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The Anti-Corruption Commission (ACC) filed a case against an incumbent director of Al-Arafah Islami Bank for allegedly laundering Tk 1.68 crore in Singapore. ACC filed the case against Badiur Rahman, who was also chairman of the bank's board of directors between 2008 and 2016. Badiur set up the company Ariel Maritime in Singapore with three directors. Badiur's invested capital was SGD 25,000 in 2003 and he has been operating the company since then. His investment increased to SGD 0.5 million, equivalent to Tk 1,68,38,800. According to ACC, Badiur could not show any acceptable documents to prove legitimacy of the source of income that he invested in the company. To conceal the source of income, he misused his power as a director and secretly transferred the money.

Bangladesh Bank did not allow Al-Arafah Islami Bank to sell 10% of its shares to the Islamic Development Bank (IDB). The deal was originally signed in March to invest about Tk 155 crore to acquire a 10% stake in Al-Arafah. Al-Arafah was supposed to issue around 11 crore fresh shares worth Tk 10 each with a premium of Tk 4, in a bid to raise its capital. The board of Al-Arafah is divided over the issue of selling a 10% stake, particularly on the issue of giving veto power to IDB. The aggrieved group had also taken the issue to court opposing the veto power.

In Bangladesh Abdus Samad has been elected as the chairman and Mohammed Abdus Salam as the vice chairman of Al-Arafah Islami Bank. Samad is one of the founder directors of the bank, and vice chairman of S Alam Group. Salam is a sponsor shareholder and ex-chairman of Al-Arafah Islami Bank, and the current managing director of Mir Group.

The Islamic Corporation for the Development of the Private Sector (ICD) has announced investment of about Tk 155 crore to acquire 10 percent stakes in Bangladesh's Al-Arafah Islami Bank. Al-Arafah Islami Bank will issue around 11 crore fresh shares of Tk 10 each with Tk 4 as premium to the ICD. Khaled Al Aboodi, chief executive officer of the ICD, and Badiur Rahman, chairman of Al-Arafah Islami Bank, inked the agreement on behalf of their respective organisations. The investment is, however, subject to shareholder consent and regulatory approvals from the central bank, the Bangladesh Securities and Exchange Commission and other relevant authorities.

Al-Arafah Islami Bank Ltd has donated a fund worth Tk 2.0 million for development of research on constructing crop cold storages at affordable costs. Professor Dr M Monjur Hossain of Rajshahi University received the fund from the bank under its CSR activities. Chairman of Al-Arafah Islami Bank Ltd Badiur Rahman and the bank’s managing director Mohammad Habibur Rahman were present in a ceremony arranged on the occasion, according to a statement.

MasterCard partnered with Al-Arafah Islami Bank to launch the MasterCard Islamic debit, credit and prepaid cards in Bangladesh. five new MasterCard cards will be added to the bank's repertoire. The cards will offer the lowest monthly compliance fees, 50 days without any additional charges, along with discounts at over 600 merchants and vendors. Jamilur Reza Choudhury, vice-chancellor of Asia Pacific University, attended the launching ceremony as the chief guest along with Badiur Rahman, chairman of Al-Arafah Islami Bank, and Syed Mohammad Kamal, country manager of MasterCard Bangladesh.

Al-Arafah Islami Bank Ltd has provided scholarship worth more than Tk 1.85 million to the poor and meritorious students of Kurmitola High School recently under its corporate social responsibility activities. Chairman of the Bank Badiur Rahman handed over the scholarship cheques to the students. The ceremony was addressed by founder Chairman of the Bank Alhajj A Z M Shamsul Alam among others.