SIBL MD Zafar, DMDs Habibur and Khorshed resign

Just a few days after the reconstitution of the board, Social Islami Bank Ltd (SIBL) Managing Director Zafar Alam and Habibur Rahman and Khorshed Alam, both of whom are deputy managing directors (DMD), resigned from their positions.
The top executives of the bank submitted their resignations to the chairman of the recently reconstituted board citing personal reasons, sources at the bank said.
"I have submitted my resignation letter to the chairman of the board. I also came to know that two DMDs also did the same," Mr Zafar Alam told the FE.
He said his tenure was supposed to be expired in December.
When asked what role he played in improving the SIBL scenario, the banker said he has been tirelessly working with honesty and devotion for improving the balance sheet of the bank.
The bank ranked 26th among the country's 61 commercial banks in terms of receiving remittance when he joined the bank as its top executive in December 21, 2021. Now, it becomes second most remittance-receiving lender until June last.
On the other hand, he said, the bank's NPL (non-performing loan) as percentage of total outstanding loans was more than 6.0 per cent in 2021. "Now it declined to 4.70 per cent. It indicates that how much effort we made to improve overall scenario of the bank," he added.
Mr Zafar Alam started his banking career from 1992 with the Islami Bank Bangladesh, where he spent almost 26 years before switching to SIBL as a deputy managing director in 2017. Within eight months, he switched to Bangladesh Commerce Bank as additional managing director. In December, 2021, Alam joined the SIBL again as the managing director until his resignation.
The Bangladesh Bank, later last month, reconstituted the board of SIBL as part of its move to free it from the control of the controversial business conglomerate, S Alam Group, after the fall of the Awami League government on August 5 in the face of a mass uprising.

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