ICB Islamic Bank not paying bridge authority’s money for 5 years

ICB Islamic Bank has not been paying instalments of Fixed Deposit Receipt (FDR) to the Bangladesh Bridge Authority for the last five years since 2017 despite repeated requests by the Authority, an official of the Financial Institutions Division said.

The entrusted fund of Bangladesh Bridge division with the ICB Islami Bank has now amounted to Tk 45.34 crore. The ICB Islamic Bank or the erstwhile Oriental Bank Ltd had paid Tk 27.34 crore in instalments until 2017 to the BBA.

The Bridge Division recently sent a letter to the Financial Institutions Division asking them to take necessary measures over the matter.

An official of the financial institutions division, requesting anonymity, said amid the government’s fund crisis, Bangladesh Bridge authority badly needs the money from the fiduciary bank within a short time.

“We will inform the Bangladesh Bank to take necessary measures to redeem the deposited money to the BBA,” the official also said.

In the 2004-05 fiscal year, Bangladesh Bridges Authority did put Tk 66.50 crore to the erstwhile Oriental Bank as FDR. In 2006, the Bangladesh Bank dissolved Oriental board of directors after detecting massive irregularities and merged it with the ICB Islamic Bank.

After closure of the Oriental Bank, Bangladesh Bridge Authority received Tk 27.43 crore in the last 10 years (from 2006 to 2017) under various instalments.

The Managing director of ICB Islamic Bank, Muhammad Shafiq Bin Abdullah, did not respond to Business Insider Bangladesh phone call.