IslamicFinance.de

In #Bangladesh seven members of Social Islami Bank’s board of directors have resigned from their posts. At the same board meeting nine new directors were appointed. Among the seven that have resigned, four were independent directors: Abdur Rahman, Abdul Muhith, Asaduzzaman and Moinul Hasan. The remaining three were shareholders of the bank. The names of the nine new directors are yet to be known. Earlier Social Islami Bank Limited (SIBL) faced what insiders claimed was a hostile takeover, when chairman and comittee chairman were replaced by Anwarul Azim Arif and Belal Ahmed. Former managing director of SIBL Shahid Hossain also stepped down and was replaced by Quazi Osman Ali. All new directors are connnected to the S Alam group, Belal is the son-in-law of S Alam Group Chairman and Managing Director Mohammed Saiful Alam.

After the top level management of Islami Bank Bangladesh Ltd (IBBL) was removed in January, a similar series of drastic changes takes place in Social Islami Bank Ltd (SIBL). SIBL Chairman Rezaul Haque and Executive Committee Chairman Md Anisul Hoque were replaced by Prof Anwarul Azim Arif and Belal Ahmed. The Managing Director of SIBL, Shahid Hossain, has also stepped down and been replaced by Quazi Osman Ali. The decision to remove the top three of the senior management and the announcement on their replacements was made at a closed door meeting of the bank’s board of directors. The changes are allegedly being backed by Chittagong-based S Alam Group that bought up shares of both banks prior to the takeover.