Belal Ahmed, now SIBL’s acting chairman

Social Islami Bank Ltd (SIBL) today appointed Belal Ahmed as acting chairman for its board of directors after Md Mahbub Ul Alam resigned from the post on January 26.

Along with Mahbub Ul Alam, the bank's Additional Managing Director Abu Reza Md Yeahia submitted his resignation letter on the day.

Zafar Alam, managing director of the bank, confirmed the matter to The Daily Star.

He said both of them had submitted their resignation letter for personal reasons.

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SIBL’s chairman, AMD resign

Mahbub Ul Alam went to the United States after submitting his resignation letter to spend time with his family members, he said.

Yeahia has resigned from his post due to his physical illness.

Previously, Belal served the bank's board as vice chairman. He is the son-in-law of Mohammed Saiful Alam, the chairman of Chattogram-based S Alam Group.

SIBL has recently faced a wide range of scams, which have eroded the depositor's confidence in the bank.

The central bank has recently supplied cash support to the bank by using its different windows to the sharia-based bank such that it could meet the depositors' demand.

S Alam Group took over the bank in 2017, after which the financial health of the lender started to decline.