Bangladesh Bank dissolves Al Arafah Islami Bank board, appoints new chairman
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Bangladesh Bank (BB) has dissolved the board of Al Arafah Islami Bank and reconstituted it, appointing Khwaja Shahriar, former Managing Director and CEO at LankaBangla Finance, as chairman of the new board.
The central bank on Tuesday announced the dissolution and reconstitution of the board, stating that it was meant for protecting the depositors and the unconventional bank as a whole.
The other independent directors on the five-member board are former BB Executive Director Md Shahin Ul Islam, former Deputy Managing Director of NRB Bank Md Abdul Wadud, Professor at Dhaka University's Department of Development Studies Dr M Abu Yusuf and chartered accountant Mohammad Ashraful Hasan FCA.
The latest change in the Al Arafah Islami Bank board is part of the central bank’s move to neutralise the control of Chattogram-based controversial business conglomerate S. Alam Group in the banking industry.