Dhaka: Vice-chairman of Islami Bank Bangladesh Limited (IBBL) Prof Syed Ahsanul Alam has been removed from his post.

The decision was taken at the 34th Annual General Meeting of the bank held at Kurmitola Golf Club in the city on Tuesday with IBBL Chairman Arastoo Khan in the chair.

After the meeting, the IBBL chairman briefed reporters on the meeting's outcome.

As per the decision taken at the AGM, the bank will now have only one vice-chairman and Yousif Abdullah Al-Rajhi, a foreign director of the bank, will continue with his post of vice-chairman.

However, Ahsanul Alam was not present at the AGM.

There were two posts of vice-chairman in the IBBL, the country's largest private bank, in the past.

Arastoo said Saudi Arabia-based Islamic Development Bank informed the AGM that it will sell out its 5.4 percent share from its existing 7.5 percent share.

Once the process is completed, the IDB will hold only 2.1 percent share in the IBBL, he said.

Representing IDB, IBBL Director Arif Suleiman who was present at the AGM also revealed the IDB's decision to sell out the share.

He, however, declined to make comments on other issues of the bank.

The IBBL witnessed a massive change in its board of directors on January 5 last when a hurriedly called meeting elected Arastoo Khan as its new chairman and made some new faces directors.

At the same meeting, then managing director Abdul Mannan and a number of directors had resigned from the bank.

Recently, a conflict among the bank directors came to light following statements and counter-statements by Ahsanul Alam and Arastoo Khan.

The IBBL has been the pioneer of Islamic banking in Bangladesh. It was founded on March 13, 1983 with shareholding from local and foreign entrepreneurs, business houses and international financial institutions.

The bank mobilises around 27 percent of the country's remittance and is listed with both Dhaka Stock Exchange and Chittagong Stock Exchange.