Govt consents MD appointment of Sammilito Islami Bank

The interim government has consented to the appointment of Nabil Mustafizur Rahman, an additional managing director of United Commercial Bank PLC, as the managing director and chief executive officer of Sammilito Islami Bank PLC, the country’s largest state-run Shariah-based lender.

The bank has been formed through the merger of five crisis-hit banks — Social Islami Bank, First Security Islami Bank, Union Bank, Global Islami Bank and EXIM Bank.

Rahman will head the bank for a three-year term on a contractual basis, according to an official order issued by the Ministry of Finance on February 15.

The appointment will take effect from the date he joins the state-owned bank, the order said.

The authorities concerned have been asked to complete the necessary formalities in line with the Bank Company Act, 1991.

Rahman previously served as the country chief risk officer at HBL Bangladesh before joining UCB. He has worked with a range of financial institutions, commercial conglomerates, and international and domestic banks.

He holds an MBA and is a graduate of the Institute of Business Administration at the University of Dhaka.