ICB Islamic Bank was established in 1987 and started operations on 20 May 1987 as Al-Baraka Bank. The bank listed on Dhaka Stock Exchange in 1990. By 1994, the bank ran into financial troubles. 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. ICB Islamic Bank reduced staff salary due to losses. It suffered losses that year and the bottom line remained in the red. ICB Islamic Bank had an accumulated loss of nearly 20 billion taka in 2022.
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. == Board of directors ==