Dhaka, June 14 -- In a dramatic regulatory move, Bangladesh Bank on Sunday dissolved the entire Board of Directors of Islami Bank Bangladesh PLC, including its newly appointed chairman, in what it said was a move to protect the interests of depositors and safeguard public money.

The central bank removed all directors of the country's largest Shariah-based commercial lender with immediate effect under the powers vested in it by the Bank Company Act, 1991.

BB appoints observer to Islami Bank to restore discipline, protect depositors

Bangladesh Bank Assistant Spokesperson Shahriar Siddiqui confirmed the development, noting that the unprecedented step was taken in the public interest to ensure good governance and maintain stability across ...