IslamicFinance.de

Islami Bank Bangladesh Limited had five independent directors, of whom four have been dismissed in the last few months. These men are: NRM Borhan Uddin, AKM Sadrul Islam, Md Belayet Hossain and Md Abdus Salam. The bank’s board of directors refrained from renewing the tenures of these four because of government directives. Banking industry analysts believe the government’s directive is part of its plan to appoint four directors of its own choice. They believe the government is taking control of Islami Bank through several major changes including the board of directors. Last week freedom fighter engineer Mostafa Anwar replaced Abu Nasser Muhammad Abduz Zaher as the chairman.

Mustafa Anwar has been elected chairman of Islami Bank Bangladesh, while Yousif Abdullah Al-Rajhi and NRM Borhan Uddin have been elected vice-chairmen. Anwar, who is the chairman and managing director of Birds Group, started his career as an engineer of Bangladesh Water Development Board after completing his graduation in civil engineering from Bangladesh University of Engineering and Technology in 1964. Rajhi is the general manager-cum chief executive officer of Al-Rajhi Company for Industry and Trade, KSA. Borhan Uddin, who is currently chairman of audit committee of the bank, is the vice-chancellor of City University, Dhaka.