Five struggling Islamic banks—Exim, Social Islami, First Security Islami, Union, and Global Islami—were merged under the interim government to form the state-owned Sammilit Islami Bank. However, the bank’s chairman has resigned, and the appointed managing director has not joined. In the two months since the new government took office, no progress has been made on leadership appointments, branch consolidation, or IT integration, leaving depositors anxious about the bank’s future.

The merger was initiated under the 2025 Bank Resolution Ordinance, with the government contributing Tk 20,000 crore in capital and depositors receiving Tk 15,000 crore in shares. Yet, a recent legal amendment allowing former owners to regain control has reignited depositor unrest. Administrators report stalled operations, rising withdrawal pressure, and a lack of clear direction from Bangladesh Bank. Governor Mostakur Rahman has acknowledged that the government has not reached a final decision on the banks’ fate.

Experts warn that prolonged indecision could worsen financial instability. They stress that any move to return ownership to previous controllers must ensure accountability for past mismanagement and protect depositor confidence.