Al-Arafah chairman loses directorship

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Mr Anowar Hossain has lost his directorship on the board of the Al-Arafah Islami Bank Limited for his failure to repay a loan to the Islami Bank Bangladesh Limited.

Mr Hossain was the chairman of the bank.

"We have declared the post of director occupied by Mr Hossain vacant since August 18 last in line with the existing Bank Company Act," a senior official of the Bangladesh Bank (BB) told the FE Wednesday.

He also said the central bank sent a letter in this connection Wednesday to the chairman and the managing director of the Al-Arafah Islami Bank Limited.

"A copy of the letter has also been sent to the managing director and the company secretary of the Islami Bank Bangladesh Limited," the official added.

The post has become vacant since August 18, 2008 as the chairman as well as director has failed to repay the loan of the Islami Bank within the notice period. The BB served the notice upon him on June 18, 2008, according to the official.

A senior official of the Islami Bank said they informed the central bank about the issue of default loan in line with the existing Bank Company Act.