On 8 January 2017, Islami Bank Bangladesh Ltd appointed Md Abdul Hamid Miah, former managing director of Union Bank, as managing director. This happened at a time Islami Bank Bangladesh Ltd saw major changes in ownership with companies aligned with S. Alam Group of Industries were allegedly buying up stakes in Islami Bank. The chairman of Union Bank at that time Shahidul Alam is a director of S Alam Group and brother of the chairman of S Alam Group, Mohammad Saiful Alam Masud Chowdhury.
