The Bangladesh Bank has restructured the board of Islami Bank Bangladesh, appointing five new independent directors to lead the crisis-stricken Shariah-based bank.
Md Obayed Ullah Al Masud, the former managing director of Rupali Bank, has been named the new chairman of the board, according to a letter issued by the central bank today. This move comes just a day after the Bangladesh Bank dissolved the previous board.
With the new appointments, S Alam Group’s seven-year control over Islami Bank has come to an end. The group had been accused of widespread misappropriation of nearly a hundred thousand crores of taka under the guise of loans. Ahsanul Alam, the eldest son of S Alam Group chairman Mohammed Saiful Alam, chaired the recently dissolved board.
Masud, now serving as an independent director, will lead the new board alongside other appointed independent directors: Mohammad Khurshid Wahab, former executive officer of Bangladesh Bank; Mohammad Abdul Jalil, former deputy general manager of Al Arafah Islami Bank; M Masud Rahman, former professor of the finance department at Dhaka University; and Md Abdus Salam, a chartered accountant.
