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Shibli Rubayat Ul Islam

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Shibli Rubayat Ul Islam
শিবলী রুবাইয়াত-উল-ইসলাম
Islam at Dhaka Club (2023)
Chairman of the Bangladesh Securities and Exchange Commission
In office
17 May 2020 – 10 August 2024
Appointed bySheikh Hasina
Preceded byM Khairul Hossain
Succeeded byM Masrur Reaz
Personal details
Born (1968-01-01) 1 January 1968 (age 56)
Dhaka, East Pakistan, Pakistan
NationalityBangladeshi
Parents
Websiteshiblirubayatulislam.com

Shibli Rubayat Ul Islam (born on 1 January 1968) is a former controversial chairman of the Bangladesh Securities and Exchange Commission.[1][2] He is the former chairman and dean of the Faculty of Business Studies at the University of Dhaka.[3][4] He is treasurer of Dhaka University Central Students' Union.[5]

Islam is the Asia Pacific regional vice chairman of the International Organization of Securities Commissions (IOSCO).[6]

Early life

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Islam was born in 1 January 1968 in Dhamrai, Dhaka, East Pakistan in the then Pakistan.[7] His father, Rafiqul Islam Khan, was the managing director of National Bank Limited.[7] His mother, Hasina Mumtaz, is a singer.[7] His uncle was Jamilur Reza Choudhury, National Professor of Bangladesh.[8]

Islam passed SSC in 1983 from Dhaka Government Laboratory High School and HSC in 1985 from Dhaka College. Later he graduated from the University of Dhaka in 1985-1989 with an MBA degree from the Faculty of Business Studies.[9]

Career

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Academia

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Islam was a professor of the Faculty of Business Studies at the University of Dhaka.[10]

Islam was elected as the treasurer of the Dhaka University Teachers' Association in December 2014. He was elected from the blue panel, which is supported by the Awami League.[11]

Islam was a syndicate member of East West University, and Southeast University.[12]

Islam's book ই-ব্যাংকিং অ্যান্ড ই-কমার্স (E-Banking and E-Commerce) was published in 2016.[13]

On 22 May 2017, Islam was elected member of the senate of the University of Dhaka.[14] He gave a speech at the Beijing Normal University.[15] In December 2017, Islam was elected general secretary of the Dhaka University Teachers' Association the Blue panel, which is backed by the Awami League.[16] He sought votes for the Awami League before the 2018 Bangladeshi general election.[17] He was guest professor at Sichuan University, Chengdu, China[18]

In September 2019, some students of the University of Dhaka, including Nurul Haq Nur, demanded the resignation of Islam from the post of dean of the business studies faculty alleging he had enrolled 34 Bangladesh Chhatra League activists illegally in evening courses without admission tests.[19][20] He defended their admission without tests as within the rules of the University of Dhaka which was denied by fellow faculties at the university.[21] He was then treasurer of the Dhaka University Central Students' Union, appointed in March.[22][23] He described the allegations against him as "torture".[22] He is an Ambassador of Valor of Bangladesh.[24]

Islam tenure as a member of the senate of the University of Dhaka was extended in 2020 breaking rules of the Dhaka University Ordinance,1973.[14]

In December 2020, Islam was included in the education and human resource sub-committee of the Awami League.[25][26] He is an advisor of Blockchain Olympiad Bangladesh.[27] He is an advisor of Business Case for Better Bangladesh.[28] He is a patron of Bangabandhu International Research Centre UK.[29] He is a syndicate member of BGMEA University of Fashion & Technology.[30] He was one of three authors of The Economic Development of Bangladesh in the Asian Century book published in 2020.[31]

Banking and business

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Islam served for more than three years as the chairman of Sadharan Bima Corporation since 2016.[32][7] He was a director of Community Bank Bangladesh Limited.[33] He was the secretary general of the Switzerland Bangladesh Chamber of Commerce and Industry.[12]

Islam in the ownership and management of Rhine Fashions Private Limited and Rhine Garments Private Limited.[34]

