Al-Arafah Islami Bank MD removed from post
According to a senior official of the central bank, the Bangladesh Bank’s Department of Banking Inspection conducted an investigation into the bank and found several allegations of irregularities against the MD.
Forman R Chowdhury, managing director (MD) of Al-Arafah Islami Bank, has been removed from his post.
Bangladesh Bank's spokesperson and Executive Director Arif Hossain Khan confirmed the development to The Business Standard today (27 October).
"The bank itself applied to the central bank, and we issued the NOC [no objection certificate]," he said.
Keep updated, follow The Business Standard's Google news channel
Forman R Chowdhury had been on compulsory leave since April this year.
According to a senior official of the central bank, the Bangladesh Bank's Department of Banking Inspection conducted an investigation into the bank and found several allegations of irregularities against the MD. Following the probe, the bank's board decided to remove him.
Since 5 August 2024, the Bangladesh Bank has dissolved and reconstituted the boards of 15 banks, including Al-Arafah Islami Bank. The bank's board was restructured on 3 September this year.
The bank had long been chaired by S Alam's brother, Abdus Samad Labu, before the central bank's intervention.
