Restoring depositors’ trust is top priority

The main task of the newly formed Sammilito Islami Bank will be to restore depositors' confidence, said Mohammad Ayub Miah, chairman of Sammilito Islami Bank PLC.

He made the statement yesterday while talking to journalists after meeting Ahsan H Mansur, governor of Bangladesh Bank (BB), at the central bank headquarters.

After taking charge as chairman, Ayub Miah, a former senior secretary, said that launching a Shariah-based bank under government ownership is good news for the country.

"A technical team is already working to properly establish the bank. Our main goal will be to regain depositors' trust. Sammilito Islami Bank will emerge as a symbol of confidence for the nation," he said.

He added that the meeting focused on reviewing the bank's vision and mission, legal framework, and overall operations.

"The next steps include making the bank fully functional and legally completing the merger of the five banks," he said.

Earlier, in a special board meeting on Sunday chaired by the BB governor, a decision was taken to merge five troubled Islamic banks—First Security Islami Bank, Global Islami Bank, Social Islami Bank, EXIM Bank, and Union Bank—into a single entity.

BB formally handed over the operating licence on Monday, and administrative work has already begun at the bank's head office in Sena Kalyan Bhaban, Motijheel. Officials said the governor will officially inaugurate Sammilito Islami Bank at a press conference on Thursday.

The new bank has a paid-up capital of Tk 35,000 crore, with Tk 20,000 crore contributed by the government and Tk 15,000 crore from depositors' shares. Its authorised capital is Tk 40,000 crore.

BB expects the merged entity to play a key role in stabilising the Islamic banking sector. From next week, the bank will start refunding deposits up to Tk 2 lakh, while a plan is being prepared for returning larger amounts.

The main task of the newly formed Sammilito Islami Bank will be to restore depositors' confidence, said Mohammad Ayub Miah, chairman of Sammilito Islami Bank PLC.

He made the statement yesterday while talking to journalists after meeting Ahsan H Mansur, governor of Bangladesh Bank (BB), at the central bank headquarters.

After taking charge as chairman, Ayub Miah, a former senior secretary, said that launching a Shariah-based bank under government ownership is good news for the country.

"A technical team is already working to properly establish the bank. Our main goal will be to regain depositors' trust. Sammilito Islami Bank will emerge as a symbol of confidence for the nation," he said.

He added that the meeting focused on reviewing the bank's vision and mission, legal framework, and overall operations.

"The next steps include making the bank fully functional and legally completing the merger of the five banks," he said.

Earlier, in a special board meeting on Sunday chaired by the BB governor, a decision was taken to merge five troubled Islamic banks—First Security Islami Bank, Global Islami Bank, Social Islami Bank, EXIM Bank, and Union Bank—into a single entity.

BB formally handed over the operating licence on Monday, and administrative work has already begun at the bank's head office in Sena Kalyan Bhaban, Motijheel. Officials said the governor will officially inaugurate Sammilito Islami Bank at a press conference on Thursday.

The new bank has a paid-up capital of Tk 35,000 crore, with Tk 20,000 crore contributed by the government and Tk 15,000 crore from depositors' shares. Its authorised capital is Tk 40,000 crore.

BB expects the merged entity to play a key role in stabilising the Islamic banking sector. From next week, the bank will start refunding deposits up to Tk 2 lakh, while a plan is being prepared for returning larger amounts.