The Bangladesh Bank (BB) will dissolve the board of Islami Bank within the next few days, said its Governor Ahsan H Mansur on Wednesday (21 August).
A new board will be formed for Islami Bank, said the governor during a press conference at the central bank headquarters.
"We will also take over all the shares of S Alam Group to settle its liabilities as per the law. The group may regain the shares if the debt is repaid," Mansur added.
This announcement follows growing unrest in the country's largest Shariah-based bank, which has been in turmoil since the recent political shift earlier this month.
Protesters have been demanding a restructuring of the board and the removal of Islami Bank's top management. In 2017, the bank was taken over by S Alam Group Chairman Mohammed Saiful Alam, his family members, and associated entities under the patronage of the previous Awami League government. The group is accused of using its influence to extract a significant amount of money from the bank.
