Badiur Rahman has been elected as the chairman of Al-Arafah Islami Bank PLC.

The Bangladesh Bank has returned Al-Arafah Islami Bank PLC (AIBL) to its former owners and shareholders, reconstituting the board of directors to include 14 directors drawn from the bank’s original sponsor-entrepreneurs.

At least 20 people, including the head of the human resources (HR) department at Al-Arafah Islami Bank, were injured in a clash between the bank’s security personnel and recently terminated employees.

The bank's board took the decision to ensure a fair investigation on alleged irregularities

The Bangladesh Bank (BB) has uncovered serious irregularities at Al-Arafah Islami Bank, including misuse of its corporate social responsibility (CSR) funds.

Al-Arafah Islami Bank Ltd made a Tk 207.66 crore profit in the financial year that ended on December 31.