Islami Bank board to be dissolved soon

Bangladesh Bank (BB) Governor Ahsan H Mansur on Wednesday said the central bank will dissolve the board of Islami Bank Bangladesh PLC within a couple of days.

"The central bank will form a new board of the Islami Bank. We will also take over all the shares of S Alam Group against its liabilities as per law. The group may be able to get back the shares if it repays the money," he said this while speaking at a press conference at the central bank headquarters in the city.

The disclosure comes amid unrest in the largest Shariah-based bank in Bangladesh following the political changeover early this month.

Protestors demanded a restructuring of the board and removal of the top management of Islami Bank, which was taken over in 2017 by S Alam Group Chairman Mohammed Saiful Alam, his family members and the group's associated entities under the patronage of the previous Awami League government.

Using influence, S Alam Group is alleged to have taken a huge amount of money from the bank.