Social Islami Bank gets new board of directors

Bangladesh Bank has formed a new board of directors for crisis-hit Social Islami Bank.

The board of the Shariah-based lender now has five members: one director and four independent directors.

The central bank constituted the new board today after dissolving previous board, which became mired in irregularities after the S Alam Group seized control of the financial institution.

Major (retired) Md Rezaul Haque, a shareholder entrepreneur of Social Islami Bank, has been appointed as a director, according to a letter issued by the central bank.

The appointed independent directors are Maqsuda Begum, former executive director of Bangladesh Bank; M Sadiqul Islam, professor of the Department of Finance at the University of Dhaka; Md Morshed Alam Khandakar, former deputy executive director of Rupali Bank, and Md Anwar Hossain, a chartered accountant.