Bangladesh Bank appointed new directors after canceling the existing board of directors of Al-Arafah Islami Bank and Bangladesh Commerce Bank Limited. Through this, the boards of both banks are freed from the influence of S Alam Group, which is widely discussed for loan fraud.

By virtue of Sections 47(1) and 48(1) of the Bank-Company Act, 1991 (as amended up to 2023), the previous Board of Directors was declared null and void.

At the same time Bangladesh Bank has appointed directors in these two banks under the powers given in Section 45 of the Bank-Company Act, 1991.

The central bank said this in two separate notifications on Tuesday (September 3).

The new directors of Bangladesh Commerce Bank are – Md. Ataur Rahman (Independent Director); Md. Mohsin Mia (Independent Director), Kamrul Haque Maroof (Director); Md. Ghulam Murtuza (Director) and Sheikh Ashwafuzzaman (Independent Director).

And on the board of Al-Arafah Islami Bank – Khawaja Shahria has been appointed as independent director and chairman of the board of directors by the central bank. Other independent directors of the board are – Md. Shaheen Ul Islam, Md. Abdul Wadud, M Abu Yusuf and Mohammad Ashraful Hasan.