Bangladesh Bank Retains Islami Bank Chairman Despite Protests

Bangladesh Bank has confirmed that the newly appointed chairman of Islami Bank Bangladesh PLC, Md. Khorshid Alam, will remain in his post despite street protests demanding his resignation. Central bank spokesperson Arief Hossain Khan made the announcement on Monday following clashes outside the bank’s Motijheel headquarters.

On Monday morning, demonstrators rallying under the banner of the "Islami Bank Customers’ Forum" protested outside the head office, demanding the cancellation of Alam’s appointment. The situation escalated when police dispersed the crowd using batons, water cannons, tear gas, and sound grenades.

Addressing the unrest, Khan clarified that regulatory appointments are independent of street agitation.

“If Bangladesh Bank alters a decision today because of a protest, and a counter-group launches an agitation opposing that new decision, what will the central bank do? Bangladesh Bank will move at its own pace based on its independent procedures,” Khan told UNB, ruling out any policy reversal due to the demonstrations.

The central bank appointed Md. Khorshid Alam, a former Bangladesh Bank deputy governor, on the night of May 24. His predecessor, M Zubaidur Rahman, resigned earlier that same day after facing intense pressure from individuals identifying themselves as bank officials and customers. Sources confirm the bank's Managing Director is also currently on extended leave.

Meanwhile, Bangladesh Jamaat-e-Islami strongly condemned the police action. In a statement issued Monday, Jamaat-e-Islami Secretary General Mia Golam Porwar described the protest as a peaceful sit-in. Denouncing the unprovoked use of force, Porwar expressed solidarity with the demonstrators and termed their demands as logical and just.