The board of directors of Al Arafah Islami Bank PLC has placed its Managing Director, Farman R Chowdhury, on a three-month forced leave following a Bangladesh Bank inspection that identified alleged irregularities in the bank’s agent banking operations.
The decision was made during the bank’s 421st board meeting held on Sunday. A letter signed by Chairman Khwaja Shahriar stated that the board had reviewed a special inspection report conducted by the central bank, which highlighted governance and oversight lapses specifically within the agent banking division.
“You and a number of your teammates [were] held accountable for certain irregularities,” the letter to the managing director read. It cited the seriousness of the findings as grounds for the board’s unanimous resolution to place him on leave, effective immediately following Sunday’s business close.
The board has appointed Rafat Ullah Khan, the additional managing director, as acting managing director during the leave period.
