Bangladesh’s financial landscape is poised for a transformative shift as the long-anticipated Sammilito Islami Bank prepares to commence operations next week. The announcement was formally confirmed by Bangladesh Bank Governor Dr Ahsan H Mansur during his address at the 4th Bangladesh Economic Conference, where he highlighted the consolidation as a landmark step towards strengthening the nation’s Islamic banking framework.
The new institution will emerge through the merger of five Shariah-based commercial banks, making it the largest Islamic bank in Bangladesh in terms of consolidated assets, customer base, and nationwide branch coverage. According to central bank officials, the merger process has reached its final stage, ensuring a seamless transition for depositors, employees, and shareholders. All regulatory, technical, and operational preparations are reportedly advancing in line with internationally recognised merger protocols.
Merged Institutions Forming Sammilito Islami Bank
| Bank Name | Type |
|---|---|
| Social Islami Bank | Shariah-based |
| Global Islami Bank | Shariah-based |
| First Security Islami Bank | Shariah-based |
| Union Bank | Shariah-based |
| EXIM Bank | Shariah-based |
Governor Mansur underscored that the creation of Sammilito Islami Bank reflects a broader strategy to stabilise weaker banks, improve sectoral governance, and enhance public confidence in Shariah-compliant financial services. He further noted that the consolidation will enable the new institution to mobilise larger capital reserves, strengthen liquidity, and expand its investment portfolio across emerging economic sectors.
In addition to bolstering the financial ecosystem, the Governor stated that the bank is expected to play a pivotal role in expanding financial inclusion, particularly among individuals and SMEs seeking ethical and interest-free banking solutions. The integration of technological innovation will be a major priority, with the bank set to adopt modern digital platforms to provide secure, efficient, and customer-centric services across both urban and rural regions.
Industry experts have welcomed the move, describing it as a timely intervention that aligns with global trends in sustainable Islamic finance. By merging five independent banks into a single robust entity, Bangladesh Bank aims to reduce systemic risk, improve management efficiency, and ensure that Shariah-based banking remains competitive in an evolving financial environment.
With the launch just days away, anticipation is building across the financial sector. Sammilito Islami Bank is expected not only to redefine the Islamic banking landscape but also to usher in a new era of confidence, stability, and innovation for millions of customers nationwide.
JD