The Bangladesh Bank has appointed a new board of directors for Islami Bank Bangladesh, following the removal of the previous board due to irregularities linked to the S Alam Group. The new board will be chaired by Md Obayed Ullah Al Masud, former managing director of Rupali Bank, with Mohammad Khurshid Wahab, Mohammad Abdul Jalil, M Masud Rahman, and Md Abdus Salam as independent directors.
This move aims to stabilize the bank, which had been under the control of the S Alam Group, accused of extensive financial mismanagement. The central bank has also seized shares of Islami Bank held by the S Alam Group, which may be reclaimed if debts are repaid. Additionally, the central bank plans to form a banking commission to assess and address issues in struggling banks and recover laundered funds. The new board’s mandate includes restoring the bank to financial stability before transitioning it back to private ownership.
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