Published : 17 Jul 2025, 08:28 PM
Updated : 21 Aug 2026, 01:32 PM
Obayed Ullah Al Masud, chairman of Islami Bank Bangladesh Ltd, one of the country’s largest banks, has resigned after serving 11 months in the role.
A senior official of the bank confirmed the resignation on Thursday, saying: "Since Bangladesh Bank had appointed him to the board, he submitted his resignation to the governor.”
After a political shift in August 2024, Ahsan H Mansur was appointed as the Bangladesh Bank governor and dissolved Islami Bank’s board, stripping S Alam Group of its long-standing control over the institution.
Obayed was appointed chairman in August 2024 along with four independent directors.
S Alam Group forcefully took control of Islami Bank in 2017.
The conglomerate siphoned off loans from the institution under multiple names, including Tk 670 billion alone from the Khatunganj branch, depleting the bank’s finances.
Following the Awami League government’s fall in the wake of student-led mass uprising, Islami Bank employees staged demonstrations demanding the bank be freed from S Alam control. The standoff between the employees and management even escalated into a shooting incident in front of the bank's offices. Amid widespread debate over S Alam and the bank, the central bank took action.
Bangladesh Bank later announced that massive loan irregularities had drained billions from the bank, and a full audit would be conducted while the new board attempts to recover the funds.
