Islami Bank sends its MD Munirul on forced leave

The board of directors of Islami Bank Bangladesh PLC has decided to place its managing director, Mohammed Monirul Moula, on a three-month compulsory leave following an external audit that reportedly uncovered his involvement in various irregularities. 

The decision was made during a board meeting held on Sunday (April 6).  

A member of the board of directors revealed that there had been longstanding demands to remove Munirul Maula from the post of managing director since the new board took office. However, action was delayed pending the finalisation of the external auditor’s report. 

Now, with the audit nearing completion, significant irregularities have come to light.  

The audit findings reportedly include allegations of loan fraud involving the S Alam Group and the Nabil Group, among other financial discrepancies. 

These revelations prompted the board to take immediate action by placing Munirul Moula on leave.  

Once hailed as the largest and most robust private-sector bank in Bangladesh, Islami Bank has seen a marked decline in its financial health and reputation in recent years. 

Senior officials within the institution attribute part of this decline to Munirul Moula’s leadership and alleged involvement in irregularities.  

According to a senior official, “Islami Bank was once considered the best financial institution in the country. Now it is identified as ‘weak.’ One of the key figures behind this deterioration is Munirul Moula.”  

The same official pointed out that Munirul Moula’s influence grew significantly after the S Alam Group took control of the bank in January 2017. 

Since then, allegations have surfaced regarding his role in facilitating financial irregularities, including the withdrawal of Tk 91,000 crore from the bank’s reserves.  

Munirul Moula’s career trajectory within Islami Bank has been described as rapid but controversial. After the S Alam Group assumed control of the bank, Moula, who resides in Chattogram, allegedly became deeply entrenched in the group’s operations. 

With the backing of the S Alam Group, he was quickly promoted through the ranks—first appointed as Additional Managing Director and later as Managing Director in December 2020.  

Critics argue that his rise was facilitated by influential figures, including former Bangladesh Bank Governor Fazle Kabir and certain officers from an intelligence agency, who played roles in the controversial takeover of Islami Bank by the S Alam Group in 2017.  

“We are committed to addressing these issues head-on,” said a board member. “This is just the first step toward rectifying the damage and rebuilding trust in Islami Bank.”