Dhaka, June 10 -- In a major move to restore discipline and protect depositors' interests, Bangladesh Bank (BB) on Wednesday appointed its Executive Director Md Ashraful Alam as an observer to Islami Bank Bangladesh PLC.

The appointment was made with immediate effect, according to a press release issued by the central bank.

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It stated that the strategic intervention aims to closely monitor the overall operations of the country's largest Shariah-based private commercial bank, safeguard its corporate interests, protect the rights of its massive depositor base, and ensure broader public interest.

As part of his official mandate, Ashraful Alam will actively par...