Islami Bank PLC’s board of directors has appointed four audit firms to investigate irregularities in the bank after it was occupied by S Alam Group, according to a board member who confirmed the development to UNB.
In line with a directive from Bangladesh Bank, the audit firms will conduct an in-depth review of the bank's assets, evaluating collateral values and examining the legitimacy of loan disbursements.
The appointed firms include Mahfel Huq & Co., PKF Halim Khair Choudhury, A. Wahab & Co., and Zoha Zaman Kabir Rashid & Co.
These firms will carry out a special audit covering various critical areas of the bank, including investments, foreign exchange operations, human resources management, treasury fund management, and offshore banking.
Additional audits will assess other sensitive divisions, such as IT, corporate social responsibility (CSR), financial administration, engineering, procurement, zakat management, suspensions, and the IBDA unit.
Bangladesh Bank reconstituted the current board of Islami Bank in August, appointing independent directors. The newly formed board is reportedly focused on enhancing accountability across all sectors of the bank.