Islami Bank to get neutral board; customers to receive uninterrupted services: New administrator
In a statement, the central bank said the board had been dissolved in the interest of depositors and the public.
Newly appointed administrator of Islami Bank Bangladesh PLC, Mohammad Zahir Hussain, has said efforts are underway to form a fully neutral board for the bank as part of broader initiatives to strengthen governance and restore confidence among depositors.
Speaking to reporters after joining the bank at around 1pm today (15 June), Jahirul said, "We want to form a completely neutral board for Islami Bank," adding, "I have been appointed administrator for a limited period."
Urging customers to continue their banking activities without concern, the administrator said there was "no opportunity to look back" and assured depositors that banking services and transactions would remain uninterrupted.
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Bangladesh Bank yesterday (14 June) removed Islami Bank's entire board of directors, including the chairman, under the Bank Company Act, 1991.
In a statement, the central bank said the board had been dissolved in the interest of depositors and the public.
It also said that, under Section 47(3) of the Bank Company Act, 1991, Bangladesh Bank Executive Director Mohammad Zahir Hussain had been assigned to exercise all powers and perform the responsibilities of the board.
On the same day, Bangladesh Bank extended a special loan of Tk2,500 crore to Islami Bank Bangladesh to help the Shariah-based lender address a worsening liquidity crisis.
The bank had been facing severe liquidity pressure following unrest that erupted after the Eid-ul-Adha holidays over the appointment of its now removed chairman, Md Khurshid Alam.
Islami Bank Sachetan Grahok Forum had been staging demonstrations in protest against the appointment.
