Bangladesh Bank forms administrator team at Social Islami Bank

Bangladesh Bank has appointed a four-member administrator team, led by its Executive Director Md Salah Uddin, to oversee operations at Social Islami Bank PLC.

To assist him, the central bank named Additional Directors Md Rashedul Islam, Hammada Abdul Ati and Mohammad Bazlul Karim, along with Joint Director Rowson Akter, Social Islami Bank said in a press release today.

The move comes as part of the central bank's ongoing reform initiatives aimed at ensuring stability in the banking sector, promoting good governance, safeguarding depositors' interests and strengthening public confidence in the financial system.

Earlier, Bangladesh Bank had appointed an administrator at Social Islami Bank as part of its plan to merge five banks into what would become the country's largest Islamic bank.

Md Salah Uddin and the officials appointed alongside him are seasoned professionals with extensive experience in the banking sector. They have held various key positions at the central bank and are recognised for their competence and integrity.

Under the administrator's leadership, measures will be taken to improve the bank's overall performance and protect the interests of depositors and clients, the press release added.