2024-08-24 05:34:06
Published: 18:00, 22 August 2024
Obaid Ullah Al Masood (collected photo)
Former managing director (MD) of Rupali Bank Obaid Ullah Al Masud has been formed as the new board of Islami Bank. The central bank has appointed five independent directors in the new board along with the chairman.
On Thursday (August 22), Bangladesh Bank has issued instructions in this regard from the Banking Regulations and Policy Department.
Other newly appointed independent directors in Islami Bank are – former executive director of Bangladesh Bank Mohammad Khurshid Wahab, former deputy managing director of Al-Arafah Islami Bank. Abdul Jalil, former professor of Finance Department of Dhaka University. M. Masud Rahman and Chartered Accountant Md. Abdus Salam
Bangladesh Bank has informed that in order to protect the interests of depositors and banks and to ensure good banking governance, Bangladesh Bank has appointed independent directors to newly constitute the Board of Directors of Islami Bank Bangladesh under the powers given in Section 45 of the Bank Companies Act, 1991. On the other hand, the Central Bank has abolished the previous Board of Directors of Islami Bank under the powers provided in sub-section (1) of section 47 and sub-section (1) of section 48 of the Bank Companies Act, 1991 (as amended up to 2023).
Earlier on Wednesday, the governor of the central bank. Ahsan H. Mansoor said that the Board of Directors of Islami Bank will be dissolved and independent directors will be appointed in cooperation with the government. Now Islami Bank does not have a single 2 percent shareholder in the name of anyone other than S Alam Group or its related persons and institutions. Therefore, later when any shareholder owns at least 2 percent of the shares, the board of directors will be reconstituted by appointing directors from among them.
During the last Awami League government, loan scams, encroachment and looting took a terrible form in the banking sector. S Alam Group took over eight banks including Islami Bank. After taking over these banks, S Alam Group took thousands of crores of loans anonymously. Not only loans, but the influential group has opened companies in the name of individuals and organizations to keep the ownership of these banks in their hands. S Alam Group failed to withdraw large amount of cash from Islami Bank after the sudden resignation of Sheikh Hasina government in the face of student movement. Later, the group tried to grab around 5,500 crores by selling shares held in their names. In such a situation, shareholders and investors have demanded action from Bangladesh Bank and Bangladesh Securities and Exchange Commission (BSEC) to prevent the sale of shares of this influential group. Soon after this, the Bangladesh Securities and Exchange Commission (BSEC) imposed a ban on the sale and transfer of the shares of group chairman Mohammad Saiful Alam and 25 members of his family in six banks owned by S Alam Group. BSEC has taken this decision in the light of Bangladesh Bank’s instructions. This time, Bangladesh Bank broke the board of Islamic Bank and formed a new one.
NF/Rafiq