Dhaka, July 15 -- Bangladesh Bank has handed the management of Al-Arafah Islami bank back to its former owners.

As per the central bank directive, 14 new entrepreneur-shareholders were inducted into the bank's board of directors on Wednesday (July 15).

Bangladesh Bank Executive Director and Spokesperson Arif Hossain Khan confirmed the information to UNB.

Since August 2024, the bank had been functioning under a five-member body of independent directors. With the inclusion of these 14 individuals, the total number of directors now stands at 19. During the Awami League regime, Abdus Samad Labu, brother of S. Alam served as the chairman of Al-Arafah Islami bank.

The central bank spokesperson stated that among the 16 banks whose boards wer...