Customer Logins

Obtain the data you need to make the most informed decisions by accessing our extensive portfolio of information, analytics, and expertise. Sign in to the product or service center of your choice.

Customer Logins

My Logins

All Customer Logins
S&P Global S&P Global Marketplace
Explore S&P Global

  • S&P Global
  • S&P Dow Jones Indices
  • S&P Global Market Intelligence
  • S&P Global Mobility
  • S&P Global Commodity Insights
  • S&P Global Ratings
  • S&P Global Sustainable1
Close
Discover more about S&P Global’s offerings
Investor Relations
  • Investor Relations Overview
  • Investor Presentations
  • Investor Fact Book
  • News Releases
  • Quarterly Earnings
  • SEC Filings & Reports
  • Executive Committee
  • Corporate Governance
  • Merger Information
  • Stock & Dividends
  • Shareholder Services
  • Contact Investor Relations
Languages
  • English
  • 中文
  • 日本語
  • 한국어
  • Português
  • Español
  • ไทย
About
  • About Us
  • Contact Us
  • Email Subscription Center
  • Media Center
  • Glossary
Product Login
S&P Global S&P Global Market Intelligence Market Intelligence
  • Who We Serve
  • Solutions
  • News & Insights
  • Events
  • Product Login
  • Request Follow Up
  •  
    • Academia
    • Commercial Banking
    • Corporations
     
    • Government & Regulatory Agencies
    • Insurance
    • Investment & Global Banking
     
    • Investment Management
    • Private Equity
    • Professional Services
  • WORKFLOW SOLUTIONS
    • Capital Formation
    • Credit & Risk Solutions
    • Data & Distribution
    • Economics & Country Risk
    • Sustainability
    • Financial Technology
     
    • Issuer & IR Solutions
    • Lending Solutions
    • Post-Trade Processing
    • Private Markets
    • Risk, Compliance, & Reporting
    • Supply Chain
    PRODUCTS
    • S&P Capital IQ Pro
    • S&P Global Marketplace
    • China Credit Analytics
    • Climate Credit Analytics
    • Credit Analytics
    • RatingsDirect ®
    • RatingsXpress ®
    • 451 Research
    See More S&P Global Solutions
     
    • Capital Access
    • Corporate Actions
    • KY3P ®
    • EDM
    • PMI™
    • BD Corporate
    • Bond Pricing
    • ChartIQ
  • CONTENT
    • Latest Headlines
    • Special Features
    • Blog
    • Research
    • Videos
    • Infographics
    • Newsletters
    • Client Case Studies
    PODCASTS
    • The Decisive
    • IR in Focus
    • Masters of Risk
    • MediaTalk
    • Next in Tech
    • The Pipeline: M&A and IPO Insights
    • Private Markets 360°
    • Street Talk
    SEE ALL EPISODES
    SECTOR-SPECIFIC INSIGHTS
    • Differentiated Data
    • Banking & Insurance
    • Energy
    • Maritime, Trade, & Supply Chain
    • Metals & Mining
    • Technology, Media, & Telecoms
    • Investment Research
    • Sector Coverage
    • Consulting & Advisory Services
    More ways we can help
    NEWS & RESEARCH TOPICS
    • Credit & Risk
    • Economics & Country Risk
    • Financial Services
    • Generative AI
    • Maritime & Trade
    • M&A
    • Private Markets
    • Sustainability & Climate
    • Technology
    See More
    • All Events
    • In-Person
    • Webinars
    • Webinar Replays
    Featured Events
    Webinar2024 Trends in Data Visualization & Analytics
    • 10/17/2024
    • Live, Online
    • 11:00 AM - 12:00 PM EDT
    In PersonInteract New York 2024
    • 10/15/2024
    • Center415, 415 5th Avenue, New York, NY
    • 10:00 -17:00 CEST
    In PersonDatacenter and Energy Innovation Summit 2024
    • 10/30/2024
    • Convene Hamilton Square, 600 14th St NW, Washington, DC 20005, US
    • 7:30 AM - 5:00 PM ET
  • PLATFORMS
    • S&P Capital IQ Pro
    • S&P Capital IQ
    • S&P Global China Credit Analytics
    • S&P Global Marketplace
    OTHER PRODUCTS
    • Credit Analytics
    • Panjiva
    • Money Market Directories
     
    • Research Online
    • 451 Research
    • RatingsDirect®
    See All Product Logins
Same-Day Analysis

Risk of mass shootings and suicide attacks remains high in Bangladesh during next 12 months despite declining incidents

Published: 24 July 2017

The intensity of Islamist militant attacks has declined over the past year but the drivers of unrest remain.



