Sunday, 5th April 2026
Khabor Wala Desk
Published: 16th March 2026, 9:03 AM
Mohammad Ayub Mia, the inaugural chairman of the newly established state-owned Combined Islami Bank, has tendered his resignation, citing personal reasons.
On Monday, 16 March, he submitted his resignation to the Secretary of the Financial Institutions Division at the Ministry of Finance. Speaking to Dhaka Post, Mr Mia stated, “I am stepping down today due to personal considerations. At my age, I prefer not to take on heavy responsibilities and wish to spend the remaining years of my career in relaxation.”
Mr Mia, a former government secretary, had been appointed as the first chairman of the bank’s board of directors on 7 December last year. His appointment followed the government’s efforts to stabilise the financial sector by consolidating multiple struggling banks.
The formation of the Combined Islami Bank came in the wake of significant political and financial changes. Following the fall of the Awami League government on 5 August 2024, the interim administration took steps to secure depositors’ funds from five banks that were unable to honour their obligations. These banks—EXIM Bank, Social Islami Bank, First Security Islami Bank, Union Bank, and Global Islami Bank—were merged into the new institution.
The bank commenced operations with a total capital of BDT 35,000 crore, of which BDT 20,000 crore was provided by the government. The remaining BDT 15,000 crore is to be disbursed to cover depositors’ outstanding funds. Furthermore, deposit insurance schemes are being utilised to reimburse up to BDT 2 lakh per depositor, amounting to a total of BDT 12,000 crore for approximately 7.8 million depositors.
| Feature | Details |
|---|---|
| Formation Date | 5 August 2024 (merger completion) |
| Initial Chairman | Mohammad Ayub Mia |
| Total Capital | BDT 35,000 crore |
| Government Contribution | BDT 20,000 crore |
| Depositor Fund Coverage | BDT 15,000 crore |
| Deposit Insurance Disbursement | BDT 12,000 crore for ~7.8 million depositors |
| Merged Banks | EXIM Bank, Social Islami Bank, First Security Islami Bank, Union Bank, Global Islami Bank |
The resignation of Mr Mia marks the first leadership transition for the Combined Islami Bank, which remains under close government supervision as it continues the complex process of integrating the assets and liabilities of its five predecessor banks.
Observers suggest that the next chairman will face significant challenges in stabilising the merged entity and ensuring the smooth recovery of depositor funds while maintaining operational continuity.
Comments