Bangladesh, June 15 -- The Bangladesh Bank has dissolved the Board of Directors of Islami Bank Bangladesh PLC, including its chairman and all directors, citing powers vested in the central bank under Sections 45 and 47(3) of the Bank Company Act, 1991.
In a notification issued on Sunday, the central bank said the decision was made in the interest of the bank, its depositors, and the public.
Under Section 47(3) of the Bank Company Act, 1991, Bangladesh Bank Executive Director Mohammad Zahir Hossain has been appointed to exercise all powers and perform all responsibilities of the board until further notice, it added.
The decision came amid growing unrest surrounding the bank's leadership and mounting liquidity pressure caused by large-scal...