Al-Arafah Islami Bank Faces Crisis Over Allegations of Nepotism in MD Appointment Al-Arafah Islami Bank PLC (AIBL), a Shari’ah-based private sector bank listed on the stock exchange, is facing serious allegations of irregularities, nepotism, and conflicts of interest against its top management and board of directors. The bank’s overall stability is severely threatened, particularly due to controversial decisions that violate established norms regarding the appointment of the Managing Director (MD) and new staff recruitment. Controversy Over MD Appointment • Job Circular: On September 2, AIBL published an advertisement in the…
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