Bangladesh Bank has handed the management of Al-Arafah Islami bank back to its former owners. 

As per the central bank directive, 14 new entrepreneur-shareholders were inducted into the bank's board of directors on Wednesday (July 15).

Bangladesh Bank Executive Director and Spokesperson Arif Hossain Khan confirmed the information to UNB.

Since August 2024, the bank had been functioning under a five-member body of independent directors. With the inclusion of these 14 individuals, the total number of directors now stands at 19. During the Awami League regime, Abdus Samad Labu, brother of S. Alam served as the chairman of Al-Arafah Islami bank.

The central bank spokesperson stated that among the 16 banks whose boards were previously dissolved by the BB, Al-Arafah Bank’s financial condition has shown improvement, prompting the reinstatement of its shareholder-directors.

He noted that while the entrepreneurs of other dissolved banks could not be traced, the situation was different for Al-Arafah Bank, which is why it has been handed back to them.

Among the 14 new board members, three are from the KDS Group. They are KDS Group Chairman Khalilur Rahman, KDS Garments representative director Mahbub Ahmed, and KDS Textile representative director Farid Uddin Ahmed.

The other directors included in the board are the bank’s former chairman Bodiur Rahman, Enayet Ullah (who contested the last election from Dhaka-7 representing Jamaat), Selim Rahman, Ahamedul Haque, Rafiqul Islam, Imadur Rahman, Nazmul Ahsan Khaled, Anwar Hossain, Abdus Salam, Liakat Ali Chowdhury, and Sharif Uddin Taslim, representing KY Steel Mills.

Following the fall of the Awami League regime, the central bank dissolved the board of Al-Arafah Islami Bank and appointed Khaja Shahriar as an independent director and chairman of the board.

The other independent directors on the board—Md. Shahin Ul Islam, Md. Abdul Wadud, M. Abu Yusuf, and Mohammad Ashraful Hasan—will also remain on the new board. Moving forward, all members of the newly formed board will collectively appoint a new chairman.