The Islami Bank Conscious Customers’ Forum has announced seven demands, including restructuring the board of directors and returning ownership of Islami Bank Bangladesh to its original owners. The demands were presented by the forum’s convener, Professor Nurun Nabi Manik, at a press conference held at the National Press Club on Friday. The forum emphasized that Islami Bank plays a vital role in the national economy through remittance flows, SME financing, and public savings.

Speakers at the event expressed concern over the bank’s governance and stability following the appointment of Khurshid Alam as chairman and the removal of Managing Director Omar Farooq Khan. They stated that since May 24, customers have been organizing human chains, submitting memorandums, and holding press conferences to press their demands. The forum also met with Bangladesh Bank’s deputy governors Kabir Ahmed and Dr. Ismail Hossain to discuss the situation and called for reinstating the former managing director.

The forum announced sit-in programs on June 21 in front of Islami Bank Tower and on June 22 in front of Bangladesh Bank, warning of tougher actions if their demands remain unmet.

The Bangladesh Jewellers Association (BAJUS) has announced a major reduction in gold prices across the country. In its latest adjustment, the price of 22-carat gold has been lowered by Tk 4,374 per bhori, setting the new rate at Tk 228,556. The revised prices took effect from 10 a.m. on Monday, following two consecutive rounds of price increases and one round of VAT adjustment.

According to the new pricing, 21-carat gold now costs Tk 218,292 per bhori, 18-carat gold Tk 187,440, and traditional gold Tk 153,148. The previous adjustment, made just a day earlier, had added Tk 2,508 in VAT, setting the 22-carat rate at Tk 232,930 per bhori. That rate also took effect from 10 a.m. on the same day.

So far this year, BAJUS has adjusted gold prices 77 times, including 39 increases, 37 decreases, and one VAT adjustment. In 2025, the association made 93 adjustments, with 64 increases and 29 decreases.

Buyers and sellers in Dhaka have reported a noticeable rise in rice prices, contradicting government statements that supply and prices remain stable. Field visits to major markets such as Karwan Bazar, Badamtoli, and Nayabazar revealed that prices of rice, flour, and pulses have increased compared to pre-Eid levels, while vegetables, chicken, and eggs have become cheaper. Consumers expressed frustration, saying the price hikes are straining low-income households.

Traders said corporate buyers have again driven up paddy prices, leading to higher retail rice costs. The Trading Corporation of Bangladesh’s daily price list also confirmed the increase. Commerce Minister Khandaker Abdul Muktadir, however, stated that no major instability exists and that only minor variations are normal. The Food State Minister assured that national grain reserves exceed 2 million tons and that the government is ready to intervene if needed.

The proposed 2026–27 budget includes tax cuts on about 60 essential items, including rice, lentils, and oil, aiming to control inflation and stabilize food prices in the long term.

Dr. Muhammad Umer Chapra, a pioneering Islamic economist who passed away on June 13, 2026, is remembered for linking economics with ethics, social justice, and human welfare. His theories warned that interest-based financial systems ultimately harm societies by concentrating wealth and undermining collective prosperity. His ideas have gained renewed relevance as Bangladesh faces a severe banking crisis marked by record loan defaults.

According to the report, non-performing loans in Bangladesh’s banking sector reached 35.73 percent of total distributed credit in the first quarter of the fiscal year, exceeding 6.44 trillion taka—the highest in 25 years. Although later reduced to about 30 percent, this decline resulted from lenient rescheduling policies rather than actual recovery. The crisis has exposed deep governance failures, political influence, and misuse of Islamic banking principles, as several Shariah-based banks collapsed and were merged into a state-run entity.

The article concludes that Chapra’s framework—emphasizing profit-and-loss sharing, strong central oversight, and ethical financial governance—offers practical lessons for Bangladesh. True reform, it argues, requires independent supervision, transparent auditing, and risk-sharing finance aligned with Chapra’s moral-economic vision.

Global oil prices declined following the signing of a memorandum of understanding between the United States and Iran, which raised expectations that the Strait of Hormuz could reopen soon. On Friday, Brent crude fell by 54 cents, or 0.68 percent, to 78.31 dollars per barrel, while US West Texas Intermediate (WTI) crude dropped by 46 cents, or 0.60 percent, to 76.14 dollars per barrel.

According to the US Central Command (CENTCOM), the United States has lifted restrictions on all vessels entering or leaving Iranian ports and coastal areas. In a post on social media platform X, CENTCOM stated that American forces are no longer blocking the movement of ships traveling to or from Iran’s ports in the Arabian Gulf and the Gulf of Oman.

The easing of maritime restrictions and the potential reopening of the Strait of Hormuz have contributed to the downward pressure on global oil prices, signaling a possible stabilization in energy trade routes.

