How Customers of Five Merged Islamic Banks Will Receive Their Money

Depositors of five troubled Islamic banks, which are being merged, will be able to reclaim their funds. According to Bangladesh Bank sources, repayments could begin this week.

Each depositor will be able to receive up to Tk200,000 per account. The funds will be disbursed from the deposit insurance fund managed by Bangladesh Bank. The banks involved are First Security Islami Bank, Global Islami Bank, Social Islami Bank, EXIM Bank, and Union Bank. The merged entity, named ‘Sammlito Islami Bank PLC’, will take over these five banks.

Bangladesh Bank is preparing a detailed scheme explaining the repayment process and eligibility. Depositors with balances exceeding Tk200,000 will initially receive a maximum of Tk200,000. The remaining balance will be addressed later with a newly determined profit rate. The measure primarily aims to address urgent needs of smaller depositors.

Several conditions apply. Even if an individual has multiple accounts at a bank, repayment will be based on one account linked to a valid national identity card. Only those with legitimate national identity cards are eligible. If a person has accounts across the five banks, they will receive repayment for each account. Any loans against deposits must be settled before funds are released.

Bangladesh Bank estimates that Tk12,000 crore will be required for repayments. The paid-up capital of the new bank has been set at Tk35,000 crore, including Tk20,000 crore from the government and Tk15,000 crore from the deposit insurance fund.

The new bank’s head office has been established at the Sena Kalyan Bhaban in Motijheel. The bank will strengthen its foundation through the appointment of skilled and experienced top executives and by implementing internationally standardised management policies.

Information:

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