Jamuna Bank

Jamuna Bank PLC. is a Bangladeshi private commercial bank established on 3 June 2001 by a group of local entrepreneurs. It belongs to the generation of private banks that expanded in Bangladesh after the country’s financial sector opened to a larger number of privately owned institutions. The bank is headquartered in Gulshan-1, Dhaka, and serves customers through a nationwide branch network. The bank’s principal business is commercial banking. Its activities include deposit-taking, lending, remittance-related services, retail and corporate banking, trade finance, and electronic banking. It has operated real-time online banking branches in both urban and rural areas, positioning the institution as a network bank rather than a purely Dhaka-focused provider. The available reference material records 132 branches as of March 2019, although the current network size is not established here. Jamuna Bank has also provided Islamic banking through designated branches. Reference material describes a later transition toward a fully Shariah-based banking model in 2020. Because the precise legal and operational scope of that transition is not independently documented in the supplied material, it is best understood as a significant strategic shift rather than a fully documented change in every aspect of the institution’s corporate structure. Leadership has changed several times since the bank’s formation. M. A. Khayer served as founding chairman, followed by a succession of chairmen including Sakhawat Abu Khair Mohammad, Md Belal Hossain, Md Mahmudul Hoque, Shaheen Mahmud, Md Sirajul Islam Varosha, Gazi Golam Murtoza, Md Ismail Hossain Siraji, Md Atiqur Rahman, Fazlur Rahman, Gazi Golam Ashria, and Nur Mohammed. The managing-director role has likewise changed over time, with Shafiqul Alam and Mirza Elias Uddin Ahmed among the executives identified in the available historical record. The bank’s history has included regulatory, legal, and reputational challenges. Officials were questioned in connection with the Bismillah Group loan scandal, in which forged documentation was reportedly used to obtain large loans from several Bangladeshi banks, including Jamuna Bank. Other reported matters included allegations of embezzlement involving bank personnel, litigation over a client’s unpaid claim, a cheque-forgery case involving a former chairman, and a dispute with cricketer Shakib Al Hasan over the use of his image. These events form part of the bank’s documented history but do not by themselves establish the outcome of every allegation. Jamuna Bank has also participated in charitable activity, including a reported donation to the Prime Minister’s relief fund for people affected by election-related violence. In 2022, the bank announced plans to issue bonds and received permission to establish an exchange house in Spain, indicating an interest in strengthening funding capacity and supporting international remittance channels. The available sources do not provide sufficient current information to assess its present financial condition, ownership, exact branch count, or current executive team.

Jamuna Bank was established on 3 June 2001 by a group of Bangladeshi entrepreneurs and began operating as a third-generation private commercial bank. Its head office is in Gulshan-1, Dhaka. The institution developed a nationwide branch presence and supplied real-time online banking in both metropolitan and rural locations. The available historical record identifies 132 branches in March 2019, but does not establish the current number. The bank’s early and middle history was marked by repeated changes in board leadership. M. A. Khayer was the founding chairman. Sakhawat Abu Khair Mohammad became chairman in April 2009, followed by Md Belal Hossain in April 2011 and Md Mahmudul Hoque in May 2012. Shaheen Mahmud took the chair in 2014, Md Sirajul Islam Varosha in 2015, Gazi Golam Murtoza in 2016, and Md Ismail Hossain Siraji in 2017. Md Atiqur Rahman became chairman in April 2019, followed by Fazlur Rahman in May 2020, Gazi Golam Ashria in May 2021, and Nur Mohammed in April 2022. Jamuna Bank’s business has covered conventional commercial banking, while designated branches have provided Islamic banking. Reference material describes a move to a fully Shariah-based model in 2020. The exact legal mechanics, product scope, and continuing status of that transition are not detailed in the supplied sources. In 2022, the bank also received permission to establish an exchange house in Spain, potentially broadening its ability to participate in remittance and foreign-exchange services. Several legal and regulatory matters have shaped the bank’s public history. In 2012, Borak Real Estate brought a cheque-forgery case against former chairman Arifur Rahman involving Tk 150 million; Rahman was sentenced to one year in prison in January 2016, and the sentence was upheld by the High Court in 2017. In 2013, the Anti-Corruption Commission questioned bank officials concerning the Bismillah Group loan scandal. The group was accused of using forged documentation to secure approximately Tk 11 billion from Jamuna Bank and several other banks. In 2014, the Supreme Court directed Mozammel Hossain to surrender in connection with money-laundering cases arising from that wider matter. In 2015, the Anti-Corruption Commission filed an embezzlement case involving employees and associated borrowers, with the alleged amount reported as Tk 80 million. In 2019, the High Court summoned managing director Shafiqul Alam over an alleged failure to pay a client despite a favorable court decision. The proceedings later developed into contempt-of-court action involving bank officials and senior regulatory and government figures. A security guard was also found dead inside a Jamuna Bank ATM booth in Baridhara, although the supplied material does not establish a causal connection to the bank or describe the final investigative outcome. In December 2020, three officials were arrested in Bogura in an alleged Tk 158.6 million embezzlement case. The bank faced further controversy in 2022 when cricketer Shakib Al Hasan sued over the alleged unauthorized use of his image. That year, an inspection by Bangladesh Bank reportedly found seven fake notes in a Bogura branch vault. Alongside these matters, Jamuna Bank has engaged in community support, including a reported Tk 15 million donation to the Prime Minister’s relief fund for victims of election-related violence. The available material does not provide current information about ownership, financial performance, present leadership, or the bank’s current operating scale.

