Islami Bank chairman resigns amid BFIU move

Md Obayed Ullah Al Masud, chairman and independent director of Islami Bank Bangladesh, resigned from his post today.

He sent his resignation letter to the Bangladesh Bank (BB) governor, citing personal reasons, according to a handwritten letter seen by The Daily Star.

An independent director of Islami Bank and a senior central bank official confirmed the matter to The Daily Star, seeking anonymity.

Masud could not be reached through phone calls or text messages, despite repeated attempts.

The development comes three days after the Bangladesh Financial Intelligence Unit, on July 14, sought bank account details of Masud and his family members. Since then, he has been absent from the bank and also missed the Islami Bank Foundation Committee meeting on Tuesday.

On the same day, a special operation was carried out by a BFIU team.

Masud was named chairman after the central bank, following the political changeover on August 5 last year, reconstituted the board of Islami Bank, appointing five independent directors to steer the crisis-hit lender.

He previously served as managing director of Rupali Bank and Sonali Bank.