Four new independent directors would be appointed to the bank in accordance with orders from the government's high-ups, sources at the bank said. The board of directors at the bank has reportedly already given its nod to the new faces at its meeting last Tuesday.
Sources said the new directors are – a banker, a former army official, a bureaucrat, and a chartered accountant.
For the past few years, different quarters have been demanding that the controversial bank be brought under government control.
An intelligence agency working under the Prime Minister's Office was also assigned to investigate allegations of terror funding against Islami Bank.
Near the end of last year, Islami Bank officials who were known to be Jamaat-leaning were offered golden handshakes to step down from their posts. Reshuffling was also done to different top posts including the bank's managing director.
Four new independent directors would be appointed to the bank in accordance with orders from the government's high-ups
Through the Bangladeshi ambassador to Saudi Arabia, the government also contacted with the bank's Saudi investors and expressed concerns about the claims of terror financing.
Sources said those investors agreed to the Bangladesh government's policies against terror financing.
The government reportedly decided on appointing the new directors based on findings by the intelligence agency.
Asked for comment, Islami Bank Managing Director Mohammad Abdul Mannan said: “A process in this regard is currently going on, but there is nothing to say yet. The issue has just been presented at the board meeting. Next step would be getting approval from Bangladesh Bank and then from Securities and Exchange Commission. Only then can a comment be made.”
Dr Abul Barkat, an economics professor at Dhaka University, said the government move was only a compromise with Jamaat and militants. The appointment of four independent directors would not come to any use if patrons of Jamaat remained at the bank, Barkat said, recommending that Islami Bank be nationalised.
Meanwhile, talking to the Bangla Tribune over phone, Bangladeshi ambassador to Saudi Arabia Golam Moshi said he had earlier communicated with local investors in Saudi Arabia, but was unaware about the latest government decisions.
Asked about sentiments of those investors, Moshi said they were only interested in protecting an atmosphere that would benefit their business in Bangladesh.
Islami Bank is scheduled to hold its annual general meeting on June 2, where several other directors might also join the board.
However, it is likely that incumbent MD Hannan would stay on after his tenure expires on May 17 as the government is reportedly keen on extending his appointment.
Last December, Bangladesh Bank imposed special control over Islami Bank to protect the interest of public and depositors. The control means that the central bank now signs off on any appointment at the level of executive deputy managing director.
Since the move, Bangladesh Bank has also cancelled the contractual appointment of DMD Nurul Islam on grounds of rules violation.
