The government is seeking a foreign strategic partner for Sammilito Islami Bank PLC to restore normal banking operations and strengthen its long-term business capacity. Qatar has already proposed investing in the bank following discussions during Prime Minister’s economic and planning adviser Dr Rashed Al Mahmud Titumir’s August 17–18 visit to Qatar. The government is also contacting potential investors in several other Islamic countries.

Sammilito Islami Bank was formed during the interim government by combining Exim, Social Islami, First Security Islami, Global Islami and Union Bank after prolonged irregularities and fraud prevented deposit repayments. The five banks hold deposits of about Tk142,000 crore from around 7.6 million depositors. Of their Tk192,000 crore in loans, 86 percent are classified as defaulted, while the capital shortfall exceeds Tk150,000 crore.

Individual account holders will be able to withdraw their full principal deposits from September 7, without profit payments, with applications accepted from Tuesday. The bank has filed about 10,000 cases to recover defaulted loans and formed a collection and recovery war room. Its management says it is preparing to resume regular transactions under directives from Bangladesh Bank and the board.