Amid intense political controversy, Bangladesh Bank dissolved the board of directors

Amid intense political controversy, Bangladesh Bank dissolved the board of directors of Islami Bank Bangladesh PLC. At the same time, the central bank appointed its executive director, Mohammad Zahir Hussain, to oversee the bank’s operations. In a statement issued on Sunday, Bangladesh Bank said that under the Bank Company Act, the appointments of the bank’s chairman and all directors had been cancelled in the interests of depositors and the public. Under Section 47(3) of the law, Hussain has been entrusted with exercising all powers and responsibilities of the board.