Customers of Sammilito Islami Bank continued to withdraw their deposits through normal banking procedures on the second day of operations, with 14,000 depositors collecting a combined Tk670 crore from branches across the country over Monday and Tuesday.
The amount actually withdrawn was considerably lower than the value of applications submitted during the same period. A total of 37,600 customers applied to withdraw Tk2,345 crore over the two days, according to information from bank and Bangladesh Bank sources on Tuesday, 8 September.
A senior Bangladesh Bank official said 14,000 of those applicants ultimately collected their deposits. Withdrawals increased slightly on the second day, partly because some customers who had been unable to visit their branches on the first day came to collect their money on Tuesday.
The official said the bank was able to pay customers according to their requirements. The development suggests that branches have been able to maintain the withdrawal process while continuing routine banking services.
Sammilito Islami Bank Managing Director Md Abedur Rahman Sikder said the number of customers actually withdrawing money remained much lower than the number who had submitted applications. According to him, some depositors chose not to withdraw their funds after observing the bank’s overall transaction situation and returned without collecting their money.
He also said new deposit accounts were being opened at several branches. This indicates that, alongside the demand for withdrawals, some customers were continuing to use the bank for ordinary deposit services.
Sammilito Islami Bank was formed through the merger of five banks: First Security Islami Bank, Social Islami Bank, Union Bank, Global Islami Bank and EXIM Bank. The combined institution currently has 761 branches, giving it a substantial nationwide banking network.
The wider volume of withdrawal applications remains significant. Depositors of the five merged banks have submitted a total of 74,000 applications to withdraw their funds, with the claims amounting to Tk3,925 crore.
To facilitate repayments to depositors, Bangladesh Bank provided Tk5,000 crore to Sammilito Islami Bank on Sunday. The bank then distributed the necessary funds from its head office to different branches on Monday morning, enabling them to meet customers’ withdrawal requests.
The situation was visible at several branches in Dhaka on Tuesday. At branches in Motijheel, Paltan and Malibagh, depositors began arriving from the morning to withdraw savings accumulated over a long period. Many were able to complete the process through the usual banking procedures.
For customers who had been waiting to access their savings, receiving their money brought a sense of relief. The continuation of regular transactions at the branches also appeared to reassure depositors that banking services were operating normally.
The figures from the first two days show a clear difference between the amount requested and the amount actually withdrawn. While 37,600 customers sought Tk2,345 crore, 14,000 customers collected Tk670 crore. That means a substantial proportion of applicants have yet to withdraw the funds they requested.
The overall figures from the five merged banks are considerably larger, with 74,000 withdrawal applications involving Tk3,925 crore. Managing these outstanding requests while keeping routine banking operations running will therefore remain a key task for Sammilito Islami Bank.
The availability of funds at individual branches and the pace at which withdrawal applications are processed are likely to remain central to the bank’s operations in the coming days. For depositors, the continuation of regular transactions and timely payment of approved withdrawals will be important factors in determining their confidence in the newly formed institution.
