Islami Bank removes MD

The board of directors of Islami Bank has removed its managing director, Muhammad Monirul Moula, due to his alleged involvement in loan irregularities and mismanagement unearthed by an external audit.

The bank made the decision in its 395th board meeting, held on April 6 this year, which received the go-ahead from Bangladesh Bank on May 20.

The central bank issued a letter in this regard and also instructed the bank to take legal measures regarding the allegations of investment irregularities and mismanagement identified through the external audit against Muhammad Monirul Moula and to inform the department accordingly.

Islami Bank was also asked to inform the banking watchdog in writing, including the full biography and other relevant details of the acting managing director.

The bank was further directed to appoint a managing director within the stipulated timeframe.

Earlier, in April, Islami Bank Bangladesh had decided to send its managing director, Muhammad Monirul Moula, on leave for three months.

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Moula was appointed as the managing director of Islami Bank in January 2021, when the controversial S Alam Group was dominating the bank's board.

He began his career with the Shariah-based bank in March 1986.

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BB unearths fresh irregularities in Islami Bank

Moula came under pressure after the S Alam Group lost control of Islami Bank following the ouster of the previous Awami League government in August 2024.

The BB subsequently dissolved the former board, which had been heavily dominated by individuals linked to the S Alam Group.

By the end of last year, the Anti-Corruption Commission had filed a case against 58 people, including Ahsanul Alam, former chairman of Islami Bank and son of S Alam Group owner Mohammed Saiful Alam, and Muhammad Monirul Moula, on allegations of embezzling Tk 109.2 crore from Islami Bank through loan fraud.

Md Omar Faruk Khan, additional managing director of the bank, was appointed as acting MD of Islami Bank.

The Daily Star tried to reach Moula over the phone, but he did not respond until the filing of the report.