Dhaka, June 14 -- Bangladesh Bank has dissolved the board of directors of Islami Bank, bowing to mounting pressure from customer protests and concerns over the bank's management.

The central bank on Sunday cancelled the appointments of all existing independent directors and removed the board, including its chairman.

In a notification, Bangladesh Bank said Executive Director Mohammad Jahir Hossain would exercise all powers and perform all responsibilities of the board under provisions of the Bank Companies Act.

"Using the powers vested in Bangladesh Bank, and in the interest of the bank, its depositors and the public, Bangladesh Bank has cancelled the appointments of the chairman and all directors of Islami Bank Bangladesh PLC," the not...