BB appoints observer to Islami Bank

Bangladesh Bank has appointed an observer at Islami Bank PLC as part of its series of steps to ensure good governance and transparency in the banking sector.

The central bank issued a press release in this regard on Wednesday.

The press statement said the central bank appointed its Executive Director Mohammad Ashraful Alam as the observer at the Islami Bank PLC as per the Bank Company Act, 1991.

As observer, Mohammad Ashraful Alam, who served as executive director of Bangladesh Bank, will participate in meetings of the bank’s board of directors and other relevant activities.

Earlier, in December 2022, Bangladesh Bank had appointed an observer at the country’s largest Shariah-based bank.

The observer will remain present in all activities, including the meeting of the board of directors, and regularly report to the central bank about the regular and strategic operations of the bank.