Former Bangladesh Bank Executive Director (ED) Md. Sirajul Islam has been appointed as a member (Administration) of the Insurance Development and Regulatory Authority (IDRA) on a contractual basis for three years.

The Financial Institutions Division of the Ministry of Finance issued a gazette notification on Sunday confirming the appointment.

According to the notification, Sirajul Islam has been appointed under Section 5(2) of the Insurance Development and Regulatory Authority Act, 2010, for a three-year term from the date he assumes office. The appointment is subject to his severing employment ties with all other institutions and organisations.

His salary, allowances and other benefits will be determined through an agreement with the government, the notification said. The order, issued in the public interest, took immediate effect.

The notification was signed by Mohammad Abra-ul Hasan Majumder, deputy secretary of the Insurance Branch of the Financial Institutions Division, on behalf of the President.

Sirajul Islam previously served as an executive director of Bangladesh Bank and also held the position of spokesperson for the central bank.

Officials concerned believe his experience at Bangladesh Bank will contribute to strengthening regulatory and administrative activities in the country’s insurance sector.