The Bangladesh Bank (BB) has dissolved the board of directors of the Islami Bank Bangladesh PLC on Thursday, also formed a new board for the private sector Bank appointing five independent directors.
The central bank has issued a letter in this regard, signed by Md. Harun or Rashid, Director, BRPD.
Md Obayed Ullah Al Masud, former managing director of Rupali Bank, has been appointed as the chairman of the board.
Earlier, a day back, the central bank dissolved the previous board of the bank, mainly dominated by S Alam Group.
With this decision, S Alam Group's grip over the Islami Bank ended after seven years of its domination and rampant misappropriation of nearly a hundred thousand crores of taka in the name of loans.
Ahsanul Alam, the eldest son of S Alam Group chairman Mohammed Saiful Alam, chaired the recently dissolved board.
The other Independent Director of the new board are Md Khurshid Wahab, former Executive Director, Bangladesh Bank, Md. Abdul Jalil, former Deputy Managing Director, Al-Arafah Islami Bank, Dr. M masud Rahman, retired Professor of the Department of Finance, University of Dhaka and Md Abdus Salam FCA, FCMA, Chartered Accountant.
