Bangladesh Bank has approved the final license for the newly formed 'Combined Islamic Bank', created through the merger of five struggling Islamic banks — First Security Islami Bank, Global Islami Bank, Social Islami Bank, EXIM Bank, and Union Bank. Former senior secretary Dr. Mohammad Ayub Mia has been appointed as the chairman of the new state-owned institution, which is set to begin full operations in early December. The merger was initiated after repeated liquidity support failed to stabilize the financial conditions of the individual banks, whose share prices and net asset values had sharply declined. The new bank will have a paid-up capital of Tk 35,000 crore, with Tk 20,000 crore contributed by the government and Tk 15,000 crore from depositors’ shares. The authorized capital has been set at Tk 40,000 crore. The initiative aims to restore stability and confidence in the country’s Islamic banking sector.