Dhaka, May 24, 2026 — The Daily Corporate Desk
Islami Bank Bangladesh PLC Chairman Professor Dr. M Zubaidur Rahman has resigned from his position amid ongoing pressure and internal tensions surrounding the bank’s governance and leadership structure.
According to sources, Dr. Rahman submitted his resignation letter to the Governor of Bangladesh Bank on Sunday, the final working day before Eid holidays. He was appointed chairman by the central bank on July 23 last year following the resignation of former chairman Obayed Ullah Al Masud.
Meanwhile, a previously scheduled meeting of Islami Bank’s board of directors did not take place on Sunday following protests by the Islami Bank Conscious Customers Forum. The meeting was supposed to be held at the bank’s head office in Dilkusha, Dhaka.
There had also been discussions that the bank’s Managing Director Omar Faruk Khan, who is currently on mandatory leave, might resign during the board meeting. Earlier, Bangladesh Bank advised the bank to place him on a 49-day compulsory leave, which is set to end on May 31.
Omar Faruk Khan reportedly arrived near the bank’s head office on Sunday but was prevented from entering by protesters.
Islami Bank has remained under intense scrutiny since 2017, when S Alam Group took control of the bank amid allegations of large-scale irregularities and financial misconduct.
Following the political changes in August 2024, Bangladesh Bank dissolved and restructured the bank’s board of directors. Initially, a five-member board was formed under the leadership of former Sonali Bank and Rupali Bank Managing Director Obayed Ullah Al Masud as chairman.
However, Masud later resigned on July 17 last year amid allegations related to financial irregularities and is currently in jail, according to reports.
Earlier this year, after the BNP-led government assumed office, Bangladesh Bank removed director Abdul Jalil from the board in March, who was known as the only Jamaat-backed member on the board.
At the same time, Jamaat-leaning groups had reportedly objected to Dr. Zubaidur Rahman’s appointment from the beginning. In recent weeks, protesters under the banner of the Islami Bank Conscious Customers Forum organized demonstrations and human chains demanding the chairman’s resignation.
The protesters have also called for the resignation of Additional Managing Director Dr. M Kamal Uddin Jasim, alleging governance concerns within the bank’s top management.
Source: Samakal
