Israel recognized Bangladesh on February 4th, 1972. Here's an interesting article.
On the subject of Bangladesh recognizing Israel, here's what I think. I think we're constitutionally mandated to pursue global peace and as such must constructively engage all parties involved in a conflict. Besides, I have no issues recognizing a state the PLO, many key Arab states and Turkey also recognize while I have embassies in other countries oppressing at least a segment of their population.
I am embarrassed by that kind of high and mighty hypocrisy and false concern for human rights, especially when poor people in Bangladesh find it pretty much impossible exercise their rights and are subsequently victimized by a corrupt state and its organs.