Islami Bank Bangladesh Limited (IBBL) has brought a major change in its top brass, appointing Arastoo Khan as the chairman of its board of directors. Khan, a former secretary and the chairman of Bangladesh Commerce Bank Limited, resigned from his Commerce Bank position after being elected the IBBL chair.
Among other major shuffle, Yousif Abdullah Al Rajhi has been re-elected and Prof Syed Ahsanul Alam has been elected as vice-chairmen of the bank in the meeting of the IBBL board of directors held at a city hotel yesterday. Senior Deputy Managing Director Mahbubul Alam has been appointed as the acting managing director of the bank.
Besides, Executive Committee, Audit Committee and Risk Management Committee of the bank have been reformed with Major General (retd) Engineer Abdul Matin, Dr Md Zillur Rahman and Md Abdul Mabud as chairmen respectively, said a bank statement.
The changes were made after Chairman Mustafa Anwar, Vice-Chairman Azizul Haq, and Managing Director Mohammad Abdul Mannan stepped down on health grounds at the meeting of the board of directors yesterday.  Arastoo Khan was appointed chairman of Bangladesh Commerce Bank Limited on January 11 last year for three years.
A former Planning Commission member, Khan had been an additional secretary at the Economic Relations Division. He had also been at the finance ministry for a long time.
He also worked as director of several government and private banks, including IFIC Bank Limited, Karmasangstan Bank, and Agrani Bank.
The IBBL is the pioneer of Islamic banking in Bangladesh. It became incorporated on March 13, 1983 as a public limited company under the Companies Act 1913 with a 36.91 per cent local and 63.09 per cent foreign shareholders.
The IBBL has 307 branches, including three offshore banking units, as well as has 13,229 staffs, as of December 2015.
Having the largest private banking network, the IBBL is also the most profitable private bank in the country.