SIBL's seven new directors revealed

Social Islami Bank Ltd yesterday sent the names of the seven new directors it appointed to replace those who resigned on Monday to the Bangladesh Bank for approval.

Among the seven new names is Badrun Nessa, sister of S Alam Group's chairman Mohammed Saiful Alam. She  will represent Unitex Cement, a concern of S Alam Group, on the bank's board.

The four other shareholder directors are: Arshadul Alam, representative of Leader Business Enterprise; Mohammad Anisur Rahman, representative of Lion Securities and Investment; Ali Hasan Md Mahmud Ribon, representative of Dynamic Ventures; and Md Jahangir Hossain, representative of Reliable Entrepreneurs.

The new two independent directors are AJM Shafiul Alam Bhuiyan and Mohammed Mizanur Rahman.

As per the Bank Company Act 1991, all banks and non-bank financial institutions must take prior approval from the central bank to finalise the process of appointment of a director.

The central bank gives its nod after verifying that the individual is not a defaulter and not to face any punishment from the courts due to any previous criminal offence.

Earlier on October 30, SIBL board chairman Md Rezaul Haque, executive committee chairman Md Anisul Hoque and managing director Shahid Hossain resigned from their posts.

Their replacements were named on the same day, both of whom had also ties to the Chittagong-based S Alam Group that recently purchased about 50 percent stake in SIBL through 19 companies.

Of the 19 companies, 15 used the same office address: Al-Amin Centre, 12th floor, Dilkusha, Dhaka.

Anwarul Azim Arif, a former vice-chancellor of Chittagong University, was made the new chairman and Belal Ahmed, vice-chairman of NRB Global Bank, the new executive committee chairman of the SIBL.

Ahmed is the son-in-law of S Alam Group's chairman. He will represent Unitex Steel Mills, also a concern of S Alam Group, in the bank's board.

Quazi Osman Ali, additional managing director of First Security Islami Bank, was appointed the managing director of SIBL. S Alam Group's chairman is the chairman of First Security Islami Bank.

Nine directors were replaced on the SIBL board since October 30.