Bangladesh Bank has handed back the management of Al-Arafah Islami Bank to its shareholder directors, inducting 14 new entrepreneur-shareholders into the bank’s board.
The new directors were appointed on Wednesday following a directive from the central bank.
Bangladesh Bank Executive Director and spokesperson Arif Hossain Khan confirmed the development.
The bank had been operating under a five-member board of independent directors since August 2024, following the dissolution of its previous board. With the inclusion of the 14 new members, the total number of directors on the board has risen to 19.
During the Awami League government’s tenure, Abdus Samad Labu, brother of businessman S Alam, served as chairman of Al-Arafah Islami Bank.
Arif Hossain Khan said Al-Arafah Islami Bank was among 16 banks whose boards were dissolved by Bangladesh Bank, but its financial condition has improved, prompting the central bank to reinstate shareholder representatives.
He said the entrepreneurs of other banks whose boards were dissolved could not be identified, but Al-Arafah Islami Bank was different as its shareholders were traceable.
Among the newly appointed directors, three represent KDS Group. They are KDS Group Chairman Khalilur Rahman, KDS Garments representative director Mahbub Ahmed and KDS Textile representative director Farid Uddin Ahmed.
The other newly appointed directors are former chairman Bodiur Rahman, Enayet Ullah, Selim Rahman, Ahamedul Haque, Rafiqul Islam, Imadur Rahman, Nazmul Ahsan Khaled, Anwar Hossain, Abdus Salam, Liakat Ali Chowdhury and KY Steel Mills representative director Sharif Uddin Taslim.
Enayet Ullah contested the previous parliamentary election from Dhaka-7 as a Jamaat-e-Islami candidate.
Following the fall of the Awami League government, Bangladesh Bank dissolved Al-Arafah Islami Bank’s board and appointed Khaja Shahriar as an independent director and chairman.
The other independent directors — Md Shahin Ul Islam, Md Abdul Wadud, M Abu Yusuf and Mohammad Ashraful Hasan — will continue on the reconstituted board.
The newly formed board members will jointly appoint a new chairman, according to Bangladesh Bank.
