Sammilita Islami Bank Technical Work Delays Depositor Payments

Bangladesh Bank Governor Ahsan H. Mansur has confirmed that depositors of the newly established Sammilita Islami Bank will need to wait an additional 7 to 15 days to access their funds. The delay, he explained, is due to ongoing technical work required to transfer customer deposits safely into individual accounts.

The governor made the announcement on Wednesday afternoon following a meeting with Economic Adviser Salehuddin Ahmed at the Secretariat. Earlier in the day, the first board meeting of Sammilita Islami Bank had been convened at Bangladesh Bank, chaired by the bank’s chairman, Mohammad Ayub Mia. Other board members attended the session alongside senior officials from Bangladesh Bank and the Ministry of Finance. Following the formal proceedings, the new board of directors, under Ayub Mia’s leadership, held a separate meeting with the Economic Adviser, attended by Governor Mansur.

Speaking to reporters after the meeting, Governor Mansur stated that the transfer of funds would be made directly into depositors’ accounts. “It may take 7, 10, or 15 days. The technical work is currently underway,” he said. He further assured that the bank’s accounts have already been opened, and approximately BDT 20,000 crore remains deposited with Bangladesh Bank. “We want to ensure that there is no confusion over who receives their money. Funds will be transferred smoothly to the rightful accounts without any hassle,” Mansur added. Chairman Ayub Mia was present during the governor’s remarks.

When asked about the appointment of the bank’s new managing director, Ayub Mia replied that several applications had been received, with more time allotted for submissions. “This is a complex decision, and it requires careful consideration,” he noted.

According to an official statement issued by Bangladesh Bank, the board meeting reviewed the overall operations of Sammilita Islami Bank, its financial status, governance structure, risk management measures, and strategies for improving customer service. Emphasis was placed on implementing future work plans effectively. Board members also urged the bank to strengthen governance, enhance transparency, and adhere strictly to Islamic banking principles, pledging to make the institution more robust in the national interest.

The meeting addressed 17 key agenda items, including determining directors’ remuneration, finalising the bank’s formal inauguration date, and decisions regarding the official seal, logo, slogan, stationery, banners, and signage. It was confirmed that, like other banks, Sammilita Islami Bank’s financial year will run from January to December, with finalisation of the inauguration date, seal, and logo expected in subsequent board meetings. Director remuneration will remain pending for the time being.

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