The government has appointed a new chairman and managing director (MD) for the newly formed United Islamic Bank PLC.
The Financial Institutions Division of the Ministry of Finance issued two separate notifications on Monday finalizing these top-level leadership roles for a three-year term.
According to the notifications, Kazi Shairul Hasan has been appointed as Director and Chairman of the board, while Abedur Rahman Sikder will serve as the Managing Director and Chief Executive Officer (CEO).
Both appointees are required to obtain a no-objection certificate (NOC) from the central bank, Bangladesh Bank, before officially assuming their duties.
Both leaders bring extensive experience from the private banking and financial sectors. Kazi Shairul Hasan previously served as the Managing Director of the Saudi-Bangladesh Industrial and Agricultural Investment Company (SABINCO).
Meanwhile, the new MD, Abedur Rahman Sikder, is currently serving as a Deputy Managing Director at Dutch-Bangla Bank.
United Islamic Bank was established through the merger of five Shariah-based lenders -- EXIM Bank, Social Islami Bank, First Security Islami Bank, Global Islami Bank, and Union Bank-- after they failed to return depositors' funds.
The new institution is launching operations with a paid-up capital of taka 35,000 crore. This includes a taka 20,000 crore capital injection from the government, with the remaining taka 15,000 crore formed by converting depositors' existing funds into equity shares.
