Banking services to continue uninterrupted: Islami Bank Admin

Speaking to reporters after assuming charge at the bank's head office around 1pm, Zahir Hussain said the central bank had entrusted him with administrative responsibilities for a limited period and that forming an impartial board was among the key priorities.

"We want to form a completely neutral board for Islami Bank," he said, adding that the move is aimed at ensuring transparency, accountability and effective management of the bank.

The administrator urged customers to continue their banking activities without hesitation, assuring them that all banking operations and transactions would proceed normally.

"There is no opportunity to look back," he said, emphasizing that depositors and clients need not be concerned about the recent changes in the bank's management.

On June 14, Bangladesh Bank dissolved the entire board of directors of Islami Bank Bangladesh PLC, including its chairman, under provisions of the Bank Company Act, 1991.

In a statement, the central bank said the decision was taken to protect the interests of depositors and the general public.

Bangladesh Bank also announced that, under Section 47(3) of the Bank Company Act, 1991, its Executive Director Mohammad Zahir Hussain would exercise all powers and perform all responsibilities of the board during the interim period.

In a separate move to support the bank's liquidity position, the central bank on the same day approved a special loan of Tk 2,500 crore for Islami Bank to help the institution address its ongoing liquidity challenges and ensure smooth banking operations, reports BSS.