BB rejects appointment of Chowdhury Manzoor Liaquat as MD of IFIL

The central bank rejected the appointment proposal of Chowdhury Manzoor Liaquat as the managing director and CEO of Islamic Finance and Investment Limited (IFIL), a non-bank financial institution.

“After assessing your application, we have decided not to give Chowdhury Manzoor Liaquat a no-objection certificate for the sake of the institution and the depositors,” said the Bangladesh Bank letter sent to the chairman of the board of directors of IFIL on Tuesday.

The BB advised the IFIL to bring a person who is transparent and has a positive image.

Presently, Liaquat is serving as the managing director of Union Capital Limited, another NBFI that is in severe financial troubles for mismanagement and irregularities, according to a BB official.

IFIL is a financial Institution incorporated in Bangladesh on February 27, 2001. It has an authorised capital of Tk 250 crore, out of which, Tk 134.28 crore is paid-up capital. The company went for public listing in 2005.