Bangladesh Securities and Exchange Commission

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Islam was appointed chairman of Bangladesh Securities and Exchange Commission in May 2020 for a four-year term.[35][36][37] He replaced Professor M Khairul Hossain who had served as the chairman of Bangladesh Securities and Exchange Commission for nine years.[35] In March, he introduced floor prices during the COVID-19 pandemic in Bangladesh for the first time.[38] He announced plans to crackdown on junk stocks.[39] He approved the initial public offering of Robi, the largest IPO in Bangladesh.[40]

According to the Organized Crime and Corruption Reporting Project, Islam received payments from Javeed Matin through XIN Bangla Fabrics, who had defrauded a Hong Kong company, Ming Global Limited, out of US$13 million.[41][42] Matin and Islam where friends from university.[41] Matin had used a US based company called Monarch Holdings Inc for the fraud in July 2020.[41] Islam claimed the funds were given to him as rent and denied any wrongdoings.[41][43] Matin's partner in Bangladesh was Shakib Al Hasan, a national cricketer.[42] In May 2021, Islam approved a trading license for Monarch.[42]

Islam approved plans by Nagad to raise 5.1 billion BDT through bonds.[44] He approved the first Green Sukuk in Bangladesh.[45] He organized a roadshow in the United States to promote investment in Bangladesh.[46]

Islam increased the speed of the approval process for initial public offering.[47] Islam requested Prime Minister Sheikh Hasina to waive the Civil Aviation Authority of Bangladesh surcharge fees on United Airways, which had defuncted, to revive the airline in November 2022.[48] Prime Minister Sheikh Hasina accepted his request and ordered the relevant ministry to take steps in this regard.[48] He approved a subsidiary of Bashundhara Group purchasing 25 percent stake in the Chittagong Stock Exchange.[49] Although there were calls to increase the floor prices on the stock exchange, he chose not to do so.[50][51] He announced plans to restructure boards of some non-bank financial institutions.[52] He was appointed vice chair for Asia Pacific Regional Committee of the International Organization of Securities Commissions.[53][54]

Islam claimed that Bangladesh Securities and Exchange Commission was unable to monitor all listed companies due to a lack of personnel.[55] He launched an alternate trading board for companies not listed on the stock exchanges.[56] He announced plans to digitalize the services of Bangladesh Securities and Exchange Commission.[57] He said he would life the floor prices on the stock exchange when the position of the market improves.[58]

Scandals

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During his tenure at BSEC, Islam has been accused of receiving payments from bank accounts associated with a $13 million fraud, according to a report by the Organized Crime and Corruption Reporting Project.[59]

Personal life

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Islam is married to Shenin Rubayat, a faculty member of the Department of English and Humanities at BRAC University and anchorwoman at Bangladesh Television.[32][60]

