SIBL officials worried about job security

The abrupt departure of Social Islami Bank's board chairman and chief executive has got the senior and mid-level executives worried about their job security.

"The new board and management have already started removing executives and recruiting new officials of their choice from other banks," said a senior executive wishing not to be named.

A majority of the employees have been going through a traumatic situation after Chittagong-based S Alam Group tightened its grip on the bank on Monday.

The sudden change in the Shariah-based bank has created a puzzling situation for the employees and plunged them into an uncertainty over the continuation of their jobs, said the executive.

The new board appointed Abdul Hannan Khan as company secretary on Monday, replacing Md Humayun Kabir.

Khan earlier worked at Al-Arafah Islami Bank, where S Alam Group holds a significant amount of shares.

The group recently bought about 50 percent shares of SIBL through 19 companies, violating the Banking Company Act, 1991.

Anwarul Azim Arif, a former vice-chancellor of Chittagong University, and Belal Ahmed, vice-chairman of NRB Global Bank, were made the new chairman and the executive committee chairman respectively at a board meeting in the capital's Westin hotel.

Quazi Osman Ali, additional managing director of First Security Islami Bank, was appointed managing director of SIBL.