Photo: Collected
Rupali Bank's Ex managing director and chief executive officer Md Obayed Ullah Al Masud has been appointed as the new Chairman of Islami Bank.
According to a Bangladesh Bank circular published on Thursday (22 August), under the Bank-Company Act, 1991, the board of directors of the Islami Bank Bangladesh PLC has been canceled with immediate effect.
The newly formed board of directors consists of independent directors and board members, including Mohammad Khurshid Wahab, former executive director of the Bangladesh Bank; Md Abdul Jalil, independent director and former deputy managing director of Al-Arafah Islami Bank PLC; Dr M Masud Rahman, independent director and former Dhaka University professor; Md Abdus Salam, independent director and chartered accountant.
Earlier on 21 August, Bangladesh Bank Governor Ahsan H Mansur said the board of Islami Bank, controlled by S Alam Group, will be dissolved in a couple of days and all shares of the bank under the control of S Alam Group will now be under the government's control.
"Independent directors will be appointed for a short period of time. Subsequently, former directors holding 2% of share capital will be taken on the board," the governor told a press briefing.
Currently, among the directors, former shareholders do not hold 2% or more shares, due to which the independent directors will be brought in, he added.
Governor Mansur said the government has taken control of all shares so far found linked to S Alam and related companies. "If S Alam Group settles all their dues, their shares will be released; otherwise, the shares will be adjusted accordingly," he added.
Messenger/Sourov
