Islami Bank DMD resigns

Islami Bank logo

A deputy managing director of Islami Bank Bangladesh Limited resigned from the private bank. Siddiqur Rahman was also the chief risk officer (CRO) of the bank.

Several sources from the bank confirmed the resignation. It has been learned that Siddiqur Rahman resigned from his post following a verbal order of the bank’s managing authorities. He has not been going to office from Monday.

Earlier in the last week, IBBL’s additional managing director Omar Faruq Khan resigned from his post. He was in charge of international banking division of IBBL and overseeing the issues of import, export and remittance collections.

At the same time, Akij Uddin, who was the personal secretary to the chairman of First Security Islami Bank Limited, joined as DMD of Islami Bank.

Prothom Alo went to the head office of IBBL to talk about the resignation of Siddiqur Rahman but the managing director Monirul Moula was not available. It was learned that he is also not attending office since Monday.

When Prothom Alo made a phone call to him, it was said from his residence that Monirul Moula is unwell now. No one could confirm when he would return to work.

Siddiqur Rahman joined Islami Bank Bangladesh Limited as a probationary officer in 1992 after obtaining an MA degree from the public administration department at Dhaka University. Before joining as the chief risk officer of the bank, he was in charge of retail investment, money laundering and terror financing prevention department, investment and other departments.

Islami Bank is in discussion for the last few months for irregularities in distributing loans. The bank is also facing liquidity crisis. IBBL also had to count large amount of fines as it failed to deposit required amount of money the central bank asked for a cash reserve ratio.

The Bangladesh Bank has also appointed an observer at the bank. But the situation has not improved even after all the steps.

Wishing not to be named, several directors and officials of the bank said an embarrassing situation has emerged as the irregularities have been widely discussed. That is why anyone on suspicion is being encouraged to leave the bank. The officials think as part of this many might leave the bank in future.

The public relations department of the bank did not respond to Prothom Alo’s request for remarks on the issue.