BB dissolves Al-Arafah Islami Bank board

The Bangladesh Bank has dissolved the board of directors of Al-Arafah Islami Bank PLC and reconstituted it with representatives of the bank’s founding sponsors, marking the return of its original owners to the board.

The central bank issued a letter to the bank’s managing director on Wednesday informing him of the decision.

Bangladesh Bank Executive Director and Spokesperson Arif Hossain Khan confirmed the development.
“The bank’s financial condition has improved compared to before, so it has been handed back to its founding sponsors,” he said.

He added that the central bank had dissolved the boards of several other banks following the political transition in 2024, but their original sponsors could not be traced or were not available to take over management.

“In the case of Al-Arafah Islami Bank, the situation is different. The founding sponsors are available, so the bank has been returned to them,” Khan said.

The newly constituted 14-member board comprises Badiur Rahman, Salim Rahman, Ahamedul Haque, Rafiqul Islam, Imadur Rahman, Nazmul Ahsan Khaled, Khalilur Rahman, Anowar Hossain, Abdus Salam, Liakat Ali Chowdhury, Enayet Ullah, Mahbub Ahmed as nominee director of KDS Garments, Farid Uddin Ahmed as nominee director of KDS Textiles, and Sharif Uddin Taslim as nominee director of KY Steel Mills.