Islam Museum Islam Museum islam.museum
Search ⌕ ARENUR
Accessibility
Text size 100%

Saved on this device only — nothing is sent anywhere.

Social Islami Bank

Made Today

بنك سوشيال الإسلامي

A Shari'ah-based Islamic bank in Dhaka, Bangladesh, operating from 22 November 1995 as Social Investment Bank and renamed in 2009; its board changed in 2017 after S. Alam Group bought half its shares, and it faced a crisis in 2022.

Depth

At a glance

Region
South Asia
Identifiers
Wikidata

Trade and financeThe halal economy

In the Modern Islam Browser

Modern Islam BrowserEnterprise, brands and finance1995Bangladesh

Footprint

On Wikipedia in:arbnenur (read on 2026-11-07)

Wikidata:Q22908883

Summary

Social Islami Bank PLC is a Shari'ah-based Islamic bank in Bangladesh, operating from 22 November 1995 as Social Investment Bank. 1 Up to October 2021 it had 181 branches. 1

Origins

The article names its founders as M. A. Mannan, Hamid Al Gabid, a former OIC secretary-general, Abdullah Omar Nasseef and Ahmed M. Salah Jamjoom; it is an Islamic bank based on Sharia law forbidding usury. 1 In 2009 it took the name Social Islami Bank. 1

Allegations and responses

In July 2012 a US Senate subcommittee said it had found evidence of terrorism financing in the bank's documents and linked two of its shareholders to extremist groups. 1 The bank denied all the allegations and went to a local court to remove the two shareholders. 1

Ownership change and crisis

In November 2017 nine directors resigned after S. Alam Group bought half its shares, and a new board with ties to the group was appointed. 1 In 2022 bdnews24.com reported that US$1.64 billion had vanished through letters of credit; the bank protested the report and the site defended it on the basis of the Financial Intelligence Unit's findings; on 4 December 2022 the High Court ordered an investigation. 1 In January 2023 it took emergency loans from the central bank. 1

References

  • English Wikipedia, "Social Islami Bank", revision 1370304299. 1

People and things also explored

Islamic banks and conventional banks — the difference, the doubts and the performance· Abu Dhabi Islamic Bank· Alrajhi Bank· Alinma Bank· Bank Albilad· Dubai Islamic Bank· Dukhan Bank· Emirates Islamic

Sources

  1. Social Islami Bank — English Wikipedia
  • Wikidata
Cite this page

islam.museum contributors. “Social Islami Bank”. islam.museum, https://islam.museum/en/listing/social-islami-bank/. CC BY-SA 4.0. Last updated 2026-11-07.

Improve this page on GitHub · Report an error · Help complete it · JSON

Wing

Made

What Muslims make and own today: bookshops, publishers, apps, studios, brands and charities. Related

Islamic banks and conventional banks — the difference, the doubts and the performance

The two 'Al-Wasatiyya' episodes on Islamic banks. In the first, 56% of the studio audience said they could not define riba, 79% that they knew nothing of the murabaha, mudaraba, tawarruq and salam contracts, and they split into thirds on whether Islamic banks are free of doubt; in the second, 65% chose to buy by murabaha from an Islamic bank, 57% thought abolishing riba impossible while the world economy runs on interest, and 49% judged Islamic banks' social role weaker. The guests agreed that conventional bank interest is riba and differed over the existing Islamic banks.