Islami Bank MD sent on forced leave
The move follows earlier changes in the board after the BNP-led government assumed office, when the central bank removed director Abdul Jalil and appointed SM Abdul Hamid in his place
The board of directors of Islami Bank Bangladesh has placed its Managing Director Md Omar Faruk Khan on forced leave.
The decision was made at a board meeting held today (12 April) with M Zubaidur Rahman in the chair, an official present at the meeting confirmed to The Business Standard.
While Faruk applied for 15 days of leave starting 28 April, the board approved a 49-day leave until 31 May, effective from tomorrow and appointed Additional Managing Director Md Altaf Hossain as acting managing director.
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Speaking to TBS over the phone, Faruk said he had taken leave on his own until 31 May to travel to the US. "I am going to the US to attend a family event, so I have taken leave."
However, a senior Islami Bank official told TBS that the central bank had verbally instructed the bank's chairman to send Omar Faruk on leave. Following that instruction, the board approved the decision at the meeting, the official added.
The move follows earlier changes in the board after the BNP-led government assumed office, when the central bank removed director Abdul Jalil and appointed SM Abdul Hamid in his place.
The central bank had restructured the bank's board on 22 August 2024 following the fall of the Awami League government. Previously, the bank had been controlled by interests linked to Jamaat and several foreign stakeholders, before the S Alam Group took control in 2017 with central bank support.
Faruk was appointed managing director on 3 August last year, after previously serving in an acting capacity following the dismissal of former MD Muhammad Munirul Moula in May over allegations of irregularities and fraud.
