Ilias announced the name of the party at a formal event at a luxury hotel in the capital on Friday.
"We will build a land of justice" is the party's slogan, he said.
In the newly formed party’s committee, Ilias has been appointed as president, Shawkat Mahmud as general secretary, and former state minister Golam Sarwar Milon as the party’s spokesperson.
Besides politicians, the new party also includes journalists, lawyers, retired military personnel, and former government officials from various sectors.
Since the death of his wife, Jahanara Kanchan, in a road accident in 1993, Ilias has led a social movement focused on road safety.
Although he had previously been invited to contest elections, this marks his first formal involvement in politics.
Recently, he served as the elected president of the Bangladesh Film Artistes’ Association for the 2022–2024 term.
He has also been awarded the Ekushey Padak, along with honours from the film and Bangladesh Cine-Journalists Association (Bacsas) awards.
Shawkat Mahmud, the general secretary of Janata Party Bangladesh, is a former president of the National Press Club.
He also served as a vice chairman of the BNP but was expelled on March 21, 2023 on charges of violating party discipline.
Earlier, on April 17, another political party named Bangladesh A-Am Janata Party was launched under the leadership of Destiny Group Managing Director Mohammad Rafiqul Amin and former Gono Odhikar Parishad leader Fatima Tasnim.
