Shibli Rubayat Ul Islam
Shibli Rubayat Ul Islam | |
|---|---|
| Born | January 1, 1968 Dhamrai, Dhaka, East Pakistan |
| Occupation(s) | Academic, Businessman, Regulator |
| Known for | Chairman of Bangladesh Securities and Exchange Commission; Dean of Faculty of Business Studies, University of Dhaka; Asia Pacific regional vice chairman of IOSCO |
Shibli Rubayat Ul Islam (born 1 January 1968) previously held the role of chairman at the Bangladesh Securities and Exchange Commission (BSEC) and was also the dean of the Faculty of Business Studies at the University of Dhaka. He has experience as treasurer for the Dhaka University Central Students' Union and currently occupies the position of Asia Pacific regional vice chairman within the International Organization of Securities Commissions (IOSCO).
Early life
Born in 1968 in Dhamrai, Dhaka, East Pakistan, Islam comes from a family with notable backgrounds. His father, Rafiqul Islam Khan, served as managing director of National Bank Limited, while his mother, Hasina Mumtaz, is known for her singing career. His maternal uncle was Jamilur Reza Choudhury, a distinguished National Professor of Bangladesh.
Islam completed his Secondary School Certificate (SSC) in 1983 at Dhaka Government Laboratory High School and earned his Higher Secondary Certificate (HSC) from Dhaka College in 1985. He pursued an MBA at the Faculty of Business Studies, University of Dhaka, graduating between 1985 and 1989.
Academia
Within academia, Islam held a professorship at the University of Dhaka’s Faculty of Business Studies. In December 2014, he won election as treasurer of the Dhaka University Teachers' Association representing the Awami League-supported blue panel. His academic involvement extended to serving as a syndicate member at both East West University and Southeast University.
In 2016, he authored the book ই-ব্যাংকিং অ্যান্ড ই-কমার্স (E-Banking and E-Commerce). On 22 May 2017, he secured a seat on the University of Dhaka senate and was appointed general secretary of the Dhaka University Teachers' Association by December that year. Islam actively campaigned for the Awami League during the 2018 general elections. He also held visiting professorships at Sichuan University and delivered lectures at Beijing Normal University.
In September 2019, student groups called for his resignation from the deanship of business studies amid accusations concerning irregular admission practices involving Bangladesh Chhatra League members. Islam defended these admissions as aligned with university regulations despite facing criticism from fellow faculty members. Concurrently, he retained his role as treasurer of the Dhaka University Central Students' Union. Describing these allegations as "torture," he is recognized as an Ambassador of Valor for Bangladesh.
His membership on the University senate was extended controversially in 2020, in violation of established university rules. Later that year, in December 2020, Islam became part of the Awami League’s education and human resource sub-committee. He advises Blockchain Olympiad Bangladesh and Business Case for Better Bangladesh, serves as patron for Bangabandhu International Research Centre UK, and is a syndicate member at BGMEA University of Fashion & Technology. In 2020, he co-authored The Economic Development of Bangladesh in the Asian Century.
Banking and business
Islam’s tenure included more than three years as chairman of Sadharan Bima Corporation beginning in 2016. He also acted as director for Community Bank Bangladesh Limited and fulfilled duties as secretary general for the Switzerland Bangladesh Chamber of Commerce and Industry. Furthermore, he holds ownership and management positions within Rhine Fashions Private Limited and Rhine Garments Private Limited.
Bangladesh Securities and Exchange Commission
In May 2020, Islam was appointed as the chairman of the Bangladesh Securities and Exchange Commission (BSEC) for a four-year period, taking over from Professor M Khairul Hossain, who had served in the role for nine years. Throughout his leadership, Islam implemented floor price mechanisms in response to the COVID-19 crisis, initiated measures targeting junk stocks, and authorized Robi’s record-breaking initial public offering in Bangladesh.
Islam came under investigation following allegations connecting him to payments from Javeed Matin via XIN Bangla Fabrics, a company implicated in a $13 million fraud case involving Hong Kong’s Ming Global Limited. Islam refuted any misconduct, explaining that the transactions were rental payments. It is important to note that Matin’s associate in Bangladesh was the renowned cricketer Shakib Al Hasan. In May 2021, Islam granted a trading license to Monarch Holdings Inc., an entity linked to this controversy.
During his term, BSEC under Islam’s direction approved Nagad’s bond issuance plan worth 5.1 billion BDT and endorsed the country’s inaugural Green Sukuk. He spearheaded a U.S.-based investment roadshow to promote Bangladesh and accelerated the approval process for IPOs. In November 2022, he successfully persuaded Prime Minister Sheikh Hasina to waive surcharge fees to support the revival of United Airways. Additionally, Islam sanctioned Bashundhara Group’s subsidiary acquisition of a 25% share in the Chittagong Stock Exchange.
Although there were demands to increase stock floor prices, Islam opted to maintain them until market conditions showed improvement. He also revealed restructuring initiatives for several non-bank financial institutions’ boards. Furthermore, he was appointed vice chair of the Asia Pacific Regional Committee within the International Organization of Securities Commissions (IOSCO).
Recognizing BSEC’s limited staffing as a barrier to comprehensive oversight of all listed companies, Islam introduced an alternative trading board specifically for unlisted firms and began plans to digitize BSEC services. He indicated that floor prices would be removed once the market environment becomes more stable.
Scandals
During his leadership at BSEC, Islam faced accusations of receiving funds from bank accounts connected with a $13 million fraud scheme, as reported by the Organized Crime and Corruption Reporting Project.
Personal life
Islam is married to Shenin Rubayat, who serves as a faculty member in the Department of English and Humanities at BRAC University and works as an anchorwoman for Bangladesh Television.