New board of directors to Islami Bank in the offing: Mohammad Zahir

Bangladesh Bank (BB) Executive Director Mohammad Zahir Hussain, who is currently overseeing the board of Islami Bank in an acting capacity, has said there is no scope for looking back.

Urging depositors to continue their transactions without disruption, he called on customers to maintain confidence in the bank.

He also announced that a vetting process is under way to form a full-fledged board of directors comprising qualified and entirely impartial individuals.

Mohammad Zahir made the remarks while speaking to journalists at Islami Bank’s head office on Monday. The bank’s Acting Managing Director Md Altaf Hossain and other senior officials were also present there.

Addressing the formation of a neutral board, Mohammad Zahir Hussain said a complete board consisting of five members is being constituted.

“Proper scrutiny is required here. We want to appoint completely neutral individuals who will be capable of managing this bank efficiently. We hope a competent and impartial board will be in place very soon,” he said.

He added that he is currently serving in a temporary capacity as a one-member board to ensure that the bank’s operations continue without interruption during the transition period.

Meanwhile, Acting Managing Director Md Altaf Hossain disclosed that the bank has received an additional Tk 25 billion (2,500 crore) in liquidity support from Bangladesh Bank.

“We received the funds from Bangladesh Bank yesterday, Sunday. However, we have not yet had to utilise the entire amount,” he said, expressing hope that customers who had withdrawn their deposits out of concern would regain confidence and return to the bank.

Altaf Hossain also said data from one of the bank’s major branches showed that the number of account closures had fallen by around 75 per cent compared with previous levels.

“This indicates that customer confidence is gradually returning,” he stated.