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Islami Bank MD Placed on Mandatory Leave
Mohammed Monirul Moula, Managing Director of Islami Bank Bangladesh Ltd., has been placed on a three-month mandatory leave starting Monday, following allegations of his involvement in irregular loan disbursements and favoritism toward several influential business conglomerates.
The decision was made during the bank’s 359th board meeting held on Sunday, sources confirmed. In light of the development, Additional Managing Director Omar Farooq Khan has been appointed as the Acting Managing Director of the bank.
Sources close to the matter indicate that the decision follows findings that link Monirul Moula to financial misconduct, including the improper facilitation of loans to controversial groups such as S. Alam Group and Nabil Group. These allegations surfaced after an audit was initiated by Bangladesh Bank, prompted by a major reshuffle of Islami Bank’s board following the fall of the Awami League government.
Under the leadership of the newly appointed Chairman Md Obayed Ullah Al Masud, a former senior banker, the central bank restructured Islami Bank’s board and commissioned four independent audit firms to investigate its financial practices. The audit reportedly revealed significant irregularities in loan approvals, amounting to nearly one trillion taka, much of which was linked to entities connected with S. Alam Group.
Monirul Moula’s appointment as Managing Director coincided with a period when Islami Bank was reportedly under the sway of S. Alam Group, a conglomerate with strong ties to the former ruling party. Sources suggest that Moula played a pivotal role in facilitating loans for the group—both directly and through proxies—thereby compromising the bank’s financial integrity.
Following the board’s decision, Islami Bank has announced plans to submit a formal request to Bangladesh Bank for Moula’s removal under Section 46 of the Bank Companies Act, citing his alleged misconduct. The bank will present evidence of the alleged irregularities to support the move.
Meanwhile, the Anti-Corruption Commission (ACC) has taken further action, filing a case against 58 individuals, including former Islami Bank Chairman Ahsanul Alam—son of the owner of S. Alam Group—and Monirul Moula. The case accuses them of embezzling Tk 1,092 crore through fraudulent loan disbursements.