Mohammad Zahir Hussain, chairman (Current charge) of Islami Bank Bangladesh PLC, on Monday announced that a new, fully independent and neutral board of directors will be formed very soon to manage the country's largest private commercial bank.

Zahir, who is also an executive director of Bangladesh Bank, was tasked with leading a single-member interim board following the dissolution of the entire board on Sunday.

Now entire board of Islami Bank dissolved; administrator takes charge to maintain order

Speaking to reporters at the bank’s head office in the capital's Dilkusha area, he also urged depositors to carry out their banking transactions smoothly and restore their faith in the institution, stating that "there is no scope for looking back now."

"A complete five-member board of directors is in the process of being formed. The screening and verification process is currently underway. We want to appoint completely neutral and qualified individuals who can run this bank with utmost efficiency. I hope a strong, fair, and impartial board will be visible very shortly," Zahid said.

He clarified that he is currently overseeing the bank's affairs under a temporary, single-member board framework with the primary objective of ensuring that the daily operations and services of the financial institution remain unhindered.

At the press briefing, bank’s acting Managing Director Md Altaf Hossain expressed hope that depositors who had previously withdrawn their funds will return to the bank as stability is restored.

He further highlighted that initial data from the bank's major branches indicates a significant positive shift in customer behaviour. 

"Information gathered from our prominent branches reveals that account closures have dropped by nearly 75 percent compared to previous weeks. This is a clear indicator that public confidence is steadily returning to Islami Bank," Altaf said.

Senior executives and high officials of the bank were also present at the briefing.