Protests by depositors demanding full repayment continue relentlessly outside the main offices of Bangladesh Bank. A coalition of account holders from five Shariah-compliant banks has been conducting a sit-in in front of the central bank’s headquarters, pressing not only for the complete return of their principal and accrued profits but also for the reversal of the controversial “haircut” decision and the restoration of normal banking services.
The demonstration commenced on Thursday, 5 March, at approximately 11:00 am, with participants travelling from multiple districts. Protesters allege that thousands of depositors have been unable to access their savings for extended periods, leaving families in acute financial distress. Many households reportedly struggle to meet basic necessities such as medical care, children’s education, and day-to-day living expenses.
The account holders claim that under the tenure of the former governor of Bangladesh Bank, a policy was implemented to reduce profits on Shariah-based deposits held at the five banks over the past two years, providing only four per cent to depositors. They have described the measure as both unjust and inhumane, arguing that their original deposit contracts guarantee full repayment along with contractual profit.
Protesters stress that for nearly two years, both principal and profits have remained inaccessible, generating significant uncertainty for ordinary families. Several depositors reported being forced to defer medical treatments and withdraw children from schools due to the unavailability of funds, underscoring the social and economic consequences of the policy.
The primary demands of the demonstrators are outlined in the table below:
| Demand Number | Details |
|---|---|
| First Demand | Annul the decision to deduct profit from deposits |
| Second Demand | Full repayment of deposits and profits for 2024 and 2025, in line with original contracts |
| Third Demand | Resume all operations of the unified Islamic Bank and release funds from matured savings schemes according to regulations |
The depositors have issued an ultimatum to Bangladesh Bank, calling for immediate compliance. They have warned that if their concerns are not addressed by the deadline, they will escalate the protest, including a full blockade of the central bank on 12 March.
Responding to the ongoing unrest, the new governor, Mohammad Mostakur Rahman, assured that the unified Islamic Bank, established through the merger of the five Shariah-compliant banks, would continue its operations. He confirmed that measures are underway to restore financial discipline and that investigations will target any individuals implicated in embezzlement, with legal consequences for any proven misconduct.
Economists stress that urgent and decisive action is essential to restore depositor confidence. Failure to address the crisis could erode public trust in the banking sector and potentially destabilise the wider financial system of the country.