ICB Islamic Bank is a second generation commercial Islamic Bank in Bangladesh listed on the Dhaka Stock Exchange.^[3] Mr. Md. Mazibur Rahman is the managing director of ICB Islamic Bank Limited.^[4]

ICB Islamic Bank was established in 1987 and started operations on 20 May 1987 as Al-Baraka Bank.^[5][6] The bank listed on Dhaka Stock Exchange in 1990.^[7] By 1994, the bank ran into financial troubles.^[6] In 2004, the bank was reorganized and renamed to Oriental Bank.^[6]

In 2006, Bangladesh Bank dissolved Oriental Bank's board of directors and auctioned majority of the shares.^[6] The ICB Banking Group bought majority of the shares and renamed it ICB Islamic Bank in 2008.^[6]

In 2014, Bangladesh Bank rescheduled the payment plan of ICB Islamic Bank to the depositors' of Oriental Bank.^[8]

By 2018, ICB Islamic Bank had failed to return 4.44 billion taka to the depositors' of Oriental Bank, a condition set by Bangladesh bank, and sought a change in the repayment plan from the central bank.^[6]

In January 2021, seven officers of Oriental Bank were sentenced to jail for embezzlement.^[9] ICB Islamic Bank reduced staff salary due to losses.^[10] It suffered losses that year and the bottom line remained in the red.^[11]

ICB Islamic Bank had an accumulated loss of nearly 20 billion taka in 2022.^[7] The bank had been running at a loss for years and had failed to pay dividends to shareholders for the last few years.^[12] Bangladesh High Court summoned an investigator of Anti-Corruption Commission, Md Jahangir Alam, after he removed the names of 25 officials of Oriental Bank from a embezzlement case.^[13]