Sammilito Islami Bank Begins Operations; Refund of Up to Tk2 Lakh to Start Next Week

The Sammilito Islami Bank PLC, created through the merger of five Shariah-based banks, formally commenced its operations on 2 December. Former secretary Mohammad Ayub Miah assumed office as the chairman of the newly established institution after meeting Bangladesh Bank Governor Ahsan H Mansur on the same afternoon. The bank had received its final approval and licence on 1 December.

Speaking to the media after the meeting, Ayub described the establishment of a government-owned Islamic bank as an encouraging development for the nation. He noted that a dedicated technical team has already begun work to ensure a firm institutional foundation for the organisation. According to him, restoring depositors’ trust will be the central priority, ultimately transforming Sammilito Islami Bank into a symbol of reliability across the country.

Ayub further stated that discussions with the central bank governor focused on refining the bank’s vision, mission, legal framework and operational roadmap. He also confirmed that the procedural tasks required for the bank’s full operationalisation—as well as the legal merger of the five institutions—will now move ahead in an organised manner.

A special board meeting, chaired by Governor Mansur on Sunday, resolved that five troubled Islamic banks—First Security Islami Bank, Global Islami Bank, Social Islami Bank, Exim Bank and Union Bank—would be combined into a single new entity. The central bank subsequently issued the formal licence.

The bank has already begun its official operations from its head office at Sena Kalyan Bhaban in Motijheel. Bangladesh Bank announced that Governor Mansur will inaugurate the institution officially at a press conference on Thursday.

The new bank has been established with a paid-up capital of Tk35,000 crore, of which the government will contribute Tk20,000 crore, while the remaining Tk15,000 crore will come from depositors’ shares. The authorised capital has been set at Tk40,000 crore. Bangladesh Bank expects the consolidated institution to play a crucial role in restoring stability to the Islamic banking sector.

Meanwhile, the process of refunding deposits up to Tk2 lakh will begin next week, while a detailed roadmap is being prepared for returning larger deposits.

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