Islami Bank board dissolved including chairman, Zahir Hossain appointed to lead

Bangladesh Bank has cancelled the appointment of all members of the board of directors, including the chairman, of the country's largest Shariah-based bank Islami Bank Bangladesh PLC.

This information was given in a notification by the central bank on Sunday (June 14). It said that the appointment of all directors including the chairman of the bank has been cancelled under the powers vested in it under sections 45 and 47(3) of the Bank Companies Act, 1991. This decision has been taken in the interests of the bank-company, the interests of depositors and the public interest.

At the same time, in accordance with section 47(3) of the Bank Companies Act, 1991, Bangladesh Bank's Executive Director Md. Zahir Hossain has been given the responsibility of exercising all the powers and performing the duties of the board of directors of Islami Bank.

Bangladesh Bank said that he will manage all the activities of the board until further instructions are given.

Central bank's assistant spokesperson Shahriar Siddiqui confirmed the matter. He said this step has been taken to ensure good governance of the bank, protect the interests of depositors, and maintain stability in banking operations.