In a move to curb financial irregularities, Bangladesh Bank has sacked Syed Waseq Md Ali, the Managing Director of First Security Islami Bank, following allegations of widespread corruption and mismanagement.
The central bank formalised the decision in a letter sent to the bank’s chairman on Tuesday, July 15, 2025.
A trail of financial misconduct
Syed Waseq Md Ali faces serious accusations, including disbursing unauthorized loans, embezzling customer deposits, and misusing zakat funds. Investigations by Bangladesh Bank confirmed these allegations, revealing significant damage to the bank’s financial stability. Sources within the central bank described the scandal as a critical blow to the institution’s integrity.
Ali assumed the role of Managing Director on March 5, 2015, with his tenure extended twice thereafter. However, his leadership has been pinpointed as a key factor in the bank’s financial downturn, prompting his eventual removal based on an internal audit, investigation report, and the board of directors’ recommendation.
Compulsory leave and final removal
Ali was placed on compulsory leave starting January 5, 2025, as investigations into his conduct intensified. In June, the bank’s board of directors and internal audit committee formally recommended his dismissal to Bangladesh Bank. Acting on this, the central bank officially terminated his tenure on July 15, 2025.
Central bank’s firm stance
Bangladesh Bank’s action reflects its broader crackdown on high-level officials involved in financial irregularities, aiming to restore discipline and ensure good governance in the banking sector. A senior central bank official emphasised, “This removal sends a clear message: there is no room for corruption or mismanagement in bank leadership.”
Analysts view Ali’s ouster as part of Bangladesh Bank’s ongoing efforts to clean up the financial sector, signalling zero tolerance for practices that undermine public trust and economic stability. The decision marks a pivotal step toward accountability in one of the country’s prominent financial institutions