The Bangladesh Bank has returned Al-Arafah Islami Bank PLC (AIBL) to its former owners and shareholders, reconstituting the board of directors to include 14 directors drawn from the bank’s original sponsor-entrepreneurs.
The central bank issued a letter to the bank’s managing director yesterday informing him of the decision. The new board retains the existing board members alongside the returning sponsor-directors, including Khalilur Rahman, founder of Chattogram-based KDS Group, and his associates.
BB Executive Director and spokesperson Arief Hossain Khan confirmed the development, saying the bank’s improved financial condition prompted the handover.
Alarabank AIBL
https://www.thedailystar.net/business/economy/news/bb-returns-al-arafah-islami-bank-former-owners-4224921