BB to dissolve Islami Bank board, take over shares of S Alam Group

Bangladesh Bank (BB) will dissolve the board of Islami Bank within a couple of days, BB Governor Ahsan H Mansur said today.

The central bank will form a new board of the Islami Bank, he said at a press conference at the central bank headquarters.

"We will also take over all the shares of S Alam Group against its liabilities as per law. The group may be able to get back the shares if it repays the money," he said.

The disclosure comes amid unrest in the largest Shariah-based bank in Bangladesh following the political changeover early this month.

Protestors demanded a restructuring of the board and removal of the top management of Islami Bank, which was taken over in 2017 by S Alam Group Chairman Mohammed Saiful Alam, his family members and the group's associated entities under the patronage of the previous Awami League government.

Using influence, S Alam Group is alleged to have taken a huge amount of money from the bank.