He replaces Abdul Matlub Ahmad, the outgoing president and the owner of Nitol Group.
Shafiul was the first vice-president of the outgoing committee and the former president Bangladesh Garment Manufacturers and Exporters Association or BGMEA.
After the first meeting of the elected directors on Monday, the names of the president, senior vice president and vice president were announced.
Fahim is the son of Awami League presidium member Sheikh Fazlul Karim Selim while Montakim is the son of MP Prof Ali Ashraf.
Montakim, who represents Bangladesh Cold Storage Association, played a pivotal role in the election for the panel.
“There were eight candidates for the vice-president, but they all withdrew their candidacy and supported Montakim,” he added.
After being elected uncontested from the chamber group on Sunday, Shafiul’s panel got elected in the associations’ camp too.
Of 60 posts of directorship, 12 each from the chamber group and the association group are nominated, while 36 others are elected by members. This year, Shafiul’s panel was elected uncontested.