STAR BUSINESS REPORT

Islami Bank Bangladesh has decided to send its managing director, Mohammed Monirul Moula, on leave for three months.

The decision was taken by the bank’s board of directors yesterday.

Md Omar Faruk Khan, additional managing director of the bank, confirmed The Daily Star.

Meanwhile, the bank also appointed Khan as its acting managing director.

Officials of the bank said the decision to send Moula on forced leave was made after the bank’s external audit revealed his involvement in various irregularities and fraud.

Moula was appointed as the managing director of Islami Bank in January 2021, when controversial S Alam Group was dominating the bank’s board. He began his career with the Shariah-based bank in March 1986.

Moula came under pressure after the S Alam Group lost control of Islami Bank following the ouster of the previous Awami League government in August 2024.

The BB subsequently dissolved the former board, which had been heavily dominated by individuals linked to S Alam Group.

By the end of last year, the Anti-Corruption Commission had filed a case against 58 people, including Ahsanul Alam, former chairman of Islami Bank and son of S Alam Group owner Mohammed Saiful Alam, and Mohammed Monirul Moula, on allegations of embezzling Tk 109.2 crore from Islami Bank through loan fraud.