Published: 09:55 PM, 15 July 2026 Last Update: 09:57 PM, 15 July 2026
Finally Central Bank Rescues Al Arafah Board
Hope and confidence have been restored at last among depositors as Bangladesh Bank (BB) has dissolved the controversial board of directors of Al Arafah Bank PLC and reorganized the bank's top management with efficient and upright officials through an order dated 15 July 2026 bearing reference number BRPD2(BMMA)651/9(19)DA/2026-2929.
It may be recalled that The Asian Age published two investigative reports on the anomalies, graft and mismanagement in Al Arafah Bank headlined "Al Arafah Is Becoming Another People's Leasing, Fear Depositors" dated 8 June 2026 and another news coverage titled "Is Al Arafah A Den of Malpractices and Financial Scams" dated 5 July 2026.
The central bank's decision has lighted up optimism and trust in the minds of account holders and investors and it is being expected that Bangladesh Bank will be taking firm and faster steps over other banks too which are ridden with corruption and anarchy.
The reshuffled Al Arafah Bank board includes the following individuals--Badiur Rahman, Selim Rahman, Ahamedul Haque, Md. Rafiqul Islam, Mohammad Imadur Rahman, Nazmul Ahsan Khaled, Khalilur Rahman, Anwar Hussain, Mohammad Abdus Salam, Liakat Ali Chowdhury, Md. Enayet Ullah, Mahbub Ahmed, Farid Uddin Ahmed and Mohammad Sharif Uddin Taslim.
The other independent directors of the board are Md. Shahin Ul Islam, Khaza Shahriar, Md. Abdul Wadud, M. Abu Yusuf, and Mohammad Ashraful Hasan. These directors will also remain on the new board. However, all the directors of the board will now collectively appoint a new chairman.
Meanwhile, sources mentioned that to ensure transparency, Bangladesh Bank wants to guarantee good governance in the bank through independent directors.
The new board is being held in high esteem and immense prospects to reinstate Al Arafah Bank's golden age very soon.
