2024-08-27 05:29:21
Bangladesh Bank has dissolved the board of directors of Social Islami Bank Limited (SIBL). 5 independent directors have been appointed in the bank including an entrepreneur shareholder. The bank was under the control of S Alam Group.
Bangladesh Bank has issued an order in this regard on Sunday (August 25).
According to the order sent to the managing director of SIBL, the board of directors of the bank has been dissolved and a new board has been formed to protect the interests of the depositors and the bank and to ensure good governance.
Entrepreneurial shareholder Major (retd.) Md. has become director in the new board of SIBL. Rezaul Haque, ex-executive director of Bangladesh Bank Maqsuda Begum, professor of finance department of Dhaka University has been appointed as an independent director. M. Sadiqul Islam, former deputy managing director of Rupali Bank. Morshed Alam Khandkar and Chartered Accountant. Anwar Hossain.
After the change of government, S. Alam’s close friends gave a cover-up. On August 19, Bangladesh Bank imposed restrictions on the distribution of loans of 6 banks under the control of S Alam. These banks will be able to provide a maximum of Tk 5 crore against agriculture, working capital, CMSME, incentive package and FDR maintained in their bank. 100% cash margin is required for opening LC. Existing investment facilities cannot be disbursed without cash recovery of overdue or overdue status.
The banks controlled by S Alam are Islami Bank Bangladesh, First Security Islami Bank, Al Arafa Islami Bank, Social Islami Bank, Global Islami Bank and Union Bank. Besides, S Alam Group also took control of Bangladesh Commerce Bank and National Bank.
Earlier, the central bank has dissolved the board of Islami Bank Bangladesh and National Bank and reorganized it.