Al Arafah Bank MD on forced leave

Managing director of Al Arafah Islami Bank PLC Farman R Chowdhury has been sent on forced leave for three months as the central bank found that he might be involvement in irregularities in agent banking operations.

According to a letter signed by the bank's chairman Khwaja Shahriar, the board of directors of the Shariah-based bank in its 421st board meeting held on Sunday reviewed the special inspection report by the Bangladesh Bank (BB) concerning various issues and operations of the bank, with special focus on its agent banking division.

"The special findings have held you and a number of your teammates accountable for certain irregularities and lapses in governance and oversight," the letter issued to the managing director on the day stated.

In light of the seriousness of the findings of the central bank, it said, the board of directors unanimously resolved to place him on forced leave with immediate effect for next three months.

The top executive was advised to hand over the charge and responsibilities to Rafat Ullah Khan, additional managing director of the bank, who will be assigned to assume the responsibility of managing director (current charge) during the leave period as designated by the board.

Seeking anonymity, a bank official said the managing director along with a few high officials were sent on forced leave after the board meeting held in the evening.

The bank official disclosed the matter to the FE without elaborating further.

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