Embattled Islami Bank MD skips office

Fresh tension roils Islami Bank Bangladesh as its managing director Muhammed Monirul Moula skips office attendance following agitation by officials of the bank demanding his resignation.
Sources at the IBB, country's largest unconventional bank, said Tuesday a group of officers have been staging protest for resignation of its chief executive, who was appointed MD by the controversial business-conglomerate S Alam Group that allegedly siphoned off huge money from the bank using shell corporations.
As the protest is getting in gear, the bank's managing director, Monirul Moula, has abstained from attending office for the last couple of days and continuing office virtually from home.
Seeking anonymity, an executive of the shariah-based commercial lender said a group of bankers kept on protest internally on demand that the managing director quit.
As a matter of fact, the managing director hasn't attended office in person since December 23 but has been discharging his duties from home, according to the executive.
"No, he didn't resign. Yes, there is a pressure but nothing is yet decided," the senior bank officer added.
Contacted, a Bangladesh Bank official, on condition of anonymity, expressed concern over the developments at one of the country's largest commercial banks.
The central banker said the tensions arose at a time when the bank has started rebounding from the disaster with its key financial indicators improving in recent months following reconstitution of its board by the regulator.
Apart from stemming panic cash withdrawal from the bank, the BB official said, the volume of deposits and remittances kept rising remarkably while the bank cleared significant volume of import overdue in the last few months, which indicates a turnaround of the bank.
"This latest tension might dampen the bank's rebounding process. So, we need to be very careful in dealing with the matter," the central banker said.
Meanwhile, the Anti-Corruption Commission (ACC) recently filed a case against 58 individuals, including former S Alam Group chairman Mohammad Saiful Alam's son, Ahsanul Alam, and MD Monirul Moula.
Monirul Moula could not be reached over the phone immediately for his comment.

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