The Board of Directors of Private Islami Bank, owned by S Alam Group, has been dissolved. At the same time, the central bank has appointed 5 independent directors by forming a new board of directors. Former Rupali Bank Managing Director (MD) Obaid Ullah Masud has been appointed as the chairman of the new board. As a result, the bank was freed from the S Alam Group.
On Thursday (August 22), Bangladesh Bank dissolved the board in an order, appointing new independent directors in the same order.

According to the order sent to the managing director of Islami Bank, the board of directors of the bank has been dissolved and a new board has been formed to protect the interests of the depositors and the bank and to ensure good governance.
The chairman as well as independent bank directors are – former executive director of Bangladesh Bank Mohammad Khurshid Wahab, former deputy managing director of Al-Arafah Islami Bank. Abdul Jalil, former professor of the Department of Finance of Dhaka University. M. Masud Rahman and Chartered Accountant Md. Abdus Salam
After the political change in the country and the appointment of a new governor in Bangladesh Bank, the board of directors of Islami Bank Bangladesh was dissolved and a new board was formed.

Before this, the board of the National Bank was dissolved and formed anew.
Islami Bank was taken over by S Alam Group in 2017. Since taking ownership of the bank, S Alam Group has taken out Tk 75 thousand crore anonymously.

In Islami Bank, the S Alam Group has not only committed loan fraud or irregularities in recruitment and promotion. According to the Bank Companies Act, a single person, family or group can own a maximum of 10 percent of shares in a bank. After taking over Islami Bank, S Alam Group has taken ownership of 131 crore 89 lakh 12 thousand 165 shares in favor of 24 institutions, which is 81.92 percent of the total shares of the bank. In this case, 3 crore 23 lakh 60 thousand 812 shares are held in the name of JMC Builders, owned by Ahsanul Alam, son of the bank’s chairman O S Alam, which is 2.01 percent. Apart from this, BTA Finance, Paradise International, ABC Ventures, Excel Dyeing and Printing, Platinum Endeavors, Excelsior Impex, Grand Business, Lion Head Business Resources, BLU International, Armada Spinning Mills, Kingsway Endeavors, Uniglobe Business, Solve Insurance, Holistic International, Hi Class Business Enterprises, Carolina Business, Brilliant Business, Broadway Impex, Peaks Business, Evergreen Shipping, Marathon Trade International, Kingston Flower Mills and Percepta Endeavors. 2 to 5 percent shares are held in the name of these institutions.

S Alam owns 82 percent of the bank’s shares. In the meantime, BSEC has banned the transfer of S Alam’s shares.