In a decisive move for Bangladesh’s evolving financial sector, the Ministry of Finance has formally sanctioned the appointment of Nabil Mustafizur Rahman as the Managing Director (MD) of the state-owned Sammilito Islami Bank PLC. This leadership transition marks a critical milestone for the newly established entity, which serves as a massive consolidation effort within the nation’s Shariah-compliant banking landscape.
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Government Sanction and Contractual Terms
The Financial Institutions Division (FID) of the Ministry of Finance issued a formal communiqué last Sunday to the Chairman of Sammilito Islami Bank, confirming the government’s endorsement of Mr Rahman. According to the directive, he will serve a three-year term on a contractual basis, commencing from his official date of joining.
The appointment process is being conducted in strict adherence to the Bank Company Act, 1991. Speaking on the matter, the Chairman of the Board of Directors, Mohammad Ayub Miah, confirmed on Tuesday that the board would formally present the appointment shortly. “We anticipate securing the final ‘No Objection Certificate’ (NOC) from Bangladesh Bank within the week,” he stated, indicating that the procedural handover is nearly complete.
A Career Defined by Strategic Risk Management
Mr Rahman brings over 31 years of robust banking experience to this role. An alumnus of the prestigious Institute of Business Administration (IBA) at the University of Dhaka, his professional trajectory has been marked by high-level leadership in risk and transaction banking.
| Feature | Details |
| Academic Background | IBA, University of Dhaka |
| Total Experience | 31+ Years |
| Recent Role | Additional Managing Director (AMD), UCB |
| Key Specialisms | Risk Management, Islamic Banking, Transactional Finance |
| Previous Leadership | DMD at BRAC Bank; Country Chief Risk Officer at Habib Bank |
The Scale of Sammilito Islami Bank PLC
Sammilito Islami Bank PLC is a unique financial titan, formed through the integration of five prominent institutions: EXIM Bank, Social Islami Bank, First Security Islami Bank, Global Islami Bank, and Union Bank. This merger was engineered to stabilise the Islamic banking sector and create a resilient, state-backed foundation.
The capital structure of this new entity is unprecedented in the domestic market:
Authorised Capital: 40,000 Crore BDT
Paid-up Capital: 35,000 Crore BDT
Government Contribution: 20,000 Crore BDT
Depositor Equity: 15,000 Crore BDT (converted from depositor shares)
Navigating the Road Ahead
Mr Rahman’s primary challenge will be harmonising the disparate corporate cultures of the five constituent banks while managing a staggering paid-up capital of 35,000 Crore BDT. As a state-owned entity, Sammilito Islami Bank is expected to be a primary vehicle for national infrastructure financing and Shariah-compliant liquidity. Given his extensive background as a Chief Risk Officer, Mr Rahman is widely viewed as the right candidate to navigate the complexities of this multi-bank integration.