Al-Arafah Islami Bank MD removed over irregularities

Business Report :

Farman R Chowdhury, managing director of Al-Arafah Islami Bank PLC, has been removed from his post over irregularities and lapses in governance and oversight.

Bangladesh Bank Executive Director and Spokesperson Arief Hossain Khan confirmed the development.

Khan told the media that the bank’s board had recommended Chowdhury’s removal, which the central bank later approved.

In April this year, Chowdhury, along with three other officials, was sent on forced leave for three months.

Seeking anonymity, Al-Arafah Islami Bank officials said the board of directors had reviewed a special inspection report issued by the Bangladesh Bank concerning various issues and operations of the commercial lender, with particular focus on its agent banking division.

The inspection report held the managing director and several officials accountable for irregularities and lapses in governance and oversight, they added.

Since April, Mohd. Rafat Ullah Khan, additional managing director of the bank, has been carrying out the responsibilities of the managing director.