Bangladesh Bank (BB) has removed the chairman and all directors of Islami Bank Bangladesh PLC in an effort to tackle the ongoing crisis in the country’s banking sector.
According to a notification from the central bank, the appointments of the chairman and all directors of the Board of Directors of Islami Bank Bangladesh PLC have been cancelled today. The decision was taken in the interest of the bank, its depositors, and the public, utilizing the powers vested in Bangladesh Bank under Sections 45 and 47(3) of the Bank Company Act, 1991.
The central bank further stated that, in accordance with Section 47(3) of the Bank Company Act, 1991, Mohammad Zaheer Hossain, Executive Director of Bangladesh Bank, will exercise all powers and perform all duties of the board.