References

[edit]
  1. ^ "New board for start-ups to raise fund". The Daily Star. 4 August 2022. Retrieved 15 September 2023.
  2. ^ Leiva, Marina (29 November 2021). "In conversation with: Bangladesh SEC's Shibli Rubayat Ul Islam". Investment Monitor. Retrieved 15 September 2023.
  3. ^ Monamee, Maisha Islam (27 December 2022). "Sixth non-fiction book fair underway at DU". The Daily Star. Retrieved 15 September 2023.
  4. ^ "Expanded tax benefits may spur banks' CSR efforts". The Daily Star. 27 April 2014. Retrieved 15 September 2023.
  5. ^ ডাকসুর কোষাধ্যক্ষ হলেন শিবলী রুবাইয়াত. Odhikar (in Bengali). Retrieved 15 September 2023.
  6. ^ আইওএসকো’র ভাইস প্রেসিডেন্ট হলেন শিবলী রুবাইয়াত [Shibli Rubaiyat is the Vice President of IOSCO]. The Sangbad (in Bengali). Retrieved 21 December 2023.
  7. ^ a b c d বিএসইসির চেয়ারম্যান হলেন শিবলী রুবাইয়াত. Jagonews24.com (in Bengali). 17 May 2020. Retrieved 15 September 2023.
  8. ^ "National Professor Jamilur Reza Choudhury no more". businesspostbd.com. Retrieved 15 September 2023.
  9. ^ "Biography". Professor Shibli Rubayat Ul Islam. Retrieved 21 December 2023.
  10. ^ Kamal, Rad Sharar Bin (9 November 2016). "In conversation with Professor Shibli Rubayat Ul Islam". Dhaka Tribune.
  11. ^ "Pro-govt teachers sweep Duta polls". The Daily Star. 14 December 2015. Retrieved 15 September 2023.
  12. ^ a b "Resume of Professor Shibli Rubayat ul Islam" (PDF). Daffodil International University. Retrieved 15 September 2023.
  13. ^ শিবলী রুবাইয়াতুল ইসলামের বইয়ের মোড়ক উন্মোচন. Kaler Kantho (in Bengali). 1 August 2016. Retrieved 15 September 2023.
  14. ^ a b নিয়ম ভেঙে ঢাবির সিন্ডিকেটে শিবলী রুবাইয়াত ও মজনুন. Radio Today News (in Bengali). Retrieved 15 September 2023.
  15. ^ "Business School, Beijing Normal University". bs.bnu.edu.cn. Retrieved 15 September 2023.
  16. ^ "Pro-AL panel sweeps Duta election". The Daily Star. 12 December 2017. Retrieved 15 September 2023.
  17. ^ "University teachers, journos seek vote for 'boat'". The Daily Star. 28 December 2018. Retrieved 15 September 2023.
  18. ^ "Centre for Business & Economic Research - Professor Shibli Rubayat Ul Islam". Centre for Business & Economic Research - Professor Shibli Rubayat Ul Islam. Retrieved 15 September 2023.
  19. ^ "Sweeping out the evil spirit of corruption". The Daily Star. 16 September 2019. Retrieved 15 September 2023.
  20. ^ ৩৪ জনের ছাত্রত্ব বাতিল ও কোষাধ্যক্ষ অপসারণের দাবি. Daily Jagaran (in Bengali). 15 September 2019. Retrieved 15 September 2023.
  21. ^ "DU dean calls admission without tests 'within rules', colleagues deny". Prothom Alo. 11 September 2019. Retrieved 15 September 2023.
  22. ^ a b আমার উপর শারীরিক মানসিক অত্যাচার চলছে: অধ্যাপক শিবলী. Channel i (in Bengali). 10 September 2019. Retrieved 15 September 2023.
  23. ^ ডাকসুর কোষাধ্যক্ষ হলেন শিবলী রুবাইয়াতুল ইসলাম. Dhaka Times 24 (in Bengali). Retrieved 15 September 2023.
  24. ^ "Valor of Bangladesh | AMBASSADORS". www.valorofbangladesh.com. Retrieved 15 September 2023.
  25. ^ আওয়ামী লীগের ৪০ সদস্যের শিক্ষা উপ-কমিটিতে ১৫ শিক্ষক. The Daily Ittefaq (in Bengali). Retrieved 15 September 2023.
  26. ^ "Shibli Rubaiyat becomes member of AL's sub-committee". The Daily Messenger. Retrieved 15 September 2023.
  27. ^ "BCOLBD". bcolbd.org. Retrieved 15 September 2023.
  28. ^ "BCRC". bcrcbd.org. Retrieved 15 September 2023.
  29. ^ "Patrons and Advisors – BIRCUK". Retrieved 15 September 2023.
  30. ^ "BUFT". BGMEA University of Fashion & Technology. Retrieved 15 September 2023.
  31. ^ Alam, Quamrul; Rahman, Atiur; Islam, Shibli Rubayat Ul (25 November 2020). The Economic Development of Bangladesh in the Asian Century: Prospects and Perspectives. Routledge. ISBN 978-1-000-22273-9.
