Father gifts son Tk49cr worth of Shahjalal Islami Bank shares
Bank sources say the share transfer would enable the son to join the board as a director
A father is gifting his son nearly Tk49 crore worth of shares in publicly listed Shahjalal Islami Bank, according to an official disclosure published Monday (6 October).
In a statement filed with the Dhaka Stock Exchange (DSE), Shahjalal Islami Bank's sponsor shareholder, Abdul Halim, announced that he will gift approximately 2.63 crore shares of the bank to his son, Abdul Hakim. Based on Monday's market price of Tk18.50 per share, the total market value of the gifted shares amounts to around Tk49 crore.
Sources within the bank said the share transfer is being made primarily to enable Abdul Hakim to join the board as a director, continuing his father's legacy as a sponsor shareholder. The process of transferring the gifted shares is expected to be completed within the current month.
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According to the disclosure, Abdul Halim is one of the founding sponsors of Shahjalal Islami Bank, but currently does not hold any position on the bank's board of directors. Similarly, his son Abdul Hakim is not involved in the management of the bank and currently holds shares as a general shareholder.
Under the rules of the Bangladesh Securities and Exchange Commission (BSEC), any individual must hold at least 2% of a listed company's shares to qualify as a director. The 2.63 crore shares being gifted represent more than 2.3% of the bank's total shares, meaning that Abdul Hakim will become eligible to serve as a director once the transfer is completed.
Shahjalal Islami Bank, which was listed on the Dhaka Stock Exchange in 2007, is one of the country's prominent Islamic commercial banks. As of the end of August this year, 41.36% of the bank's shares were held by its sponsor-directors, according to DSE data.
The bank is categorised as an "A" class company, reflecting its strong financial standing and consistent dividend history. For the year 2024, Shahjalal Islami Bank paid a 10% cash dividend to its shareholders.
According to its half-yearly financial statement for the period ending June 2025, the bank posted a profit of around Tk275 crore in the first six months of the year. During the same period last year, the profit stood slightly higher at Tk288 crore.
Market analysts noted that the transfer of such a significant shareholding between family members of the founding group underscores the continued influence of sponsor families in the governance of listed banks.
They added that the move could strengthen Abdul Hakim's position in the bank's future leadership, aligning with the regulatory requirement for director eligibility.
