketing in Malawi's Lakeshore Conference and Annual Marketing Excellence Awards, contributing K7 million toward the event.
Standard Bank and Hello Paisa partner on remittance collections in Malawi[4]
Reported:
Standard Bank Plc. entered into a partnership with Hello Paisa to use Standard Bank Bureau De Change branches in Malawi as collection points for money sent from South Africa, the United Kingdom, the United Arab Emirates and Bahrain.
Sources4 sources
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