Mr. M. Nurul Islam Former Governor, Bangladesh Bank
M. Nurul Islam, also known as Mohammad Nurul Islam, served as the 3rd Governor of Bangladesh Bank from July 13, 1976, to April 12, 1987. Mr. Islam embarked on his career in 1950 when he joined the Civil Service of Pakistan, demonstrating an unwavering commitment to public service and earning a reputation for integrity. In 1967, Mr. Islam was Secretary to the Department of Commerce and Industry in the Government of East Pakistan. Before 16th December 1971, Mr. Islam transferred to East Pakistan from West Pakistan and appointed as an Additional Chief Secretary, where he played a pivotal role in the post-liberation government.
In 1972, Prime Minister Sheikh Mujibur Rahman entrusted him with the chairmanship of the Trading Corporation of Bangladesh (TCB). He also served as Chairman of NBR, in addition to his duties at TCB. Mr. Islam continued his distinguished service as the Secretary to the Ministry of Commerce and later as the Secretary to the President's Office.
His tenure as the Controller of Imports & Exports in Chittagong was notable for his support of the Bengali business community through the issuance of liberal import licenses, without alienating the West Pakistani business sector.
He was the sole civil servant to volunteer for the judiciary, forsaking the allure of the executive branch, yet he was not chosen due to the government's reluctance to lose him in that capacity. Remarkably, he declined the role of Advisor/Minister in charge of Finance twice—first in 1982 following the imposition of Martial Law and again in 1991 when Justice Shahabuddin extended the offer during the Interim Government.
Mr. Islam completed his graduation from Barishal BM College in 1946. Aspiring to further his education, he aimed to join Presidency College in Calcutta. However, due to financial constraints, he couldn't realize this plan. Consequently he was forced to take up a minor job in the A.G's Office and, to supplement his income, engaged in evening tuitions. Additionally, he served as a guest tutor for the children of the Caretaker of the Government House in Darjeeling, leaving Calcutta due to health concerns. On the eve of partition in 1947, he returned to Barisal and became a school teacher in Barisal Zilla School. Despite his ambitions to pursue a Master's in Economics at Dhaka University, he was selected for the Civil Service of Pakistan in 1950, which prevented him from completing his Master's.
During his time at Bangladesh Bank, Mr. Islam played a pivotal role in overseeing a groundbreaking initiative. In 1976, Bangladesh Bank introduced an extensive program aimed at financing 90% of the cost for small flats of up to 1500 square feet in multistoried buildings. This program offered a low 5% interest rate and allowed for an extended 30-year repayment period. To further support this initiative, the National Board of Revenue (NBR) was encouraged to provide a five-year tax exemption on income generated from flats measuring up to 2000 square feet. As a result, this comprehensive scheme effectively addressed the surging demand for affordable housing among the middle-class population in metropolitan areas, including Dhaka and beyond.
Born in 1924, He was married, and he and his wife had two sons and a daughter. Notably, his younger brother, Md. Matiul Islam, served as the first finance secretary to the Government of Bangladesh in 1972. Sadly, M. Nurul Islam passed away on December 22, 2007, at the age of 83.