First Security Islami Bank removes managing director

First Security Islami Bank PLC has removed its managing director, Syed Waseque Md Ali, over loan irregularities.

The board of directors made the decision after receiving approval from the Bangladesh Bank today.

Earlier in January this year, First Security had sent Ali on forced leave over alleged involvement in irregularities related to loans extended to companies linked with S Alam Group.

Officials of the bank said an internal audit revealed Ali's involvement in the loan irregularities associated with the business conglomerate.