Dhaka, Oct. 4 -- Islami Bank Bangladesh PLC is facing a severe financial and managerial crisis due to years of irregular recruitment under S. Alam Group, according to officials.

The bank's management has recently begun efforts to restore order by assessing the competency of thousands of unqualified staff who were reportedly hired without proper procedures.

Kamal Uddin Jasim, Additional Managing Director (AMD) of Islami Bank Bangladesh PLC (IBBL), said the bank is incurring a staggering annual loss of over Tk1500 crore due to the unauthorised, large-scale hiring of more than 8,000 unqualified and semi-literate people under the previous management linked to S. Alam Group.

Many of these individuals were allegedly appointed in exchange of ...