Islami Bank CEO sent on leave, Altaf Hossain named acting chief

The board of directors of Islami Bank Bangladesh PLC has placed its Managing Director and CEO, Md Omar Faruk Khan, on compulsory leave.

The decision was taken at a board meeting held on Sunday, chaired by Professor Dr M Zubaidur Rahman, according to a senior bank official present at the meeting.

In his absence, the bank's Additional Managing Director, Md Altaf Hossain, has been assigned to lead the bank's operations as acting managing director, the official confirmed.

Sources within the bank said the move followed a verbal instruction from the central bank to the chairman of Islami Bank to place the MD on leave. The board subsequently endorsed the directive at its meeting.

However, Omar Faruk Khan disputed the claim that he had been sent on compulsory leave. Contacted by phone, he said he was travelling to the United States for a family engagement and had taken leave until 31 May.

According to banking sources, Khan was appointed managing director on 4 August 2024, having previously served as the bank's Additional Managing Director. He also held the position of acting managing director at NRB Bank earlier in his career.