Islami Bank Chairman Zubaidur Rahman resigns

M Zubaidur Rahman, independent director and chairman of Islami Bank Bangladesh PLC, resigned today, citing personal reasons.

He submitted his resignation letter to the governor of Bangladesh Bank, Arief Hossain Khan, executive director and spokesperson of the central bank, told The Daily Star.

The bank’s board meeting was scheduled to be held today, where the chairman was supposed to formally join, according to senior officials of the bank.

However, at around 4pm, he met the governor at Bangladesh Bank and resigned, they added.

He had been appointed chairman of the bank on July 23 last year.

The Daily Star tried to reach M Zubaidur Rahman over the phone, but he did not respond to the calls.

Meanwhile, amid protests by the bank’s customers, the scheduled board meeting of the bank was cancelled. Following the political changeover in August 2024, Bangladesh Bank restructured the board of Islami Bank by appointing Md Obayed Ullah Al Masud, former managing director of Sonali Bank PLC and Rupali Bank PLC, as chairman.

However, amid various allegations and after the bank accounts of Md Obayed Ullah Al Masud and his family members were sought for scrutiny, he was forced to resign on July 17 last year. Bangladesh Bank then appointed Zubaidur Rahman as chairman.

Since the Bangladesh Nationalist Party government assumed power, differences have emerged between officials of Bangladesh Bank and senior executives of Islami Bank Bangladesh PLC over various decisions concerning the bank, according to officials of the bank.

A few days ago, a group also staged protests demanding the resignation of M Zubaidur Rahman.