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Arastoo Khan quits IBBL

Nazmul Hassan new chairman

FE Report | April 18, 2018 00:00:00

The board of Islami Bank Bangladesh Limited (IBBL) saw another major change, as its chairman Arastoo Khan resigned from the post on Tuesday.

The former government secretary resigned from the post of IBBL chairman after more than 15 months on personal ground.

"I could not give time to my family because of extra work pressures as the chairman of IBBL. So I have resigned from the post," Mr. Khan told the FE while explaining the cause of his resignation.

He was made the chairman of IBBL board of directors on January 05, 2017, replacing Engr. Mustafa Anwar.

Meanwhile, Prof. Md. Nazmul Hassan has been elected the chairman of IBBL in a meeting of the board, the bank said in a press statement on Tuesday.

Prior to assuming the position of chairman, he was a member of IBBL board of directors and executive committee of the shariah-based leading private commercial bank (PCB).

Dr. Hassan started his career as a lecturer at Dhaka University (DU) in 1975. Later, he completed higher studies on development economics and human nutrition.

He was appointed professor at Institute of Nutrition and Food Science of DU in 1993. He has been holding dual appointments at Dhaka and Brown University, USA, the release added.

The newly-elected chairman of IBBL also represents Armada Spinning Mills Limited in the bank board.

When contacted, a senior official of the Bangladesh Bank (BB) said: "We've earlier given approval to IBBL independent director Prof. Md. Nazmul Hassan as a nominated director of the board."

Meanwhile, IBBL board appointed its independent director Shamim Mohammad Afzal chairman of Islami Bank Foundation (IBF).

Earlier, former government secretary Syed Monjurul Islam resigned from the post of IBF chairman on the same day.

Currently, Mr. Afzal is the director general of Islamic Foundation Bangladesh

The executive and risk management committees of the IBBL were also reconstituted on the same day, the bank officials said without elaborating.

IBBL's latest developments came after a couple of major changes that took place in its board of directors and top management since January 05, 2017.

On April 05 last, IBBL top management saw another major shake-up with discontinuation of contract, resignation and termination of its five senior executives.

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