Pulling strings from abroad, S. Alam is attempting to seize control of the bank, resulting in a series of developments. Professor M. Zobair Rahman, the chairman of Islami Bank Bangladesh PLC
Labonno Chowdhury : Islami Bank is in a shaky position due to the maneuvers of Chattogram’s looter, S. Alam. Meanwhile, the bank’s chairman has resigned, and the Managing Director (MD) has been sent on forced leave. Pulling strings from abroad, S. Alam is attempting to seize control of the bank, resulting in a series of developments. Professor M. Zobair Rahman, the chairman of Islami Bank Bangladesh PLC—which has long been under intense scrutiny surrounding S. Alam, a Chattogram-based business group close to Sheikh Hasina—has tendered his resignation.
Prof M Zubaidur Rahman, the chairman of Islami Bank Bangladesh, has resigned from his role, according to the central bank. The Sharia-based lender’s managing director Md Omar Faruk Khan, who was already on mandatory leave, has also stepped down on Sunday.Bangladesh Bank spokesperson Arief Hossain Khan told bdnews24.com: “The scheduled board meeting could not take place due to the chairman’s resignation. The managing director has also submitted his resignation letter.”
“Whether the board will accept the MD’s resignation will be decided in the next board meeting,” he added. Zubaidur submitted his resignation letter to the Bangladesh Bank governor.Omar was barred from entering his office by a section of customers gathered outside the bank’s head. An official of the largest Sharia-based lender said the MD later sent his resignation letter to the board in the afternoon.
Decisions regarding the appointment, termination, leave, and acceptance of resignation letters of a managing director are made by the bank’s board, subject to approval from the central bank.Following the ouster of the Awami League government in 2024, major overhauls took place within the board and management of Islami Bank as part of a series of changes across the banking sector.
As part of this reshuffle, Bangladesh Bank appointed Zubaidur to Islami Bank as an independent director in July 2025. He was later given the responsibility of chairman.On Sunday morning, people gathered for a rally under the banner of “Customer Forum” in front of the Islami Bank Tower in Motijheel’s Dilkusha.
When Omar attempted to enter the bank, the demonstrators blocked his path.After remaining on the road for a while, Omar left the area. Officials confirmed that he subsequently forwarded his resignation letter to the board.The current board had sent him on leave in April, effective until May 31.
