Staff Reporter :
The Bangladesh Bank (BB) has dissolved the board of directors of Islami Bank Bangladesh and appointed a new five-member board to oversee the institution.
Md Obayed Ullah Al Masud has been appointed as the new independent director and chairman of the board.
The announcement was made in an office order signed by Harun-Ar-Rashid, Director of the Banking Regulation and Policy Department (BRPD), on Thursday.
This move ends S Alam Group’s seven-year dominance over Islami Bank, which was marred by widespread misappropriation of nearly Tk 74,900 crore in loans.
Md Obayed Ullah Al Masud brings extensive experience to his new role.
He previously served as the Chief Executive Officer (CEO) and Managing Director (MD) of Sonali Bank PLC in 2016, and later as the Managing Director of Rupali Bank PLC in 2019.
He has also held the position of MD at Karmasangsthan Bank and Deputy Managing Director at Agrani Bank PLC.
The new board also includes Mohammad Khurshid Wahab, former Executive Director of Bangladesh Bank; Md Abdul Jalil, former Deputy Managing Director of Al Arafah Bank; Dr M Masud Rahman, Professor of the Banking Department at Dhaka University; and Abdus Salam, a Chartered Accountant.
The reconstitution of the board comes a day after the dissolution of the previous board, chaired by Ahsanul Alam, the eldest son of S Alam Group Chairman Mohammed Saiful Alam.