Obaid Ullah Al Masud has stepped down as Chairman of Islami Bank Bangladesh Ltd, the country’s leading private bank, just 11 months after taking office.
A senior official from the bank confirmed the development to media on Thursday, stating, “Since Bangladesh Bank appointed him to the board, he submitted his resignation to the governor.”
Media reports suggest that Deputy Governor Md Kabir Ahmed summoned Masud on July 3 and asked him to resign in light of various allegations.
In August 2024, following a significant change in leadership at Bangladesh Bank, Ahsan H. Mansur was appointed governor. One of his first major actions was to dissolve Islami Bank’s board of directors, removing it from the influence of controversial businessman S Alam.
Subsequently, Masud, who previously served as Managing Director of state-owned Sonali and Rupali banks, was appointed Chairman of Islami Bank in August 2024.
However, in early July, amid growing complaints, Deputy Governor Md Kabir Ahmed of the Banking Regulation and Policy Department (BRPD) summoned Masud and allegedly advised him to resign.
On July 15, the Bangladesh Financial Intelligence Unit (BFIU) ordered a freeze on the bank accounts of Masud, his wife Marzina Begum, his sons Junnun Safwan and Junayed Zulqarnain Tian, and his daughter Tasmia Tarannum Naumi.
The following day, BFIU conducted a raid at Islami Bank to gather information on Masud’s activities. Officials collected details regarding the benefits he received from the bank and whether he used bank funds for a recent trip to the United States.
