Depositors of the five banks currently undergoing consolidation will have to exercise patience, as Bangladesh Bank has clarified that there will be no immediate release of funds.
Arif Hossain Khan, Executive Director and official spokesperson of Bangladesh Bank, stated on Saturday that depositors should not expect access to their funds within the current year. He added that a precise date for the commencement of withdrawals has yet to be determined.
“We are actively working on a framework to allow depositors to withdraw up to Tk 2 lakh, but this facility will not be operational immediately,” Arif said. He also categorically dismissed recent social media reports claiming that withdrawals would begin on Monday, 29 December, describing them as “baseless and untrue.”
The five banks involved in the merger—First Security Islami Bank, Global Islami Bank, Social Islami Bank, EXIM Bank, and Union Bank—are being consolidated into a single entity, now named Sammilito Islamic Bank PLC. According to sources familiar with the process, the transfer of account data to the new bank is in its final stages and is expected to conclude within the coming week.
Once the data migration is complete:
| Feature | Details |
|---|---|
| Account transfer | All existing accounts will be automatically moved to Sammilito Islamic Bank PLC without the need for new applications or additional formalities. |
| Withdrawal limit | Depositors will be able to withdraw up to Tk 2 lakh using their current checkbooks. |
| Remaining balance | Any funds exceeding the Tk 2 lakh limit will remain secure in the account, with profits continuing to accrue at prevailing rates. |
Arif Hossain Khan urged the public not to be swayed by misinformation circulating on social media or other platforms. “The central bank is committed to ensuring a smooth transition for all depositors while safeguarding their funds,” he added.
The controlled withdrawal facility and the merger itself form part of a broader effort to stabilise the banking sector, which has faced liquidity challenges due to previous irregularities. Authorities emphasise that these measures are designed to protect depositors’ interests while ensuring financial stability.