Farman R. Chowdhury, the Managing Director (MD) of Al-Arafah Islami Bank, has been removed.

Bangladesh Bank spokesperson and executive director Arif Hossain Khan confirmed this information on Monday (October 27).

He said, “He has been removed from the post of MD. The bank had applied to the central bank. We have given NOC. He has been on compulsory leave since April this year.”

This senior official of Bangladesh Bank also said that an investigation was conducted by the central bank’s DBI department. In it, multiple allegations of irregularities were found in the name of the MD. After that, the bank authorities took this decision regarding him.

Since August 5, 2024, Bangladesh Bank has dissolved and restructured the boards of directors of 15 banks. One of them is Al-Arafah Islami Bank. For a long time, the chairman of the bank was Abdus Samad Labu, brother of controversial businessman S Alam. On September 3, the central bank dissolved and restructured the board of the bank.