Islami Bank Chairman Zubaidur Rahman resigns

Prof M Zubaidur Rahman, chairman of the private-sector lender Islami Bank Bangladesh PLC, has resigned amid growing pressure and protests within the bank.

Sources at the bank and Bangladesh Bank said Zubaidur Rahman submitted his resignation letter to the central bank governor on Sunday.

The Bangladesh Bank had appointed him as an independent director of Islami Bank in July 2025.

Following his appointment, he was elected chairman of the bank and had been serving in the role since then. At the time, economist Ahsan H Mansur was serving as governor of the central bank.

According to bank officials, the chairman had earlier gone abroad on a one-and-a-half-month leave on the condition that he would attend meetings online. At the same time, the bank’s managing director, Omar Faruk Khan, was also sent on leave.

Their leave applications were approved at a meeting of the bank’s board of directors on 12 April.

Officials said a board meeting of Islami Bank was scheduled to be held at the bank’s head office on Sunday.

However, before the meeting, a group of customers and some bank officials gathered in front of the head office and staged protests demanding the resignation of Managing Director Omar Faruk. Protesters also demanded the resignation of Chairman Zubaidur Rahman.

Meanwhile, a source at the bank confirmed that Managing Director Omar Faruk, who remains on leave, has also submitted his resignation letter to the bank’s board of directors.

However, no decision regarding his resignation could be made as the board meeting was eventually cancelled.