Islami Bank Chairman Md Obayed Ullah Al Masud steps down

Md Obayed Ullah Al Masud has resigned as Chairman of Islami Bank Bangladesh Ltd. He submitted his resignation letter to the bank’s Board of Directors on Thursday.

Mr Masud was appointed Chairman of Islami Bank on August 22 last, following a restructuring of the bank’s board by the central bank after the fall of the Awami League government on August 5. The restructured five-member board was led by Masud, a former Managing Director of state-owned Sonali and Rupali banks during the previous government’s tenure.

However, in recent weeks, the central bank reportedly received several complaints against him. Acting on these reports, Dr Kabir Ahmed of the Banking Regulation and Policy Department (BRPD) of Bangladesh Bank called Mr Masud in for an urgent meeting on July 3, during which he was advised to resign.