Bangladesh Bank has clarified that depositors of the five banks currently undergoing consolidation will have to exercise patience, as there will be no immediate access to their funds. The central bank emphasised that no withdrawals will be possible before the end of the current year.
Arif Hossain Khan, Executive Director and official spokesperson of Bangladesh Bank, stated on Saturday, “Depositors should not expect to access their funds this year. The exact date for the commencement of withdrawals has not yet been determined.” He further explained that a process is being designed to allow depositors to withdraw up to Tk 2 lakh, but this facility will not be operational immediately.
Mr Khan also categorically dismissed recent social media reports claiming that withdrawals would begin on Monday, 29 December, describing them as “baseless and untrue.” He urged the public not to be misled by such misinformation circulating across various platforms.
The five banks involved in the merger—First Security Islami Bank, Global Islami Bank, Social Islami Bank, EXIM Bank, and Union Bank—are being consolidated into a single entity, now named Sammilito Islamic Bank PLC. Sources familiar with the process indicate that the transfer of account data to the new bank is in its final stages and is expected to be completed within the next week.
Once the data migration is completed, the following procedures will apply:
| Feature | Details |
|---|---|
| Account transfer | All existing accounts will be automatically transferred to Sammilito Islamic Bank PLC without the need for new applications or additional formalities. |
| Withdrawal limit | Depositors will be able to withdraw up to Tk 2 lakh using their existing chequebooks. |
| Remaining balance | Any funds above the Tk 2 lakh limit will remain secure in the account, with profits continuing to accrue at prevailing rates. |
Mr Khan reiterated that the central bank is committed to ensuring a safe and seamless transition for all depositors while protecting their funds.
The controlled withdrawal facility and the bank merger form part of a broader initiative to stabilise the banking sector, which has faced liquidity challenges due to prior irregularities. These measures are designed to safeguard depositors’ interests, ensure financial stability, and restore confidence in the banking system.
By consolidating the banks and implementing a phased withdrawal system, authorities aim to strike a careful balance between accessibility of funds and the long-term sustainability of the newly formed institution.