Central bank appoints administrator for ICB Islamic Bank
Earlier, on 9 April 2025, the central bank dissolved the board of directors of ICB Islamic Bank in a bid to protect the interests of depositors and ensure proper governance.
Bangladesh Bank has appointed Mamunur Rahman, an executive director of the central bank, as the administrator of ICB Islamic Bank, entrusting him with the powers and responsibilities of the managing director.
ICB Islamic Bank disclosed the development to the Dhaka Stock Exchange today (21 April).
Earlier, on 9 April 2025, the central bank dissolved the board of directors of ICB Islamic Bank in a bid to protect the interests of depositors and ensure proper governance.
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According to the central bank's directive, the intervention followed serious managerial and governance weaknesses that led to a sharp deterioration in the bank's financial health.
ICB Islamic Bank is currently grappling with a severe capital and provisioning shortfall, a high volume of classified investments, and significant accumulated losses.
These challenges are further exacerbated by serious management instability and a crippling liquidity crisis.
The regulator noted that weak policy-level decisions by the previous board had disrupted the bank's operations and ran counter to the interests of its depositors.
Under the authority of the Bank Company Act, the central bank took the step of dissolving the board in the public interest.
The newly appointed administrator is tasked with assuming the responsibilities of both the board of directors and the managing director to steer the bank out of its current crisis.
