Obayed Ullah Al Masud has stepped down as Chairman of Islami Bank Bangladesh PLC, following recommendations from Bangladesh Bank in light of various allegations raised against him.

According to both Islami Bank and the central bank sources Masud submitted his resignation to the bank’s board of directors on Thursday (July 17). 

The resignation follows a request made on July 3 by Bangladesh Bank Deputy Governor Dr Md Kabir Ahmed, who reportedly advised Masud to resign voluntarily.

Masud, widely known for his close links to the former Awami League-led government, had been appointed Chairman of Islami Bank on August 5, shortly after the previous administration stepped down amid nationwide protests. At that time, the central bank restructured the bank’s board and named Masud as its new head.

Meanwhile, current independent director and Jagannath University professor Dr Zobaidur Rahman is being discussed as a possible successor to lead the bank as its new chairman.

MSK/