Md Obayed Ullah Al Masud Leads Islami Bank as New Chairman

Md Obayed Ullah Al Masud has taken on a new role as the Chairman of Islami Bank. He has made history in the banking industry.

As the new Chairman of Islami Bank, Md Obayed Ullah Al Masud is leading the bank's mission to provide financial services in a shariah-compliant manner. His expertise in the field is sure to drive the bank's success.

With his new position, Md Obayed Ullah Al Masud is now responsible for overseeing the bank's operations and making strategic decisions to ensure its continued growth.

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Md Obayed Ullah Al Masud was appointed as the chairman of Islami Bank in August last year.

He took office nearly 11 months ago, after the Board of Directors of Islami Bank was restructured following the July Uprising.

The restructuring aimed to address governance and financial issues plaguing the institution.

Islami Bank's Board of Directors was formed by Bangladesh Bank after the country's political change last year.

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Obayed Ullah previously served as managing director of Sonali Bank from 2016 to 2019, and before that, as MD of Rupali Bank from 2012 to 2016.

He resigned as chairman of Islami Bank Bangladesh Ltd on Thursday, submitting his resignation letter to the bank's board of directors.

The central bank reportedly received several complaints against him in recent weeks, leading to his resignation.

Obayed Ullah-Al Masud stepped down as chairman amid a probe into his alleged corruption and connection to controversial businessman S Alam.

The process of appointing a new chairman is underway, with Professor Zubaidur Rahman, an independent director of the Board of Directors, likely to be appointed.

The Bangladesh Financial Intelligence Unit (BFIU) sought detailed bank information of Obayed Ullah and his family members as part of a financial inquiry.

All scheduled banks were asked to submit account-related documents, including account opening forms, updated statements, savings certificates, bonds, lockers, credit cards, student files, prepaid and gift cards, and transaction records involving Tk5 lakh or more connected to Masud or anyone linked to his interests.

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Md Obayed Ullah Al Masud was appointed as the chairman of Islami Bank nearly 11 months after taking office.

He previously served as managing director of Sonali Bank from 2016 to 2019, and before that, as MD of Rupali Bank from 2012 to 2016.

Obayed Ullah-Al Masud resigned as chairman of Islami Bank amid graft allegations, submitting the resignation letter to the bank's Board of Directors.

The Board of Directors of Islami Bank was restructured after the July Uprising that led to the ouster of Sheikh Hasina, with five new independent directors appointed on 24 August last year.

Professor Zubaidur Rahman, an independent director of the Board of Directors of Islami Bank Bangladesh, is likely to be appointed as the new Chairman.

The process of his appointment is underway, according to sources at the central bank.

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