New Board at First Security Bank

The central bank has restructured the board of First Security Islami Bank. The then managing director Mohammad Abdul Mannan, who was forced to resign from Islami Bank in 2017, has been made the chairman of the bank. He recently returned home after 7 and a half years abroad.

The other directors of the five-member board of directors of First Security Bank are – former executive director of Bangladesh Bank. Azizur Rahman, former DMD of Uttara Bank. Abdul Quddus, Associate Professor of Dhaka University. Saiful Alam and Chartered Accountant. Ragib Ahsan FCA.

Although the seven banks were under the control of S. Alam, he himself was the chairman of First Security Islami Bank. His wife Farzana Parveen, brother Mohammad Abdullah Hasan were the directors of the bank. The bank started its journey in 1999 as a conventional interest based bank. Converted to full-fledged Islamic banking in January 2009. The boards of other banks that were controlled by S Alam have already been reconstituted.

Bangladesh Bank has said in an order sent to the managing director (MD) of the bank on Sunday, that the board of directors of First Security Islami Bank has been abolished by virtue of the Bank Companies Act. This decision will be implemented immediately.

According to the order, five persons have been appointed as directors and independent directors for the new formation of the board of directors under the powers of the Bank Companies Act to protect the interests of depositors and banks and to ensure good banking governance and public interest. Out of this, one has been given the responsibility of the post of chairman.

Bangladesh /MP