Islami Bank: Obayed Ullah Al Masud made chairman 

The Bangladesh Bank has reconstituted the board of directors of Islami Bank and set it free from the control of controversial S Alam Group. 

In the new board, Obayed Ullah Al Masud, former managing director of Sonali and Rupali banks, has been made chairman, in addition to appointment of five independent directors. 

The central bank governor, Ahsan H Mansur, approved the appointments on Thursday, while a letter was issued later to the Islami Bank, disclosing the decisions. 

The other directors are Khurshid Wahab, former executive director of Bangladesh Bank; Abdul Jalil, former deputy managing director of Al-Arafah Islami Bank; Masud Rahman, banking department professor at Dhaka University; and Abdus Salam, a chartered accountant. 

Among them, Abdus Salam earlier served the bank as independent director. 

In the previous board, Ahsanul Alam, son of S Alam Group owner Saiful Alam, served as the chairman. The business group has held a majority stake – around 82 per cent of shares – in Islami Bank since 2017.

The overhaul in the bank’s board came following allegations that S Alam Group, using different entities, took out at least Tk 500 billion in loans from the bank using its power. 

In a press conference, governor Ahsan H Mansur expressed a firm stance in realising the loans and declared that they would follow every strategy in this regard.  

“Those who have not repaid the bank's money will not be spared. All legal means will be pursued to recover the money,” he said.