In a landmark development for the Bangladeshi financial landscape, the Ministry of Finance has formally endorsed the appointment of Nabil Mustafizur Rahman as the Managing Director (MD) of the state-owned Sammilito Islami Bank PLC. This strategic leadership choice comes at a pivotal moment for the newly established institution, which represents a massive consolidation effort within the nation’s Shariah-compliant banking sector.
A Government-Sanctioned Mandate
The Financial Institutions Division (FID) of the Ministry of Finance issued a formal communiqué last Sunday to the Chairman of Sammilito Islami Bank, confirming the government’s approval of Mr Rahman’s candidacy. According to the directive, his tenure will span three years on a contractual basis, commencing from the date he officially assumes his duties.
The appointment process adheres strictly to the Bank Company Act, 1991. Speaking on the matter, the Chairman of the Board, Mohammad Ayub Miah, confirmed on Tuesday that the board would deliberate on the appointment shortly. “We anticipate securing the final ‘No Objection Certificate’ (NOC) from Bangladesh Bank within the week,” he noted, indicating that the transition is reaching its final procedural stages.
Professional Profile: Nabil Mustafizur Rahman
With a distinguished career spanning over 31 years, Mr Rahman is regarded as a heavyweight in the regional banking circuit. An alumnus of the prestigious Institute of Business Administration (IBA) at the University of Dhaka, his expertise is particularly noted in risk management and Islamic financial operations.
| Feature | Details |
| Education | IBA, University of Dhaka |
| Total Experience | 31+ Years |
| Previous Role | Additional Managing Director (AMD), UCB |
| Key Specialisms | Risk Management, Islamic Banking, Transaction Banking |
| Past Leadership | DMD at BRAC Bank; Country Chief Risk Officer at Habib Bank |
The Architecture of Sammilito Islami Bank
Sammilito Islami Bank PLC is a unique mega-entity born from the integration of five prominent institutions: EXIM Bank, Social Islami Bank, First Security Islami Bank, Global Islami Bank, and Union Bank. This merger was designed to stabilise the sector and provide a robust, state-backed foundation for Islamic finance in Bangladesh.
The financial scale of this new bank is unprecedented in the domestic market:
Authorised Capital: 40,000 Crore BDT
Paid-up Capital: 35,000 Crore BDT
Government Contribution: 20,000 Crore BDT
Depositor Equity: 15,000 Crore BDT (sourced from converted shares)
The Road Ahead
Mr Rahman’s primary challenge will be the cultural and operational integration of the five constituent banks while overseeing a paid-up capital of 35,000 Crore BDT. As the government holds the majority stake, the bank is expected to play a critical role in national infrastructure projects and providing Shariah-compliant liquidity. His extensive background in risk management at UCB and BRAC Bank will be essential in navigating the complexities of this multi-bank merger and ensuring the long-term stability of Sammilito Islami Bank.