Bangladesh Bank on Wednesday announced that Mohammad Ashraful Alam, executive director of the central bank, has been appointed as an observer to Islami Bank Bangladesh PLC.
As per a notification, he was appointed as per Section 49(1)(d)(a) of the Bank Companies Act, 1991.
Bangladesh Bank said that this decision has been taken to closely monitor the overall activities of the bank, protect the interests of the bank, protect the interests of depositors and ensure the larger public interest.
As an observer, Mohammad Ashraful Alam will participate in various important activities including meetings of the bank's board of directors.
He will also inform Bangladesh Bank of necessary information, opinions, and observations about the bank's activities.
The notification further said that Bangladesh Bank is committed to ensuring stability, good governance, transparency and accountability in the country's banking sector.
The central bank hopes that this step of appointing an observer in the Islami Bank will help further strengthen trust, discipline and good governance in the bank's activities.
