Al-Arafah Islami Bank had no role in directors’ resignations: Authorities
Logo
The authorities of Al-Arafah Islami Bank, a listed banking company on the stock market, said the bank had no role in the resignation of four independent directors.
On 14 September, the Chittagong Stock Exchange (CSE) sought an explanation from the bank over the resignation of its four independent directors. In response to the letter, the bank authorities provided the information on 15 September.
The information was published on the CSE website on Monday.
The Al-Arafah Islami Bank authorities said the incident was related to the end of the tenure or withdrawal of five independent directors appointed by Bangladesh Bank. The bank had no policy decision of its own in this matter.
The letter said reports published in various media outlets were related to the relevant directives issued by Bangladesh Bank. Under the directives, the central bank dissolved the existing board of directors of Al-Arafah Islami Bank and appointed five independent directors. Four of the five directors have resigned.
They are former Bangladesh Bank Executive Director Md. Shaheen Ul Islam, former Deputy Managing Director of NRB Bank Md. Abdul Wadud, Chartered Accountant Mohammad Ashraful Hasan and University of Dhaka Professor M Abu Yousuf.
The bank authorities said they had no role or independent decision in the matter. They comply with all decisions and directives issued by Bangladesh Bank and other regulatory authorities.
