A year after political change, financial transactions in the banking sector have still not returned to normal. Many customers remain unable to withdraw their deposits, even during emergencies. The central bank says normalcy will return soon, but economists argue that relying on government funds without taking firm action against loan defaulters will not resolve the crisis.

Monir Hossain is among those struggling to access their own savings. His experience reflects that of nearly 9.2 million customers of five Sharia-based Islamic banks, weakened by years of irregularities, internal shortcomings and extensive loan defaults. These banks have recently been merged to form the Consolidated Islamic Bank.

According to Bangladesh Bank’s latest report, loans totalling more than Tk 18 lakh crore were disbursed up to last September, with nearly Tk 6.5 lakh crore classified as defaulted—around 36 per cent of total loans. Among these, 76 per cent of loans provided by Social Islami, Global Islami, First Security, Union and Exim Bank remain unpaid, amounting to around Tk 1.5 lakh crore.

In the midst of widespread frustration, Bangladesh Bank has assured depositors that the system will gradually stabilise, though complete recovery may require up to two years.

Central bank spokesperson Arif Hossain Khan said that once Tk 20,000 crore of repaid capital is available, customers will start receiving their funds. He noted that the process is time-consuming due to technical issues arising after the transfer of the bank licence, though no major legal barriers exist.

A former chief economist of Bangladesh Bank commented that returning depositors’ money is the greatest challenge and raised doubts about how much the government’s proposed Tk 35,000 crore investment will actually resolve the crisis.

Dr Mustafa K Mujeri stated that people save money so they can access it when necessary, yet many now cannot withdraw even two thousand taka. He described this hardship as unacceptable and damaging for the entire banking industry.

Dr Shahadat Hossain Siddique of the University of Dhaka highlighted that the banking system depends on trust. Failure to ensure normal operations erodes public confidence, and the government’s expenditure to stabilise the banks may remain difficult to recover.

The central bank also confirmed that depositors will continue to receive profit on their savings until the refund process is fully completed.