Islami Bank’s Board of Directors dissolved, 5 independent directors appointed
The Board of Directors of the private Islami bank owned by S Alam Group has been dissolved. At the same time, Bangladesh Bank (BB), the country’s central bank, formed a new Board of Directors and appointed 5 independent directors.
Bangladesh Bank (BB) Governor Dr. Ahsan H. Mansur approved the appointment on Thursday (August 22), confirmed reliable sources of the central bank.
The newly appointed independent directors are – Rupali Bank’s former managing director (MD) and chairman of the board Md Obayed Ullah Al Masud, BB’s former executive director Khurshid Wahab, Al-Arafah Bank’s former deputy managing director Abdul Jalil, Dhaka University’s Banking Department’s Professor M Masud Rahman, and Chartered Accountant Abdus Salam.
Earlier on Wednesday, the Governor announced the dissolution of the Board of Directors of Islami Bank Plc in a press conference.
He said that since the majority of the shares of the bank are in the hands of S Alam, the board will be reformed with independent directors in the bank for the time being.
“All the shares related to S Alam’s interests will be taken over by the Government,” said the Governor, mentioning that if S Alam pays all the dues then “their shares will be released”, otherwise adjustments will be made. Besides, the former directors will be appointed as directors after buying 2 percent of the shares.
