DHAKA, Aug 22, 2024 (BSS) - The Bangladesh Bank (BB) has dissolved the board of directors of the Islami Bank Bangladesh PLC.

The central bank has also formed a new board for Islami Bank Bangladesh with the appointment of five independent directors at the crisis-hit Shariah-based lender, according to a letter issued by the central bank today.

Md Obayed Ullah Al Masud, former managing director of Rupali Bank, has been appointed as the chairman of the board.

 The BB constituted the board just a day after dissolving the previous one.

With this decision, S Alam Group's grip over the Islami Bank ended after seven years of its domination and rampant misappropriation of nearly a hundred thousand crores of taka in the name of loans.

Ahsanul Alam, the eldest son of S Alam Group chairman Mohammed Saiful Alam, chaired the recently dissolved board.