Standard Islami Bank director to receive 50.58 lakh shares as family gift

Ferozur Rahman, a sponsor director of Standard Islami Bank, is set to receive a significant boost to his shareholding in the lender through a series of gifts from his immediate family members. 

According to a regulatory filing with the Dhaka Stock Exchange (DSE), Rahman will receive a total of 50.58 lakh shares outside the bourse's trading system.

The transfer process is expected to be completed within the next 30 working days, effective from 3 June. 

Following the announcement on the DSE, the bank's share price inched up by 2.22% to reach Tk4.50 on Sunday. 

At this prevailing market price, the total valuation of the shares being transferred stands at approximately Tk2.27 crore.

According to the disclosure, the shares will be transferred from six family members, all of whom are currently registered as general shareholders of the bank. Rahman will receive 5.87 lakh shares from his spouse, Morzina Begum, and a combined 38.83 lakh shares from his four sons—Sheikh Omar Faruque, Omar Khayum, Omar Qayum, and Omar Naim. Apart from that, his daughter Nargis Mahmuda will gift him 5.88 lakh shares.

Ferozur Rahman is a sponsor shareholder of Sonali Insurance Company Limited and holds directorships in several prominent hospitality entities, including Hotel Golden Dragon Limited, Hotel Eram International Limited, and Hotel Peacock Limited. These hotels are notable for their involvement in the local bar and liquor trade. He is also the proprietor of Olio Enterprise and Hotel Oli Dream Heaven.

This consolidation of shares by a sponsor director comes at a challenging time for Standard Islami Bank. On 30 April, the lender was downgraded to the 'Z' category (junk status) from the 'B' category. The downgrade was triggered by the bank's failure to declare any dividend for two consecutive financial years, signaling deep-seated financial distress.

The bank's recent financial performance further underscores these struggles. For the first quarter (January–March) of 2026, the bank reported a consolidated earnings per share (EPS) of just Tk0.02, a sharp decline from Tk0.15 in the same period last year. More alarmingly, its consolidated net operating cash flow per share (NOCFPS) plunged into negative territory at Tk2.58, compared to a positive Tk8.35 a year ago. Despite the operational headwinds, the bank's consolidated net asset value (NAV) per share stood at Tk16.95 as of 31 March 2026.