The Islamic Development Bank (IDB) has withdrawn the directorship of their representative from the Islami Bank Bangladesh board of directors. However, the IDB is still holding the same shares reported in the previous month.
It had released a publication of shareholding last September.
After the establishment of Islami Bank in 1983, the IDB has been serving as a director on the board of this bank through representation.
The Islami Bank Bangladesh Ltd had witnessed record transactions worth Tk 524.8 crore of its shares on the Chittagong Stock Exchange (CSE) last month. With large-scale share trading, the Islami Bank alone accounted for 98 per cent of the port city bourse’s turnover of Tk 533 crore.
The hefty share transactions took place as Arabsas Travel & Tourist Agency, a Saudi investor of Islami Bank Bangladesh, sold its shares from the Bangladeshi Shariah-compliant bank. Before its departure, Arabsas was a director of Islami Bank with a shareholding of 9.99 per cent.
CSE also settled on green terrain Tuesday with its two major indices – the selected indices (CSCX), and the all-share price index (CASPI) – gaining 20.2 points and 35.4 points, respectively.
According to the report, Arabsas Travel and Tourist Agency, a Saudi Arabia-based company, withdrew the directorship by sending a letter on 5 July, and the bank approved it on 26 July through board meeting.
Musaid Abdullah A Al-Rajhi had served as the director of Islami Bank for a long time on behalf of the company.
Back in June, three companies withdrew their directorships from the bank. At that time, Prof Nazmul Hasan, Prof Salim Uddin and Maj Gen (retired) Abdul Matin were the nominee directors of these three companies on the board of this bank.
The same month, Ahsanul Alam, son of S Alam Group Chairman Saiful Alam Masood, was appointed as a shareholder director of the bank as a nominee of JMC Builders.
