Bangladesh Bank has removed ICB Islamic Bank Managing Director Muhammad Shafiq Bin Abdullah from his post as the banking regulator has found proof of his involvement in embezzlement, laundering of money along with mismanagement of the bank.

On November 19, the central bank informed the chairman of ICB Islamic Bank that Abdullah's reappointment as managing director was not approved due to his involvement in activities detrimental to the interests of the bank and its depositors.

The chairman of the Shariah-based bank was also asked to inform the banking regulator after taking legal action against Abdullah for embezzlement, money laundering and mismanagement.

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The bank was also directed to fill the vacant post of the managing director within the stipulated time prescribed by the Bank Companies Act-1991.

Abdullah was appointed as managing director of the bank in 2013.

Earlier, the central bank on October 21 instructed the bank to appoint an acting managing director, but the lender is yet to appoint any in the post.

"Abdullah is not present at the office today, but he is still serving ICB Islamic Bank," officials of the bank told this correspondent, when he visited the head office of the financial institution.

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"I am doing office until today as the allegations are yet to be proved," Abdullah told The Daily Star.

The board of directors of the bank has appealed against the central bank decision with the request of keeping Abdullah in the post of the managing director, he said.