SIBL’s chairman, AMD resign

Social Islami Bank's Chairman Md Mahbub Ul Alam and Additional Managing Director Abu Reza Md Yeahia resigned from their respective posts last week.

Alam was a director of the bank nominated by Abasan (Pvt) Ltd, a sister concern of Chattogram-based business conglomerate S Alam Group.

Before joining SIBL, he served First Security Islami Bank as an adviser and Islami Bank Ltd Bangladesh (IBBL) as managing director.

Yeahia was also a former deputy managing director of IBBL.

Sources at SIBL said that Alam went to the United States last week soon after he had submitted his resignation letter to the board of the shariah-based lender.

Yeahia was absent from the bank since Sunday.

Despite repeated attempts, they could not be reached over the mobile phone.

Zafar Alam, managing director of the bank, did not respond to The Daily Star's request for comment on the issue.

The bank has recently been headlined in media reports thanks to its anomalies while sanctioning and disbursing loans breaching the banking norms.

S Alam Group has a significant number of stakes at the bank.