Islami Bank MD accepts resignation in virtual board meeting after day-long protests and clashes

After day-long protests, tension and police-customer clashes, the resignation of Islami Bank Bangladesh PLC Managing Director (MD) Omar Faruk Khan has been accepted in a virtual board meeting. The decision was taken unanimously at the board meeting held on Monday (June 1) night.

The meeting, which began online at around 9 pm, lasted for about 40 minutes. All members of the board of directors participated in the meeting. After the meeting, it was also decided to continue the duties of Additional Managing Director Altaf Hossain as the acting Managing Director.

Earlier, there was a plan to organize a physical board meeting at Islami Bank Tower in Dilkusha in the capital on the occasion of the accession of new chairman Md. Khurshid Alam. However, the situation became heated due to the presence of a large number of customers and shareholders in front of the head office since morning. Later, after the request of the bank authorities, Bangladesh Bank allowed the meeting to be held online.

Tension prevailed in the Islami Bank Tower area throughout the day on Monday. A human chain and protest program was held under the banner of the 'Islami Bank Victims' Customer Coordination Council'. At one stage, there was a clash with the police. The police used lathicharge, water cannon, tear gas and sound grenades to control the situation.

The protesters demanded that the appointment of new chairman Md. Khurshid Alam be canceled and former MD Omar Faruk Khan be reinstated. At the same time, they also demanded that the bank be freed from the influence of the S Alam Group. The protesters alleged that the police attacked the peaceful program, in which many customers and shareholders were injured.

On the other hand, the Dhaka Metropolitan Police (DMP) said that the protesters were disrupting normal banking activities in Motijheel by blocking roads. Legal action was taken when they did not move despite repeated requests. The police claimed that at least 10 members were injured in the clash.

In this regard, Bangladesh Bank spokesperson Arif Hossain Khan said, "No decision regarding any bank will be taken under the pressure of the movement. Necessary decisions will be taken considering the interests of the institution as per the law and rules."

It is worth noting that on May 24, Islami Bank Chairman Professor M. Zubaidur Rahman resigned. On the same day, former Deputy Governor of Bangladesh Bank Md. Khurshid Alam was appointed as the chairman. Since then, a section of customers and shareholders have been opposing this appointment. Monday's protest is a continuation of that opposition.