The Sammilito Islami Bank PLC, formed through the merger of five Shariah-based banks, officially commenced operations on 2 December. Former secretary Mohammad Ayub Miah assumed the role of chairman after meeting Bangladesh Bank Governor Ahsan H Mansur. The bank received its final approval and licence on 1 December.
Addressing the media after assuming office, Ayub stated that the establishment of a government-owned Islamic bank marks a positive development for the nation’s financial sector. He noted that a technical team has already started working to strengthen the institutional framework of the new entity. Rebuilding the trust of depositors will be the foremost objective so that the institution becomes a national symbol of reliability.
Ayub added that during his meeting with the governor, several issues—including the bank’s vision, mission, policy framework and operational roadmap—were reviewed in detail. He confirmed that the legal procedures required to complete the merger of the five banks, as well as other operational preparations, will progress swiftly.
A special board meeting chaired by Governor Mansur last Sunday decided that five troubled Islamic banks—First Security Islami Bank, Global Islami Bank, Social Islami Bank, Exim Bank and Union Bank—would be merged to form a single new institution. Following the decision, Bangladesh Bank formally issued the licence.
The Sammilito Islami Bank has begun functioning from its head office at Sena Kalyan Bhaban in Motijheel. Governor Mansur is set to formally inaugurate the bank during a press conference scheduled for Thursday.
The bank’s paid-up capital has been fixed at Tk35,000 crore, with the government contributing Tk20,000 crore and depositors providing the remaining Tk15,000 crore through shares. The authorised capital has been set at Tk40,000 crore. The central bank expects the consolidated institution to play a vital role in stabilising the Islamic banking sector.
The refund of deposits up to Tk2 lakh will begin next week. A separate roadmap is being prepared for returning larger deposits in phases to ensure security and confidence for all depositors.
Information Table
| Item | Details |
|---|---|
| Institution | Sammilito Islami Bank PLC |
| Merged banks | First Security Islami, Global Islami, Social Islami, Exim, Union Bank |
| Paid-up capital | Tk35,000 crore |
| Government contribution | Tk20,000 crore |
| Depositors’ share | Tk15,000 crore |
| Authorised capital | Tk40,000 crore |
| Refund commencement | Up to Tk2 lakh next week |
| Head office | Sena Kalyan Bhaban, Motijheel |
AJ