Islami Bank’s new head urges depositors to keep faith in the bank

Mohammad Zahir Hossain, interim in charge of the board of Islami Bank Bangladesh PLC, has urged depositors to carry on their banking activities without disruption and keep confidence in the country's largest Shariah-based lender, saying there is "no time to look back".

Speaking to reporters at the bank's head office in Dhaka today, Zahir Hossain, who was appointed by Bangladesh Bank yesterday, said efforts were underway to form a new board as quickly as possible.

He added that a five-member board was being constituted through a thorough vetting process to ensure it comprised qualified and entirely neutral individuals.

"We want to appoint completely neutral individuals who can manage this bank efficiently. Hopefully, you will soon see a well-balanced and independent board," he said.

He noted that he was serving as a one-member board for a limited period to keep operations running through the transition.

"Continue your transactions without hesitation and keep faith in the bank," he said, addressing the depositors.

Meanwhile, acting managing director Md Altaf Hossain said the bank had received an additional Tk 2,500 crore in liquidity support from Bangladesh Bank.

"We received another Tk 2,500 crore from Bangladesh Bank yesterday, and we have not yet needed to utilise the entire amount," he said.

He expressed hope that customers who had withdrawn deposits in panic would return, noting that account closures at one major branch had fallen by around 75 percent compared with earlier levels — a sign of gradual recovery in customer confidence.

On whether former managing director Omar Faruk could return, Zahir Hossain said Faruk had already resigned and the board had accepted his resignation.

"As his resignation has been accepted, there is no scope for bringing him back to the position," he said.