Protests by depositors demanding full repayment continue unabated outside the central bank. A group of depositors from five Shariah-compliant banks, acting in a united front, has been staging a sit-in in front of the main entrance of Bangladesh Bank. They are calling not only for the complete return of their principal and accrued profit but also for the annulment of the controversial “haircut” decision and the restoration of normal banking operations.
The demonstration began on Thursday, 5 March, at around 11:00 am, with participants arriving from various districts. Protesters allege that many depositors have been unable to access their savings for a prolonged period, leaving them in severe financial distress. Families are reportedly struggling to cover essential expenses, including medical care and education, as well as everyday household needs.
The depositors claim that during the tenure of the former governor of Bangladesh Bank, a decision was made to deduct profits from Shariah-based deposits of the five banks over the past two years, paying only four percent to account holders. They describe this measure as inhumane and unjust. According to the depositors, their original contracts entitle them to the full return of deposits along with profits.
Many participants have emphasised that for nearly two years, depositors have been unable to withdraw either principal or profit. This has placed countless families in financial uncertainty, leaving some unable to afford medical treatment or children’s schooling. They argue that this constitutes a severe injustice to ordinary depositors.
The main demands raised by the protesters are summarised in the table below:
| Demand Number | Details |
|---|---|
| First Demand | Annul the decision to deduct profit from deposits |
| Second Demand | Full repayment of deposits along with profits for 2024 and 2025, as per original contracts |
| Third Demand | Resume all operations of the unified Islamic Bank and return funds from matured savings schemes in accordance with regulations |
The depositors have issued an ultimatum to Bangladesh Bank, urging immediate compliance with their demands. They have warned that if their grievances are not addressed within the stipulated time, they will escalate the protest with a full blockade of Bangladesh Bank on 12 March.
In response, the new governor, Mohammad Mostakur Rahman, affirmed that the unified Islamic Bank, formed by merging the five Shariah-compliant banks, will continue operations. He noted that measures are being taken to restore financial discipline and that investigations will proceed against anyone implicated in embezzlement. Any proven misconduct will be addressed under the law.
Economists emphasise that swift, effective action is essential to restore depositor confidence. Failure to do so could deepen the crisis of public trust in the banking sector, potentially affecting the broader financial stability of the country.