Staff Correspondent:

Bangladesh Bank has appointed its Executive Director (ED) Mojibur Rahman as the Managing Director of ICB Islami Bank.

The central bank made the decision after dissolving the bank’s board of directors over allegations of corruption and mismanagement.

According to a Bangladesh Bank order, the appointment aims to safeguard the interests of depositors and the bank itself, while ensuring good governance in banking operations.

Mojibur Rahman will exercise the powers and perform the duties of both the Board of Directors and the Managing Director.

The order notes that due to significant weaknesses in the bank’s management and board, ICB Islami Bank has been facing capital and provisioning shortfalls.

It also highlights a large volume of classified investments and accumulated losses, worsened by management instability and a severe liquidity crisis.

Besides, the bank’s policymaking failures have severely undermined governance and compromised depositor interests.

As a result, the existing board has been dissolved under the Bank Companies Act in the interest of depositors and public welfare.