Dhaka, July 17 -- Al Masud on Thursday stepped down as chairman of Islami Bank, the country's largest private sector bank, amid probe into his alleged corruption, authorities said.

His resignation came after reports about his involvement in corruption and his connection to controversial businessman S Alam. He submitted the resignation letter to the bank's Board of Directors, which was formed by Bangladesh Bank following the country's political change last year.

Professor Zubaidur Rahman, the independent director of the Board of Directors of Islami Bank Bangladesh, is likely to be appointed as the new Chairman. The process of his appointment is underway, according to sources at the central bank.

After the Bangladesh Financial Intelligen...