Bangladesh Bank (BB) rejected a proposal for the reappointment of ICB Islamic Bank’s managing director, citing evidence of his involvement in mismanagement, money laundering, and embezzlement. The bank’s board chairman had sought the reappointment of Muhammad Shafiq Bin Abdullah, who has held the position since 2013. The central bank’s rejection letter also inquired about actions taken against Abdullah and instructed the bank to fill the vacant MD position within the prescribed timeframe in accordance with the Bank Companies Act-1991.
Previously, on October 21, BB had instructed ICB Islamic Bank to appoint an acting managing director, but the bank has yet to comply. Abdullah, who continues to work at the bank, denied the allegations, stating they have not been proven. The board has appealed to the central bank to allow his reappointment. ICB Islamic Bank originated from the now-defunct Oriental Bank, which was dissolved in 2006 due to irregularities.
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