Islami Bank MD sent on forced leave

Islami Bank MD sent on forced leave

Islami Bank Bangladesh has decided to send its managing director, Mohammed Monirul Moula, on leave for three months.
Md Omar Faruk Khan, additional managing director of the bank, confirmed the matter to The Daily Star.
Meanwhile, the bank also appointed Khan as its acting managing director.
Officials of the bank said the decision to send Moula on forced leave was made after the banks external audit revealed his involvement in various irregularities and fraud.
Moula was appointed as the managing director of Islami Bank in January 2021, when the controversial S Alam Group was dominating the banks board. He began his career with the Shariah-based bank in March 1986.
Moula came under pressure after the S Alam Group lost control of Islami Bank following the ouster of the previous Awami League government in August 2024.
Bangladesh Bank subsequently dissolved the former board, which had been heavily dominated by individuals linked to the Chattogram-based S Alam Group.
By the end of last year, the Anti-Corruption Commission had filed a case against 58 people, including Ahsanul Alam, former chairman of Islami Bank and son of S Alam Group owner Mohammed Saiful Alam, and Mohammed Monirul Moula, on allegations of embezzling Tk 109.2 crore from Islami Bank through loan fraud.