Bangladesh Bank has handed back control of Al-Arafah Islami Bank to its previous owners, reinstating 14 entrepreneur directors to the bank’s board. The central bank issued an official letter to the bank’s managing director on Wednesday confirming the decision. Five independent directors appointed earlier by Bangladesh Bank will remain on the board.

According to Arif Hossain Khan, executive director and spokesperson of Bangladesh Bank, the decision was made because the bank’s financial condition has improved compared to before. He noted that while other banks with dissolved boards have not been able to locate their original entrepreneurs, Al-Arafah Islami Bank’s situation is different, allowing the return of control to its previous owners.

The reinstated entrepreneur directors include Badiur Rahman, Selim Rahman, Ahamedul Haque, Rafiqul Islam, Imadur Rahman, Nazmul Ahsan Khaled, Khalilur Rahman, Anwar Hossain, Abdus Salam, Liaquat Ali Chowdhury, Enayet Ullah, and representatives from KDS Garments, KDS Textile, and KY Steel Mills.