The Directorate of Primary Education has issued an urgent directive instructing all its offices and institutions to promptly pay outstanding and current land development taxes for the 2025–26 fiscal year. The order, signed by Assistant Director of the Finance and Revenue Division Selina Akhter, was circulated on Wednesday to all field-level offices under the directorate.

According to the directive, all offices under the Ministry of Primary and Mass Education—including divisional deputy directors’ offices, district primary education offices, primary teacher training institutes, upazila and thana education offices, and government primary schools—must ensure payment of land development tax under code 3821102 from their allocated funds for the fiscal year. The directive emphasizes that timely payment is essential for proper management of government assets and maintaining financial discipline.

The Directorate has instructed all concerned officials to take immediate steps to comply with the order and complete the payment process without delay.

Bangladesh Investment Development Authority (BIDA) Executive Chairman Chowdhury Ashiq Mahmud bin Harun said the ongoing energy shortage, particularly in gas supply, has become the biggest challenge for investors in Bangladesh. He made the remarks on Thursday during a workshop titled “Investment Flow and Facilities in Bangladesh,” organized by BIDA with participation from journalists. Mahmud noted that resolving the crisis is urgent but cannot be achieved overnight, estimating it may take one and a half to two years even if work begins immediately.

He explained that much of his official time is now spent coordinating with the Ministry of Energy, as renewable energy alone cannot meet industrial electricity demand. Mahmud added that new power stations would still require gas, which current infrastructure cannot adequately supply. He also stated that foreign investment proposals have increased by about 40 percent since last year’s investment summit, though implementation is delayed due to election-related uncertainty and global conflicts affecting fuel supply.

Mahmud further mentioned plans to prioritize domestic investors this year and highlighted upcoming cooperation with China, including economic zones in Anwara and Mongla. He also discussed reforms such as the new “BanglaBiz” one-stop gateway and a unified business identification number to simplify investor services.

Bangladesh-linked deposits in Swiss banks increased by 41 percent in 2025, reaching 834.2 million Swiss francs, equivalent to about 12,759 crore taka. The data, released by the Swiss National Bank (SNB) on Thursday, showed that deposits had been 589.5 million francs in 2024. This marks the second-highest level after 2021, when deposits peaked at 871.1 million francs.

According to the SNB’s annual report “Banks in Switzerland,” the sharp rise in 2025 was mainly driven by deposits from Bangladeshi banks, which grew 43 percent to 822.7 million francs. These accounted for 98.6 percent of total Bangladesh-linked deposits, up from 97.8 percent in 2024. Bank officials in Bangladesh said such placements are part of normal banking operations and not indicative of illicit assets. Personal deposits, however, fell by about 10 percent to 11.4 million francs.

The SNB report also noted that Switzerland now exchanges financial account data with 101 countries under the Automatic Exchange of Information (AEOI) framework, but Bangladesh has yet to commit to joining. Among South Asian nations, Bangladesh ranked second after India in total deposits for 2025.

Expatriate Welfare Minister Ariful Haque Chowdhury stated that remittances sent by Bangladeshi expatriates are significantly enriching the national economy. He said these funds are fueling large-scale investments across the country, leading to the establishment of new industries and service institutions that are helping reduce unemployment. The minister emphasized the need for collective efforts to channel expatriate investments more effectively toward national development. He made these remarks on Thursday morning while inaugurating the newly established ‘Sylhet Holy Day Home’ at Khasdabir Point in Sylhet city.

Chowdhury added that expatriate investments not only strengthen the national economy but also create local employment opportunities. He noted that the government is sincerely working to ensure the safety of expatriates and to create an investment-friendly environment for them. The event was presided over by UK-based community leader and CEO of Sylhet Holy Day Home, Shah Munim, who highlighted Sylhet’s tourism potential and called for greater engagement of expatriates and the younger generation in travel and investment.

Several community leaders, business representatives, and journalists attended the inauguration ceremony.

Mohammad Zahid Hossain, Executive Director of Bangladesh Bank and representative in charge of Islami Bank Bangladesh PLC’s board, held a meeting with the bank’s officers and employees on Wednesday at Islami Bank Tower. Senior executives attended in person, while staff from across the country joined virtually. The session was chaired by Acting Managing Director Md. Altaf Hossain, with additional remarks from senior management members.

In his address, Hossain described Islami Bank as a systemically important institution in Bangladesh’s financial system, deeply linked to trade, remittances, and entrepreneurship. He acknowledged the challenges the bank has faced in recent years but emphasized that its core strength remains intact. He said that with proper leadership, guidance, and collective effort, the bank’s former reputation could be restored.

Hossain added that Bangladesh Bank has taken timely decisions to ensure financial stability and that Islami Bank’s operations will continue under full professionalism, transparency, and accountability. He noted that the process of forming a strong and credible board will be completed in due course.

