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Muhith asks BB governor to explain Islami Bank reshuffle

businessnews24bd.comBB

Finance minister AMA Muhith has asked the Bangladesh Bank governor to explain how massive reshuffle took place at the board of Islami Bank Bangladesh Limited (IBBL) without the bank’s foreign stakeholders knowing about it.
Talking to journalists at the secretariat on Thursday, Muhith said, “It’s a matter of grave concern.”
“I thought things were different. The immediate past president of Islamic Development Bank, Ahmed Mohammed Ali, had expressed some concern about the Islami Bank. I thought the new president was aware of this. But now it seems that he is in dark,” the finance minister said.
“Majority of the shareholders could not have their say on this latest reshuffle. So I have asked the Bangladesh Bank governor to submit a report explaining how this had happened,” he added.
IDB president Bandar M H Hajjar has recently wrote to Muhith, saying the foreign stakeholders of the bank – IDB, Saudi Arab, and Kuwait – who together hold 52 per cent of the bank’s shares were not consulted while the decisions were made.
Copies of the letter were also sent to BB governor Fazle Kabir and Bangladesh Securities and Exchange Commission M Khairul Hossain.
The Islami Bank started its journey in 1983 as local and foreign investors jointly took the initiative.
Foreign investors hold majority of the shares, which is now 52 per cent. Previously, it was 70 per cent.
The bank has more than 12 million customers in its 318 branches.

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