The managing director of Al-Arafah Islami Bank PLC, Farman R Chowdhury, has been removed from his position over irregularities in the bank's agent-banking operations.
Confirming the development, Bangladesh Bank (BB) spokesperson Areif Hossain Khan said the bank's board had recommended Mr Chowdhury's removal, which the central bank subsequently approved.
Earlier, on August 13, the bank's board held its 421st meeting, where it reviewed a special inspection report by the BB that examined various aspects of the bank's operations, with particular emphasis on its agent banking division.
Following the findings, the board placed Mr Chowdhury and three other officials on forced leave, holding them responsible for certain irregularities and lapses in governance and oversight.
Since then, Rafat Ullah Khan, the bank's additional managing director, has been serving as the acting managing director on a current charge basis.
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