• 2022

  Bond and exchange-house plans

  [1]Jamuna Banken.wikipedia.org

  The bank announced a planned Tk 5 billion bond issue and received approval to establish an exchange house in Spain.

• 2020

  Shariah-based banking transition

  [1]Jamuna Banken.wikipedia.org

  Reference material records a move toward a fully Shariah-based banking model.

• 2019

  High Court proceedings and leadership changes

  [1]Jamuna Banken.wikipedia.org

  The High Court summoned the managing director over an unpaid client claim; Md Atiqur Rahman became chairman and Mirza Elias Uddin Ahmed was appointed managing director.

• 2016

  Managing director reappointed

  [1]Jamuna Banken.wikipedia.org

  Shafiqul Alam was reappointed managing director, according to the available historical account.

• 2013

  Bismillah Group investigation

  [1]Jamuna Banken.wikipedia.org

  The Anti-Corruption Commission questioned Jamuna Bank officials regarding the Bismillah Group loan allegations.

• 2009

  New chairman elected

  [1]Jamuna Banken.wikipedia.org

  Sakhawat Abu Khair Mohammad was elected chairman in April.

• 2001

  Bank established

  [1]Jamuna Banken.wikipedia.org

  Jamuna Bank was established on 3 June as a private commercial bank founded by local entrepreneurs.

A nationwide Bangladeshi private commercial bank combining conventional banking heritage, Islamic banking capabilities, branch distribution, and real-time digital banking.

• Banking · 2001

  Commercial banking

  Jamuna Bank’s core offer is commercial banking for retail customers, businesses, and institutions. The available material indicates a broad private-bank portfolio involving deposits, lending, trade-related services, payments, and branch-based account support. Exact product names and current terms are not provided.

• Shariah-based banking

  Islamic banking

  The bank has provided Islamic banking through designated branches. A 2020 reference describes a move toward a fully Shariah-based model, although the supplied material does not specify the complete product catalogue or the precise legal scope of the conversion.

• Digital banking

  Real-time online banking

  Jamuna Bank has operated real-time online banking branches in urban and rural areas. This service infrastructure supports electronic account access and transaction processing across its physical network, although the available source does not identify the current digital channels or capabilities.

• Foreign exchange · 2022

  Remittance and exchange services

  The bank participates in remittance-related banking and received permission in 2022 to establish an exchange house in Spain. The supplied material does not confirm whether the exchange house opened or describe its operating model.

• 2022

  Image-licensing lawsuit

  Cricketer Shakib Al Hasan sued the bank over the alleged use of his image without licensing authorization.

  Source

• 2022

  Suspected counterfeit notes found in branch vault

  A Bangladesh Bank inspection reportedly found seven fake notes in the vault of a Jamuna Bank branch in Bogura District.

  Source

• 2020

  Bogura embezzlement arrests

  Three Jamuna Bank officials were arrested in connection with an alleged Tk 158.6 million embezzlement case in Bogura.

  Source

• 2015

  Alleged embezzlement involving bank personnel

  The Anti-Corruption Commission filed cases against employees and associated parties over alleged embezzlement reported at Tk 80 million.

  Source

• 2013

  Bismillah Group loan scandal

  The Anti-Corruption Commission questioned Jamuna Bank officials during an investigation into allegations that Bismillah Group used forged documents to obtain approximately Tk 11 billion from several banks, including Jamuna Bank.

  Source

Read more

• Relief-fund donation

  Bangladesh

  Jamuna Bank donated Tk 15 million to the Prime Minister’s relief fund for people affected by election-related violence in Bangladesh.

  Outcome. The available source records the donation but does not describe a broader campaign or its measurable impact.

  Source

• 2022

  Plan to issue bondsStrategy

  Background

  The bank sought an additional funding instrument beyond ordinary deposits and lending operations.

  Action taken

  Jamuna Bank announced plans to issue bonds with a stated value of Tk 5 billion.

  Aftermath

  The available material does not confirm whether the issue was completed or provide its terms.

  Planned bond issue. Tk 5 billion planned issuance (2022)

  Source

• 2022

  Approval for Spanish exchange houseStrategy

  Background

  Bangladesh has a large migrant-worker remittance market, making overseas exchange infrastructure strategically relevant to local banks.

  Action taken

  Jamuna Bank received Bangladesh Bank permission to establish an exchange house in Spain.

  Aftermath

  The supplied material does not confirm whether the exchange house began operations.

  Source

• 2020

  Move toward a fully Shariah-based banking modelStrategy

  Background

  Jamuna Bank had historically operated as a conventional private commercial bank while also offering Islamic banking through designated branches.

  Action taken

  Reference material states that the bank became a fully Shariah-based bank in 2020.

  Aftermath

  The supplied sources do not provide enough detail to assess the implementation, product changes, or continuing status of the transition.

  Source

1. 1Jamuna Banken.wikipedia.org