The Sammilito Islami Bank PLC, established through the merger of five Shariah-based banks, formally began operations on 2 December. Former secretary Mohammad Ayub Miah assumed office as chairman after meeting Bangladesh Bank Governor Ahsan H Mansur. The new institution received its final approval and licence on 1 December.
Speaking to reporters after the meeting, Ayub described the launch of a government-owned Islamic bank as a positive development for the nation. He said that a technical team is working swiftly to ensure a strong administrative and institutional structure for the bank. Restoring depositor confidence remains the institution’s top priority so that it can emerge as a secure and dependable financial organisation.
Ayub added that his discussion with the governor included an extensive review of policy guidelines, strategic direction, legal framework and the progress of the consolidation process. He confirmed that all remaining formalities for the legal merger of the five banks will be completed soon.
At a special board meeting chaired by Governor Mansur last Sunday, it was resolved that five troubled Islamic banks—First Security Islami Bank, Global Islami Bank, Social Islami Bank, Exim Bank and Union Bank—would be merged to form the new entity. Bangladesh Bank subsequently issued the formal licence.
The bank has started operations from its head office at Sena Kalyan Bhaban in Motijheel. The central bank has announced that Governor Mansur will officially inaugurate the Sammilito Islami Bank during a press conference scheduled for Thursday.
The paid-up capital of the new bank has been set at Tk35,000 crore. Of this, Tk20,000 crore will be provided by the government, with the remaining Tk15,000 crore raised from depositor shares. The authorised capital has been fixed at Tk40,000 crore. Bangladesh Bank expects the newly formed institution to bring long-term stability to the Islamic banking industry.
The refund of deposits up to Tk2 lakh is scheduled to begin next week. A separate set of guidelines and a time-based roadmap are being prepared for reimbursing larger deposits. Officials have indicated that higher-value refunds will be made in phases to ensure smooth and secure repayment.
Information Table
| Item | Details |
|---|---|
| Name of institution | Sammilito Islami Bank PLC |
| Former banks | First Security Islami, Global Islami, Social Islami, Exim, Union Bank |
| Paid-up capital | Tk35,000 crore |
| Government portion | Tk20,000 crore |
| Depositors’ portion | Tk15,000 crore |
| Authorised capital | Tk40,000 crore |
| Refund process | Up to Tk2 lakh starting next week |
| Head office | Sena Kalyan Bhaban, Motijheel |
AJ