Islami Bank removes Syed Ahsanul as vice chairman

The board of directors of Islami Bank today removed Syed Ahsanul Alam, from his post of vice chairman at the bank.

He, however, will continue as an independent director.

The decision was taken at the board meeting held immediately after the bank's 34th Annual General Meeting (AGM) at Kurmitola Golf Club.

Following shareholder's demand, the board has decided to keep one post of vice chairman and Yousif Abdullah Al-Rajhi will continue with this post, Arastoo Khan, chairman of the bank, told reporters after the board meeting.

READ MORE: Islami Bank in dire straits

He said Ahsanul Alam has been removed from vice-chairman post but he will remain at the board as independent director.

Ahsanul Alam, who joined the bank in May 2016, was not present at the AGM and board meeting held today.

Khan said Alam did not inform the board about his absence.

Earlier on May 11, Alam, on his Facebook page, wrote that he was under pressure from some groups to resign from the post.  Later on May 18, chairman of the bank alleged that Alam violated his oath of office by spreading propaganda about the bank.

Islami Bank, the largest and most profitable bank in the country, has plunged into a bout of infighting within just five months of wholesale restructuring of the board of directors and top management.

The conflict stems from loan irregularities, lower dividend declaration and interference of a Chittagong-based business group in the affairs of the bank's board.