Dhaka, September 2 — The Bangladesh Bank has dissolved the board of directors of First Security Islami Bank (FSIB) and appointed a new board comprising five independent directors. This decision was made official through an order issued on Sunday.

The newly formed board will be chaired by Mohammad Abdul Mannan, the former Managing Director of Islami Bank. The other independent directors appointed are Dr. Azizur Rahman, former Executive Director of Bangladesh Bank; Abdul Qudduch, former Deputy Managing Director of Uttara Bank; Dr. Saiful Alam, Associate Professor in the Department of Accounting and Information Systems at Dhaka University; and Md. Ragib Ahsan, a Chartered Accountant.

This move comes as part of a broader initiative by the central bank to strengthen governance in the banking sector. Previously, the Bangladesh Bank dissolved and restructured the boards of seven other banks: Islami Bank Bangladesh, Social Islami, Global Islami, Union, National Bank, UCB, and Exim Bank. Six of these banks, including FSIB, were under the control of S. Alam Group but have now been freed from this control following the central bank's intervention.

The restructuring of FSIB’s board reflects ongoing efforts by Bangladesh Bank to enhance oversight and ensure stability within the country’s financial institutions.