Al-Arafah Islami Bank today decided to send its managing director, Farman R Chowdhury, along with three other officials, on forced leave for the next three months.

The board of directors of the bank took the decision at a meeting.

Khwaja Shahriar, independent director and chairman of the board, sent a letter to the managing director stating that the board of directors had reviewed the special inspection report issued by Bangladesh Bank concerning various issues and operations of Al-Arafah, with special focus on the agent banking division.

"The inspection findings held you and a number of your team members accountable for certain irregularities and lapses in governance and oversight", the letter read.

"In light of the seriousness of the central bank's findings, and in order to ensure a fair, impartial, and unhindered investigation, the board of directors had unanimously resolved to place you on forced leave with immediate effect from today (end of business) for the next three (3) months."

Mohd. Rafat Ullah Khan, additional managing director of the bank, has been assigned to assume the responsibilities of the managing director.

The other three officials who were sent on forced leave are the bank's Deputy Managing Director (DMD) Muhammed Nadim; DMD and Head of the Information Technology Department Md Aminul Islam Bhuiyan and Head of the Treasury Department Mohammad Abdul Mobin.

Following the political changeover in August last year, Bangladesh Bank dissolved the bank's board of directors led by Abdus Samad Labu and appointed a five-member interim board in its place.

Labu, the former chairman of Al-Arafah Islami Bank, is the vice-chairman of the controversial S Alam Group and the brother of its chairman, Mohammed Saiful Alam.