Law, Justice and Parliamentary Affairs Minister Md. Anisul Huq described the proposed Tk 9.38 trillion national budget for fiscal year 2026–27 as ambitious and visionary, asserting it will take Bangladesh to new heights and pave the way for a self-reliant nation. He made the remarks during the general discussion on the proposed budget in the National Parliament on Thursday.

The minister said the budget was prepared in line with the government’s long-term development plans, emphasizing that it reflects sustained efforts to ensure national progress and public welfare. He noted that the budget prioritizes the interests of the poor, middle class, marginalized communities, entrepreneurs, and job-seeking youth. Key allocations include continued subsidies for agriculture, expansion of family card programs, and additional Tk 6,000 crore for technical and madrasa education.

He added that the budget focuses on inflation control, tax benefits, social safety expansion, and good governance. It also aims to restore discipline in the banking sector, ensure deposit security, and curb money laundering, marking a step toward a transparent and accountable economy.

Agriculture, Fisheries and Livestock Minister Mohammad Aminur Rashid announced that Bangladesh has launched an initiative to revive extinct native fruit species by encouraging farmers to produce them. He made the statement on June 18, 2026, while briefing journalists at the inauguration of the three-day National Fruit Fair at the Bangladesh Agricultural Institute premises in Khamarbari. The minister toured the fair, met with entrepreneurs, and assured them of full government support.

Rashid said the annual fruit fair has sparked a revolution in fruit production across the country. He noted that the government is also introducing genetic material from imported fruit varieties to promote domestic cultivation and reduce import dependency. Using dragon fruit as an example, he said locally grown varieties are tastier and farmers are being encouraged to innovate in fruit production.

The minister further stated that the agriculture budget has increased by 10 percent compared to the previous year, while development and incentive allocations have risen by 59 percent, rejecting claims that the agriculture budget has been reduced.

For the first time in history, Bangladesh’s banking sector has collectively reported a net loss, amounting to Tk 1.36 trillion in 2025. The loss, revealed in Bangladesh Bank’s Financial Stability Report 2025, stemmed from record-high provisions against non-performing loans. Despite generating Tk 134,815 crore in interest income, banks faced higher interest expenses of Tk 147,352 crore, resulting in a negative interest margin. Operating profits before provisions stood at Tk 19,571 crore, but provisioning surged to Tk 143,855 crore, turning overall profits into deep losses.

The report shows that most banks suffered losses, including First Security Islami Bank, Exim Bank, and Social Islami Bank, while a few such as Standard Chartered, BRAC Bank, and City Bank managed to stay profitable. Sector-wide net profit dropped by Tk 148,824 crore compared to 2024, marking a 1,224 percent negative growth. Bank executives attributed the losses to long-accumulated bad loans and stressed assets totaling Tk 11 trillion.

Experts warned that with 60 percent of loans under stress and a 35 percent default rate, the sector’s financial stability remains at risk, and the crisis may deepen in the coming years.

Olympic Cement Limited, a Barishal-based company under Khan Sons Group, has been abruptly shut down after allegations of large-scale money laundering and financial irregularities. Reports claim the company’s chairman, managing director, and directors siphoned off billions of taka to the United States, the United Kingdom, and Dubai, withdrawing all capital from company accounts and defaulting on bank loans. The closure has left over 350 workers without pay or benefits, while the company was allegedly sold secretly to Scan Cement.

Following complaints, Barishal Divisional Commissioner Khalil Ahmed summoned company officials and ordered immediate payment of workers’ dues. Authorities have frozen 90 company trucks and a lighter vessel and restricted the directors from leaving the country. The managing director has promised to pay Tk 9 crore in wages and benefits by June 19.

The National Board of Revenue’s customs and VAT intelligence units have launched investigations into alleged tax evasion, VAT fraud, and money laundering by the company. Officials indicated that the factory’s financial crisis deepened after years of irregularities and foreign fund transfers.

The Bangladesh government is set to invite international tenders for oil and gas exploration onshore, following a similar initiative in offshore areas. Senior officials from the Energy Division and Petrobangla confirmed that the process has been finalized. The move aims to reduce import dependence and strengthen domestic energy production as part of the government’s broader energy security policy.

Officials noted that no major exploration initiatives had been undertaken in the past two decades, leaving the energy sector increasingly reliant on imports. Experts criticized the previous Awami League government for halting exploration and depending heavily on costly LNG imports, which strained the national budget. Current gas demand exceeds 380 crore cubic feet per day, while supply remains around 265 crore cubic feet, creating a daily shortfall of 115 crore cubic feet.

Energy State Minister Anindya Islam Amit said the government expects strong international participation in the new bidding round and plans to strengthen the state-owned Bapex. He added that the initiative seeks to ensure long-term energy security and reduce import dependency.