Staff Reporter :
Bangladesh Bank has removed Muhammad Shafiq Bin Abdullah from his position as Managing Director of ICB Islamic Bank, following evidence of his involvement in embezzlement, money laundering, and mismanagement of the bank.
On November 19, the central bank notified the chairman of ICB Islamic Bank that Abdullah’s reappointment as Managing Director had not been approved due to his activities, which were found to be detrimental to the interests of the bank and its depositors.
The chairman was instructed to inform the banking regulator once legal action had been taken against Abdullah for embezzlement, money laundering, and mismanagement. The bank was also directed to fill the vacant position of Managing Director within the timeframe set by the Bank Companies Act of 1991.
Abdullah had served as the Managing Director since 2013. Earlier, on October 21, the central bank had instructed the bank to appoint an acting Managing Director, but the position remains unfilled.
When visited the bank’s head office, officials confirmed that Abdullah was absent from work, but still technically serving as the Managing Director. “I am still in office until today, as the allegations have yet to be proven,” Abdullah stated to the media.
The bank’s board of directors has filed an appeal with the central bank, requesting that Abdullah be allowed to retain his position.
