The Anti-Corruption Commission (ACC) filed a case against an incumbent director of Al-Arafah Islami Bank for allegedly laundering Tk 1.68 crore in Singapore. ACC filed the case against Badiur Rahman, who was also chairman of the bank's board of directors between 2008 and 2016. Badiur set up the company Ariel Maritime in Singapore with three directors. Badiur's invested capital was SGD 25,000 in 2003 and he has been operating the company since then. His investment increased to SGD 0.5 million, equivalent to Tk 1,68,38,800. According to ACC, Badiur could not show any acceptable documents to prove legitimacy of the source of income that he invested in the company. To conceal the source of income, he misused his power as a director and secretly transferred the money.
Prof. Abu Nasser Muhammad Abduz Zaher, Chairman, Board of Directors of Islami Bank Bangladesh Limited was re- elected as Chairman of Islamic Banks Consultative Forum (IBCF) while Md. Nazrul Islam Mazumder, Chairman of EXIM Bank and Badiur Rahman, Chairman of Al-Arafah Islami Bank were re- elected as Vice Chairmen of the Forum. The election for the year 2014 of IBCF was held recently at the Meeting Room of BAB's Office in the city.
Al-Arafah Islami Bank Ltd has provided scholarship worth more than Tk 1.85 million to the poor and meritorious students of Kurmitola High School recently under its corporate social responsibility activities. Chairman of the Bank Badiur Rahman handed over the scholarship cheques to the students. The ceremony was addressed by founder Chairman of the Bank Alhajj A Z M Shamsul Alam among others.