Al Arafah Islami Bank board reconstituted, new chairman appointed

Bangladesh Bank (BB) has reconstituted the board of Al Arafah Islami Bank after dissolving it.

Besides, it has appointed Khwaja Shahriar, former Managing Director and CEO at LankaBangla Finance, as chairman of the new board.

The Bangladesh Bank on Tuesday announced the dissolution and reconstitution of the board, stating that it was meant for protecting the depositors and the unconventional bank as a whole.

The other independent directors on the five-member board are former BB Executive Director Md Shahin Ul Islam, former Deputy Managing Director of NRB Bank Md Abdul Wadud, Professor at Dhaka University's Department of Development Studies Dr M Abu Yusuf and chartered accountant Mohammad Ashraful Hasan FCA.

The latest change in the Al Arafah Islami Bank board is part of the central bank's move to neutralise the control of Chittagong-based controversial business conglomerate S Alam Group in the banking industry.