On the first day of the new year, customers of five long-troubled Islamic banks in Bangladesh began withdrawing money following their merger into the newly established Sammilit Islami Bank. Under the Bangladesh Bank’s resolution scheme, withdrawals of up to two lakh taka from current and savings accounts were allowed starting Thursday. Branches reported smooth transactions without major crowds as customers accessed their funds after a prolonged suspension.
The merged institutions—Social Islami Bank, First Security Islami Bank, Union Bank, Global Islami Bank, and EXIM Bank—have transferred their assets, liabilities, and staff to Sammilit Islami Bank, headquartered at Sena Kalyan Bhaban in Dhaka’s Motijheel. The central bank’s scheme set the new bank’s authorized capital at Tk 40,000 crore and paid-up capital at Tk 35,000 crore, with the government contributing Tk 20,000 crore as Class A shares.
Depositors can withdraw up to Tk 2 lakh at once, and for larger deposits, Tk 1 lakh every three months for up to two years. Fixed depositors outside financial institutions may also access investment or loan facilities up to 20 percent of their balances.