IHS Markit perspective

Outlook and implications

  • Militant attacks have declined since the July 2016 bakery attack due to intensified security forces operations against Islamist militants.
  • However, strong Islamist anti-government sentiments, readily available weapons, and the politicisation of the Islamic State threat facing Bangladesh makes further attacks a high risk over the next year.
  • Militants will likely favour larger, more high-profile attacks rather than risk capture through smaller operations. These are likely to be more ambitious mass shooting and suicide IED attacks targeting security forces and foreigners.

Risks

Terrorism; Property; Death and injury

Sectors or assets

Expatriates; Security forces; Religious minorities; Industrial

The counter-terrorism head of the Dhaka Metropolitan Police (DMP), Monirul Islam, said on 23 July that only two of the suspected masterminds of the July 2016 attack on the capital's Holey Bakery remain at large. A total of 22 people were killed in the attack in the Gulshan area of the capital: 17 foreigners and five locals. Not only was this the most significant attack by Islamic State-linked militants in Bangladesh, who began a fresh wave of Islamist violence in Bangladesh from late 2015, but it was the most high profile and ambitious Islamist militant attack in the country's history.

The Bangladeshi government denies any direct link between IS core in the Middle East and the group responsible for the Holey Bakery attack. Instead, the police refer to the group as Neo-JMB, a reference to the more established Bangladeshi militant group that was particularly active in the late 2000s. IHS Markit nevertheless has stressed in the past there was at least some communication and direction from the Islamic State core in the run-up to the Holey Bakery attack (see Bangladesh: 19 February 2016: Communication with Islamic State and continued political instability indicate further attacks against foreigners and minorities in Bangladesh).

Declining attacks

Since then, however, the DMP and the paramilitary Rapid Action Battalion (RAB) have aggressively pursued the group's members and sought to dismantle its operational infrastructure. As many as 70 suspected militants – seven of them connected directly to the Holey Bakery attack – have been detained or killed in raids conducted throughout the country since July 2016. Some involved days-long sieges of the hideouts, with many ending with militants detonating suicide vests to avoid capture.

This security forces' push against the Islamic State-linked groups appears to have succeeded in dismantling the group's capability. There has been no Islamist attack in the country since March 2017, when a lone a suicide attacker detonated a suicide vest at a paramilitary compound in Dhaka injuring two RAB soldiers. Moreover, the DMP's counter-terrorism head claims that militants are no longer in the position to replicate an attack similar in scale to the Holey Bakery incident, citing low morale and a lack of resources.

Drivers for Islamist unrest remain

Despite the progress made by security forces, the drivers of Islamist militancy continue to exist. Despite the frequent raids conducted by security forces over the past 12 months, militant groups are unlikely to face any problems in recruitment. This is because the key drivers of militancy and radicalisation in Bangladesh remain in place. These include the government's continued crackdown against Islamist political parties and the opposition, as well as the polarisation of Bangladeshi society between secularists and religious conservatives more broadly.

There are also indications suggesting that Islamist militants in Bangladesh are seeking to re-group and developing strategies to evade enhanced security forces' surveillance. On 19 July, DMP officials admitted that militants were increasingly using constantly changing encryption, code words, and messaging apps to communicate. Moreover, access to weapons and explosives appears to be widespread. For example, AK-series rifles used in the Holey Bakery attack were smuggled from India. This vulnerability appears difficult to contain; in November 2016, the Border Guards Bangladesh reported that illegal weapons smuggling over the border had been increasing for four consecutive years.

