Mohammad Ayub Mia, the inaugural chairman of the newly formed state-owned Combined Islami Bank, resigned from his position on Monday, 16 March. He submitted his resignation directly to the Secretary of the Financial Institutions Division under the Ministry of Finance.
Speaking to Dhaka Post, Mr Mia stated, “I have resigned for purely personal reasons. I feel my age and circumstances make it difficult to continue in this role. I wish to spend the remaining period of my life in a more relaxed manner.”
A former senior government secretary, Mohammad Ayub Mia had been appointed as the first chairman of the bank’s board on 7 December last year, coinciding with the bank’s operational launch. His tenure was marked by overseeing the integration of five separate banks into a single institution.
Background of the Bank Formation
Following the collapse of the Awami League government on 5 August 2024, the interim administration initiated the merger of five prominent Islamic banks—EXIM Islami Bank, Social Islami Bank, First Security Islami Bank, Union Bank, and Global Islami Bank—into a single entity: Combined Islami Bank. This consolidation aimed primarily at resolving issues related to depositor refunds and restoring confidence among depositors.
The newly formed bank commenced operations with a total capital of BDT 35,000 crore. Of this, BDT 20,000 crore was directly injected by the government, while the remaining BDT 15,000 crore is to be sourced from depositors’ funds. Additionally, an insurance fund scheme has been implemented to reimburse up to BDT 2 lakh per depositor, covering approximately 7.8 million depositors, amounting to a total of BDT 12,000 crore.
Key Facts About Combined Islami Bank
| Subject | Details |
|---|---|
| Date of Formation | 5 August 2024 |
| Number of Merged Banks | 5 (EXIM, Social, First Security, Union, Global) |
| Total Capital | BDT 35,000 crore |
| Government Contribution | BDT 20,000 crore |
| Depositor Contribution | BDT 15,000 crore |
| Number of Depositors | Approximately 7.8 million |
| Insurance Fund Payout per Depositor | BDT 2 lakh, total BDT 12,000 crore |
Future Leadership and Strategic Outlook
Following Mr Mia’s resignation, discussions have already begun within government circles to appoint a new chairman. Authorities have emphasised the importance of this leadership transition in maintaining corporate governance and safeguarding depositor interests.
Despite the leadership change, Combined Islami Bank is expected to continue playing a crucial role in stabilising the country’s financial system, particularly in navigating economic management during interim government periods. Analysts note that the bank’s large depositor base and consolidated capital position it as a key instrument in promoting confidence in the Islamic banking sector while supporting broader economic stability.