BB removes a director from Islami Bank board

Bangladesh Bank (BB) today removed Md Abdul Jalil, independent director and executive committee chairman of Islami Bank Bangladesh, one of the largest Shariah-based banks.

Officials of the BB, speaking on condition of anonymity, said multiple allegations had been submitted against Abdul Jalil and that he had been warned on several occasions.

Arief Hossain Khan, executive director and spokesperson of BB, confirmed the removal of the director but did not comment on the reason.

Jalil was appointed by the central bank on August 22, 2024, as an independent director to the reconstituted board of Islami Bank after the fall of the Awami League–led government on August 5 of the same year.

Jalil’s appointment was part of the BB’s bid to dissolve the previous S Alam-dominated board and form a new one comprising five independent directors.

Before removing Jalil, the new governor of BB held a meeting with the board of Islami Bank, raising questions about various aspects of the bank’s operations, officials said.

After Jalil’s removal, the BB appointed SM Abdul Hamid, an experienced banker and a chartered accountant, as the new independent director.