The Bangladesh Bank has formed a new board for Islami Bank Bangladesh with the appointment of five independent directors at the crisis-hit Shariah-based lender.

Md Obayed Ullah Al Masud, former managing director of Rupali Bank, has been appointed as the chairman of the board, according to a letter issued by the central bank today. 

The BB constituted the board just a day after dissolving the previous one.

With this decision, S Alam Group's grip over the Islami Bank ended after seven years of its domination and rampant misappropriation of nearly a hundred thousand crores of taka in the name of loans.

S Alam Group chairman Mohammed Saiful Alam's eldest son Ahsanul Alam chaired the recently dissolved board.

Masud has also been appointed as an independent director.

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Other independent directors are Mohammad Khurshid Wahab, former executive officer of Bangladesh Bank, Mohammad Abdul Jalil, former deputy general manager of Al Arafah Islami Bank, M Masud Rahman, former professor of finance department at Dhaka University, and Md Abdus Salam, a chattered account.