Islami Bank Holds Virtual Board Meeting Amid Protests, Accepts MD’s Resignation
After a day marked by intense demonstrations, police action, water cannon deployments, and sound grenade explosions, Islami Bank Bangladesh PLC successfully held an emergency virtual board meeting late on June 1 despite the ongoing turmoil surrounding the institution.
The online board meeting began at 9:00 PM and lasted approximately 40 minutes, with all members of the board of directors reportedly participating.
According to an independent director who spoke on condition of anonymity, the meeting proceeded according to its previously scheduled agenda and addressed all pending matters before the board.
One of the most significant decisions taken during the meeting was the unanimous acceptance of the resignation of Managing Director (MD) Omar Faruk Khan. The board also approved the continuation of Additional Managing Director Altaf Hossain as Acting Managing Director until further instructions are issued.
Protests Over Chairman Appointment
Earlier in the day, a group of customers and supporters organized demonstrations and a human chain program in front of the bank’s headquarters in Motijheel under the banner of the “Islami Bank Customer Forum.”
The protesters demanded the cancellation of the appointment of newly appointed Chairman Khurshid Alam and voiced concerns regarding the bank’s governance and future direction.
As tensions escalated, law enforcement agencies moved to disperse demonstrators. According to participants in the protest, police used batons, water cannons, tear gas, and sound grenades, turning the area into a scene of confrontation.
Protest organizers alleged that numerous participants were injured during the operation, including several individuals who reportedly sustained gunshot wounds.
Police Present Different Account
However, Dhaka Metropolitan Police (DMP) provided a different version of events.
N. M. Nasir Uddin, Deputy Commissioner of the Media and Public Relations Division of DMP, stated that protesters had obstructed roads and disrupted normal banking operations in the Motijheel commercial area. He said demonstrators were repeatedly asked to clear the roadway but failed to comply.
According to the police official, at least ten police personnel were injured during the clashes.
Political Reaction
The incident also drew political reactions.
Bangladesh Jamaat-e-Islami strongly condemned the police action against the demonstrators. In a statement, the party’s Secretary General, Miah Golam Parwar, described the use of force against what he characterized as a peaceful gathering as unfortunate and unacceptable.
He further expressed his party’s support for the demands raised by the protesters.
Central Bank Maintains Position
Despite the growing controversy surrounding the appointment of the new chairman and the ongoing unrest, Bangladesh Bank has indicated that it has no intention of revising its decision.
Responding to the developments, Bangladesh Bank spokesperson and Executive Director Arif Hossain Khan stated that the protest movement had no connection with the appointment process itself.
He emphasized that the central bank operates according to established policies, legal procedures, and institutional chains of command. According to him, altering decisions solely because of public demonstrations would create a precedent that could undermine regulatory independence and decision-making processes in the future.
The situation surrounding Islami Bank continues to attract significant attention across Bangladesh’s financial and political sectors, with stakeholders closely monitoring developments related to the bank’s leadership, governance, and operational stability.
DBTech/BTO/EK/OR
