Chairman of Sammilito Islami Bank Mohammad Ayub Mia resigns

Mohammad Ayub Mia has resigned from the post of chairman of the board of the state-owned Sammilito Islami Bank PLC, formed in December last year through the merger of five troubled Shariah-based lenders.

Mia, a former government secretary, submitted his resignation to the secretary of the Financial Institutions Division under the Finance Ministry today. He cited personal reasons.

He was appointed the first chairman of the newly formed bank on December 7 last year.

Before the end of his tenure, the interim government selected Nabil Mustafizur Rahman to lead the state-owned bank. Rahman did not join, citing personal reasons.

Sammilito Islami Bank was recently formed through the merger of five Shariah-based lenders: Exim, Social Islami, First Security Islami, Global Islami, and Union Bank, which fell into crisis due to irregularities.

The entity has an authorised capital of Tk 40,000 crore and a paid-up capital of Tk 35,000 crore.

Of the paid-up capital, the government contributed Tk 20,000 crore, while the remaining Tk 15,000 crore was sourced from the shares of depositors.