In a move to protect depositors' interests, Bangladesh Bank has dissolved the board of directors of Social Islami Bank Limited (SIBL) and appointed a new five-member board to oversee the bank's operations.
 
This action marks the third time that S Alam Group, which previously held control of SIBL, has seen its board replaced by the central bank. The newly appointed board includes both shareholder representatives and independent directors, reflecting a push for improved governance.
 
The members of the new board are: Major (retd) Dr. Rezaul Haque, representing shareholders; independent directors Maksuda Begum, former Executive Director of Bangladesh Bank; Dr. M. Sadikul Islam, Professor at the Department of Finance at Dhaka University; Md. Murshed Alam Khondker, former Deputy Managing Director of Rupali Bank; and Anowar Hossain FCA, a Chartered Accountant.
 
The Banking Regulation and Policy Department (BRPD) of the central bank issued a notification on Sunday that formally dissolved the S Alam-nominated board and appointed the new board members. The notice was sent to SIBL's Managing Director for immediate implementation.
 
In its notification, Bangladesh Bank stated that the decision was made to safeguard the interests of depositors and to ensure good governance within the bank.