Mohammad Ayub Mia, the inaugural chairman of the state-owned Combined Islami Bank, tendered his resignation on Monday, 16 March. He submitted his resignation directly to the Secretary of the Financial Institutions Division under the Ministry of Finance.
In an exclusive interview with Dhaka Post, Mohammad Ayub Mia explained, “I have resigned today due to purely personal reasons. At my age, I no longer feel inclined to shoulder such responsibilities and wish to spend my remaining time in peace.”
A former secretary to the Government of Bangladesh, Mohammad Ayub Mia was appointed as the first chairman of the newly formed bank on 7 December of last year, shortly after the institution began its operations.
Background of the Bank’s Formation
The Combined Islami Bank was created in response to an urgent financial situation in the country. Following the fall of the Awami League government on 5 August 2024, the caretaker administration merged five prominent Islamic banks — Exim Islami Bank, Social Islami Bank, First Security Islami Bank, Union Bank, and Global Islami Bank — into a single state-owned entity. The primary goal was to resolve the financial difficulties these banks faced and to ensure depositors could recover their funds.
The newly established bank commenced operations with a total capital of BDT 35,000 crore. Of this, BDT 20,000 crore came from the government, while the remaining BDT 15,000 crore was sourced from depositors’ funds. In addition, a special deposit insurance fund was created to provide BDT 2 lakh to each of approximately 7.8 million depositors, amounting to a total of BDT 12,000 crore.
Key Information about Combined Islami Bank
| Category | Details |
|---|---|
| Formation Date | 5 August 2024 |
| Number of Merged Banks | 5 (Exim, Social, First Security, Union, Global) |
| Total Capital | BDT 35,000 crore |
| Government Contribution | BDT 20,000 crore |
| Depositors’ Contribution | BDT 15,000 crore |
| Number of Depositors | ~7.8 million |
| Insurance Payout from Fund | BDT 2 lakh per depositor, total BDT 12,000 crore |
Following Mohammad Ayub Mia’s resignation, government discussions are underway regarding the appointment of a new chairman. This role is seen as critical for maintaining the bank’s corporate governance and safeguarding the interests of depositors.
Having been launched after extensive preparations, the Combined Islami Bank aims to play a pivotal role in stabilising the nation’s financial sector, particularly during periods of transitional government. The bank intends to restore public confidence, ensure the stability of Islamic banking, and contribute actively to the country’s economic reconstruction through a gradual expansion of its operations.