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Bangladesh Bank ED Appointed MD of ICB Islami Bank
Bangladesh Bank has appointed its Executive Director, Mojibur Rahman, as the Managing Director of ICB Islami Bank following the dissolution of the bank’s board of directors amid serious allegations of corruption and mismanagement.
According to an official order issued by the central bank, Rahman has been entrusted with the dual responsibilities of both Managing Director and the Board of Directors, in a move aimed at restoring stability and ensuring good governance within the troubled financial institution.
The decision comes against the backdrop of a series of alarming findings regarding ICB Islami Bank’s financial health. The central bank noted significant deficiencies in capital adequacy and provisioning, a rising volume of classified investments, persistent operating losses, and an ongoing liquidity crisis—symptoms of deep-rooted management failure and policy-level negligence.
The Bangladesh Bank order emphasizes that the intervention is intended to protect the interests of depositors, preserve public confidence, and bring the bank back under sound financial governance.
“The existing board has been dissolved under the provisions of the Bank Companies Act to uphold depositor interests and public welfare,” the order stated.
In a related move, Bangladesh Bank has also approved a Tk 3,000 crore low-interest loan to ICB Islami Bank, aimed at easing liquidity pressure and supporting financial recovery efforts.