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IDB Withdraws Directorship from Islami Bank

Industry: Bank, Financial
Company: Islami Bank Bangladesh Limited (IBBL), Islamic Development Bank (IDB)
Company Intelligence Tag: Business Insights

The Islamic Development Bank (IDB), a multilateral institution specializing in Islamic finance, has withdrawn its directorship from Islami Bank Bangladesh Limited, as indicated in the bank’s recent monthly shareholding report. The IDB, a shareholder since the bank’s inception in 1983, has not yet sold its shares. In 2018, IDB sold a portion of its shares following a significant change in the bank’s board in 2017.

Islami Bank’s other foreign partner, Kuwait Finance House, also divested its holdings. In July, another Saudi-based firm, Arabsas Travel and Tourist Agency, withdrew its director from the bank’s board. Islami Bank appointed new shareholder directors. As of September 30, local sponsors and directors hold 30.93% of the bank’s shares, while foreign directors possess 9.94%. The bank reported a net profit of Tk343 crore in the first half of this year, experiencing challenges in operating cash flow.

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