Managing director sent on forced leave

First Security Islami Bank PLC has sent its managing director, Syed Waseque Md Ali, on forced leave, for 90 days as part of conducting an independent review of the bank's asset quality.

The bank's board of directors made the decision during a meeting on Saturday.

According to an office order shared with the bank's employees, the leave will begin on January 05 and end on April 4.

There is a move to review the asset quality of five "problem banks" by the central bank. It is funded by Manila-based Asian Development Bank under a project titled asset quality review of five weak banks involving more than $1.0 million.

Under the review process, keeping the managing director on job may create a "conflict of interest". For this reason there is a need for forced leave of 90 days.

Abu Reza Md Yeahia, additional managing director of the bank, will assume the role of managing director (current charge).

The other four problem banks to be brought under the review process are: Union Bank, Global Islami Bank, SIBL and EXIM Bank.

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