Lastly, the government remains entrenched in its position that the Islamic State has no operational presence in the country. This approach will undermine the prospect of security forces fully containing the Islamic State threat going forward as police are actively discouraged from pursuing the foreign element of the militancy. In particular, this politicisation of the militant threat makes it more likely that fighters will be able to return to the country. Domestic reporting suggests that there is no systemic monitoring of Bangladeshi nationals that have travelled to the Middle East to fight for the Islamic State. Moreover, the same reporting claims that the police's belief that only 20 men have joined the Islamic State are underestimated by a half.

Outlook and implications

Although terrorism risks in Bangladesh have fallen, as indicated by the declining number of attacks and increased vigilance of the security forces, we assess that the risk of further attacks remains high in the one-year outlook and beyond. The Holey Bakery incident in particular has effectively set a new marker for Islamist militants in the country. They will probably therefore favour larger, more high-profile attacks going forward rather than risk capture through smaller operations. These are likely to be more ambitious mass-shooting and suicide IED attacks. The militants' target set is likely to be a fusion of international and domestic militant agendas; likely targets include local political leaders, religious minorities, secularists, security forces (particularly the RAB), and foreigners. This threat is likely to be particularly acute in Dhaka. In particular, public entertainment venues, including shopping malls, and non-governmental organisations are likely to be increasingly prioritised targets.

Industrial or other commercial assets are unlikely to be targeted, although there are collateral risks facing office buildings in Dhaka's commercial districts, including Gulshan, where foreigners are known to frequent.

Related Content
  • Country Intelligence
{"items" : [ {"name":"share","enabled":true,"desc":"<strong>Share</strong>","mobdesc":"Share","options":[ {"name":"facebook","url":"https://www.facebook.com/sharer.php?u=http%3a%2f%2fwww.spglobal.com%2fmarketintelligence%2fen%2fmi%2fcountry-industry-forecasting.html%3fID%3d10659122981","enabled":true},{"name":"twitter","url":"https://twitter.com/intent/tweet?url=http%3a%2f%2fwww.spglobal.com%2fmarketintelligence%2fen%2fmi%2fcountry-industry-forecasting.html%3fID%3d10659122981&text=Risk+of+mass+shootings+and+suicide+attacks+remains+high+in+Bangladesh+during+next+12+months+despite+declining+incidents","enabled":true},{"name":"linkedin","url":"https://www.linkedin.com/sharing/share-offsite/?url=http%3a%2f%2fwww.spglobal.com%2fmarketintelligence%2fen%2fmi%2fcountry-industry-forecasting.html%3fID%3d10659122981","enabled":true},{"name":"email","url":"?subject=Risk of mass shootings and suicide attacks remains high in Bangladesh during next 12 months despite declining incidents&body=http%3a%2f%2fwww.spglobal.com%2fmarketintelligence%2fen%2fmi%2fcountry-industry-forecasting.html%3fID%3d10659122981","enabled":true},{"name":"whatsapp","url":"https://api.whatsapp.com/send?text=Risk+of+mass+shootings+and+suicide+attacks+remains+high+in+Bangladesh+during+next+12+months+despite+declining+incidents http%3a%2f%2fwww.spglobal.com%2fmarketintelligence%2fen%2fmi%2fcountry-industry-forecasting.html%3fID%3d10659122981","enabled":true}]}, {"name":"rtt","enabled":true,"mobdesc":"Top"} ]}
Filter Sort
  • About S&P Global Market Intelligence
  • Quality Program
  • Email Subscription Center
  • Media Center
  • Our Values
  • Investor Relations
  • Contact Customer Care & Sales
  • Careers
  • Our History
  • News Releases
  • Support by Division
  • Corporate Responsibility
  • Ventures
  • Quarterly Earnings
  • Report an Ethics Concern
  • Leadership
  • Press
  • SEC Filings & Reports
  • Office Locations
  • IOSCO ESG Rating & Data Product Statements
  • © 2025 S&P Global
  • Terms of Use
  • Cookie Notice
  • Privacy Policy
  • Disclosures
  • Do Not Sell My Personal Information