Bangladesh Bank has granted final approval for the merger of five struggling Islamic banks—First Security Islami Bank, Social Islami Bank, Union Bank, Global Islami Bank, and EXIM Bank—into a new entity named 'Combined Islamic Bank'. The decision, endorsed at the central bank’s board meeting on November 30, marks the official launch of the country’s largest state-owned Islamic bank. The Ministry of Finance had earlier provided preliminary approval on November 9, following which necessary legal and administrative procedures were completed. The new bank’s board will consist of seven members, chaired by Nazma Mobarek, Secretary of the Financial Institutions Division. Independent directors will include professional bankers, accountants, and lawyers. The central bank announced that depositors can withdraw up to 200,000 taka, with small depositors receiving top priority. Detailed policies on interest rates, salary structures, and repayment schemes will be announced soon. The merger aims to stabilize the Islamic banking sector and protect depositors’ interests.