  32. ^ a b "Prof Shibli Rubayat of DU is set to become BSEC chairman". The Financial Express. Retrieved 15 September 2023.
  33. ^ অধ্যাপক শিবলী রুবাইয়াত বিএসইসির নতুন চেয়ারম্যান. Bangla Tribune (in Bengali). Retrieved 15 September 2023.
  34. ^ "New Page 1". new.hellobangladesh.biz. Retrieved 15 September 2023.
  35. ^ a b "Prof Shibli Rubayat appointed as new BSEC chairman". The Daily Star. 17 May 2020. Retrieved 15 September 2023.
  36. ^ "Professor Shibli Rubayat made BSEC chairman". businesspostbd.com. Retrieved 15 September 2023.
  37. ^ বিএসইসির চেয়ারম্যান হচ্ছেন অধ্যাপক শিবলী রুবাইয়াত. Manab Zamin (in Bengali). Retrieved 15 September 2023.
  38. ^ "None can ensure governance in stock market alone: BSEC chairman". The Daily Star. 31 July 2022. Retrieved 15 September 2023.
  39. ^ Habib, Ahsan (9 August 2020). "BSEC has a grand plan to crack down on junk stocks". The Daily Star. Retrieved 15 September 2023.
  40. ^ "Robi gets nod for largest-ever IPO in Bangladesh". The Daily Star. 24 September 2020. Retrieved 15 September 2023.
  41. ^ a b c d "BSEC chief got payments from bank account used for alleged fraud". The Daily Star. 13 July 2023. Retrieved 15 September 2023.
  42. ^ a b c Khan, Zulkarnain Saer. "Chairman of Bangladesh's Securities Regulator Got Payments From Bank Accounts Used for Alleged $13-Million Fraud". OCCRP. Retrieved 15 September 2023.
  43. ^ "Propaganda about BSEC Chairman's legal money". The Asian Age. Retrieved 15 September 2023.
  44. ^ "Nagad gets nod to raise Tk 510cr through bond". The Daily Star. 30 August 2021. Retrieved 15 September 2023.
  45. ^ "First green sukuk gets BSEC nod". The Daily Star. 24 June 2021. Retrieved 15 September 2023.
  46. ^ "BSEC chairman urges Americans to invest in Bangladesh". Risingbd.com. Retrieved 15 September 2023.
  47. ^ "BSEC speeds up IPO approval process". The Daily Star. 23 December 2021. Retrieved 15 September 2023.
  48. ^ a b Hasan, Rashidul (11 November 2022). "Waive surcharge of United Airways". The Daily Star. Retrieved 15 September 2023.
  49. ^ "Bashundhara's concern to buy 25pc CSE stakes". The Daily Star. 21 November 2022. Retrieved 15 September 2023.
  50. ^ "BSEC won't lift stock floor price despite criticism". The Daily Star. 6 December 2022. Retrieved 15 September 2023.
  51. ^ "'With no other way out, we imposed a price floor,' BSEC Chairman". The Business Standard. 31 July 2022. Retrieved 15 September 2023.
  52. ^ Habib, Ahsan (3 August 2022). "Several NBFI boards to be restructured". The Daily Star. Retrieved 15 September 2023.
  53. ^ "Prof Shibli Rubaiyat takes charge as vice chair for IOSCO". The Business Standard. 17 October 2022. Retrieved 15 September 2023.
  54. ^ "Asia-Pacific Regional Committee". www.iosco.org. Retrieved 15 September 2023.
  55. ^ "'BSEC doesn't have manpower to monitor companies properly'". The Daily Star. 5 January 2023. Retrieved 15 September 2023.
  56. ^ "Alternative trading board launched for Dhaka bourse". The Daily Star. 5 January 2023. Retrieved 15 September 2023.
  57. ^ "BSEC to digitize monitoring system of capital market to check forgery | Business". BSS. Retrieved 15 September 2023.
  58. ^ "'Eagerly waiting to lift the floor price': BSEC chairman | Business". BSS. Retrieved 15 September 2023.
  59. ^ "BSEC chief got payments from bank account used for alleged fraud". The Daily Star. 13 July 2023. Retrieved 10 August 2024.
  60. ^ Ashraf, Galib (17 May 2020). "Shibli Rubayat appointed BSEC chairman". Prothom Alo. Retrieved 15 September 2023.
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