Maldives Islamic Bank’s CEO, MD Muhaimen fired

Maldives Islamic Bank’s (MIB) Chief Executive Officer (CEO), Managing Director Abul Ehtesham Abdul Muhaimen has been fired.

The Bank said its Chief Operating Officer Ahmed Riyaz has been appointed acting-CEO.

In a statement released, MIB said that the decision to fire Muhaimen was taken by its board of directors.

They further detailed that he was fired from his post following an independent inquiry, audit and process review of the allegations against him.

Muhaimen’s suspension over a case that the Bank was investigating was announced on October.

MIB said that they took note during the investigation that Muhaimen was unfit to carry out his responsibilities as stipulated in the laws and regulations regarding banking.

Muhaimen was appointed the CEO of MIB on January 17, 2019.  He is a Bangladeshi national who has previously served as the CEO, Managing Director of Bangladesh’s United Commercial Bank (UCB). Prior to that – he had also served as the CEO, Managing Director of one of the largest banks operating in Bangladesh – BRAC Bank limited.