BB appoints 5 independent directors to Islami Bank

The Bangladesh Bank has appointed five new independent directors to the board of Islami Bank Bangladesh PLC after the bank’s board was dissolved to remove the ownership influence of S Alam Group. 

Bangladesh Bank Governor Dr Ahsan H Mansur confirmed these appointments on Thursday, according to reliable sources within the central bank.

Md Obayed Ullah Al Masud, former managing director of Rupali Bank, has been appointed as the chairman of the board.

Newly appointed other four independent directors are: Khurshid Wahab, former Executive Director of Bangladesh Bank, Abdul Jalil, former Deputy Managing Director of Al Arafah Bank, Professor M Masud Rahman, Banking Department, Dhaka University, Abdus Salam, Chartered Accountant.

This move follows the governor's announcement on Wednesday during a press conference, where he declared the dissolution of Islami Bank's board of directors. 

The governor explained that since the majority of the bank's shares were held by S Alam Group, the board would be reconstituted with independent directors for the time being.

He further said that the government would take control of all shares associated with S Alam's interests. If S Alam clears all liabilities, their shares will be released; otherwise, the shares will be adjusted accordingly. 

The governor also mentioned that once the previous directors purchase a 2 per cent stake, they will be eligible to appoint directors again.