, May 12 -- Dhaka, May 12 (UNB) - A group of weak banks, including those linked to S Alam and others, are floundering under non-performing loans (NPLs) amounting to Tk1.3 lakh crore, dragging the country's banking sector into a prolonged crisis.

Pervasive irregularities over the past decade and a half have severely affected these banks-mostly Shariah-based-which are said to have borne the brunt of extensive misappropriation.

As a result, these financial institutions have seen a worrying rise in NPLs. Despite reforms within their boards of directors, little meaningful progress has been achieved.

According to Bangladesh Bank data, 10 banks operating under Shariah principles currently hold defaulted loans totalling a staggering Tk1.3 lakh...