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Bangladesh Bank (BB) has finally dissolved the board of Islami Bank PLC and reconstituted it by appointing MD Obayed Ullah Al Masud, former managing director of Rupali Bank PLC as the chairman of the new board.
The central bank has already issued the instruction stating that the banking regulator reconstituted the board for the protection of the depositors and the largest unconventional bank in the country.
Other independent directors of the five-member body are former BB executive director Mohammad Khurshid Wahab, former deputy managing director of Al-Arafah Islami Bank PLC Md Abdul Jalil, ex-professor of Dhaka University's department of finance Dr M Masud Rahman and chartered accountant Md Abdul Salam FCA, FCMA.
The latest change in the Islami Bank board comes a day after the new BB governor Dr Ahsan H Mansur hinted at the changeover in the operational board of the Sharia-based commerical lender which has been passing through serious pressure following the takeover of the bank by the Chattogram+based controversial business conglomerate S Alam Group.