Islami Bank to get neutral board; customers to receive uninterrupted services: Administrator

Newly appointed administrator of Islami
Bank Bangladesh PLC, Mohammad Zahir Hussain, has said efforts are underway to
form a fully neutral board for the bank as part of broader initiatives to
strengthen governance and restore confidence among depositors.
Speaking to reporters after joining the
bank at around 1pm today (15 June), Jahirul said, "We want to form a
completely neutral board for Islami Bank," adding, "I have been
appointed administrator for a limited period."
Urging customers to continue their
banking activities without concern, the administrator said there was "no
opportunity to look back" and assured depositors that banking services and
transactions would remain uninterrupted.
Bangladesh Bank yesterday (14 June) removed Islami
Bank's entire board of directors, including the chairman, under the Bank
Company Act, 1991.
In a statement, the central bank said the board had been dissolved in the
interest of depositors and the public.
It also said that, under Section 47(3)
of the Bank Company Act, 1991, Bangladesh Bank Executive Director Mohammad
Zahir Hussain had been assigned to exercise all powers and perform the responsibilities
of the board.
On the same day, Bangladesh Bank
extended a special loan of Tk2,500 crore to Islami Bank Bangladesh to help the
Shariah-based lender address a worsening liquidity crisis.
The bank had been facing severe
liquidity pressure following unrest that erupted after the Eid-ul-Adha holidays
over the appointment of its now removed chairman, Md Khurshid Alam.
Islami Bank Sachetan Grahok Forum had
been staging demonstrations in protest against the appointment.
















