Date: 08.03.

2022

The Hon'ble Deputy Managing Director & CHRO

Islami Bank Bangladesh Limited
Human Resources Wing
HR Policy & Discipline Division
Head Office
40, Dilkusha C/A, Dhaka-1000
Subject: Reply to the demand of Explanation dated February 13, 2022.

Muhtaram,
Assalamu Alaikum.
Please refer to Head Office letter No. IBBL/HO/HRW/P&DD/ID-205278/2022/109 dated February 13, 2022.
With due respect and humble submission, I would like to present here my position as to the
irregularities/lapses mentioned there in the Head Office letter for your kind perusal and sympathetic
consideration:

Sl. Clarification
1. I would inform the kind authority that, while conducting physical inspction of ownership and
possession of the property, local people around there unanimously informed us that the mortgagors are
owners of the property and have been in possession since long. Bank's Panel Lawyer provided a clean
and authentic legal opinion dated 03.05.2016 declaring the genuiness of the documents after verifying
the same in the land related offices and advising the Branch to accept the property as collateral security
against the investment. Later on, assigned Branch Official verified the same physically in the land
related offices and assured of the genuineness also. As a dealing official, I put my signature at the side
of Investment In-charge as a requirement, on good faith depending on the assurance/signatures of Head
of Branch, Manager Operations and Investment In-charge (verifying official) on 15.05.2016. Then I
was transferred to Head Office on 11.06.2016 long before execution of mortgage formalities on
01.09.2016 and Lawyer's Genuineness Certificate dated 29.11.2016 followed by DVC dated
17.12.2016 issued by the Branch authority. On the date of mortgage execution, specially after a long
lapse of time from 03.05.2016 to 01.09.2016, further verification of the genuineness might have been
done as per general practice by the Branch officials who were present at the Sub-Registry Office.

2. Bank's enlisted surveryor, Nandanik Bangladesh, made survey of the property and took the value.
Along with the then Head of Branch, we visited the property physically, and separately ascertained the
value from the local people. Finally we made valuation at 11% less than that of the surveyor. We made
the valuation depending on local people information as well as that of the surveyor, who excercises
speciality in that particular field of banking sector.

Despite my relentless efforts to perform my duties with due diligence, prudence, judiciousness and
efficiency, if any violation is committed therein, that has happened beyond my perception as a human being,
I extremely regret for that. I would beg for unconditional apology and mercy to your honor for my
unintentional lapses/irregularities.
In view of the above, I earnestly request your honor to take the issues leniently and to see the matter in a
merciful way allowing us opportunity for ensuring security against the investment as well as recovery of the
same.

Ma-assalam.
Faithfully yours,

(Md. Sultanul Arefin)

Senior Principal Officer
 Present scenerio

Muhtaram Sir,

I would like to draw your kind notice to the following development and progress in respect to the
security of the liability as well as smooth recovery of the same:

1. We have met with Jb. Md. Helal Uddin & Jb. Md. Shahab Uddin Selim, Directors of the company at
our Baridhara Branch in presence of present Head of Branch and strictly charged them for settlement
of the said issues. We also communicated with Managing Director of the company Jb. Md. Shahidul
Islam Jewel who is now living in the USA with his family. They beg our apology regarding the issue
& showed their interest to settle the issue alternatively. In line with their recent positive approach,
they have already placed a proposal to the Bank along with the followings:

i. Inclusion of a new Director namely Md. Babul Miah, with 10 years' experience in the line of
sweater business, in the Board of Directors and restart the production of the company in full
fledge with the direction of the new Director;
ii. Offering 10.00 bighas of land in Bogura owned by the proposed director and fresh 40.00 decimal
land owned by Md. Helal Uddin & Md. Shahab Uddin Selim, Directors of the company ;
iii. Re-mortgage of their portion around 80.00 decimals in the existing mortgaged land after mutual
partition among the inherited owners;
iv. Rescheduling of present outstanding for a considerable long period at a smaller size of
installment for regular and comfortable repayment from the generated income through running
of the existing machinery.

2. The Branch has inspected the machinery of the company by an enlisted surveyor company named
Barandra Engineering Survey & Company on 24.05.2021 and evaluated the same for Tk.50.77
million, depreciated value for Tk.27.52 million and saleable value of Tk.30.00 million. These 36
numbers of Machinery are under control of the Bank and may be unusable if not used for production
soon.

3. The proposed property value along with the WDV of machinery will provide around full security
against the outstanding liability. I would, hereby, undertake and provide commitment that our
continuous and relentless efforts and team-work will ensure recovery of the outstanding liabilities of
the investment and I believe if my revered Bank approve this proposal, the investment will be
recovered within the stipulated time Insha-Allah.