Depositors of five merged Shariah-based banks began withdrawing funds from Thursday, with a maximum of Tk 2,00,000 in cash allowed using their existing cheques.
On the first day of the new year, all branches, including the head offices of the five banks, replaced their signboards with that of the newly formed Sammilito Islami Bank PLC.
The merged banks include First Security Islami Bank, Social Islami Bank, Union Bank, Global Islami Bank, and Exim Bank.
Union Bank depositor Nure Alam said he successfully withdrew his full balance of Tk1,95,000. Meanwhile, Sharmila Khatun, senior officer at First Security Islami Bank’s Cantonment branch cash section, said customers arrived early at the branch and could withdraw up to Tk2,00,000.
Bangladesh Bank finalised the consolidation scheme on Tuesday, confirming that all current, savings, and fixed deposits of the five banks had been transferred to Sammilito Islami Bank PLC. Deposits up to Tk 2,00,000 are fully protected, and customers can withdraw them immediately. Any unused funds will continue to accrue market-based profit.
Jammiul Islami Bank has an authorised capital of Tk 40,000 crore, including a paid-up capital of Tk 35,000 crore, of which the government has provided Tk 20,000 crore. The remaining Tk 15,000 crore will come from the permanent deposits of banks and financial institutions converted into shares. The scheme does not cover educational, religious, or healthcare institutions, provident funds, joint ventures, multinationals, or foreign missions.
Depositors with more than Tk 200,000 will receive funds in instalments. The first Tk2,00,000 can be withdrawn immediately. Subsequent Tk1,00,000 withdrawals will be allowed every three months, with the remainder accessible 24 months after the scheme’s implementation.
Fixed deposits will automatically renew according to their tenure. Deposits of one to three years will be treated as three-year deposits. Deposits exceeding four years can only be withdrawn at the end of the specified term.
The scheme provides special humanitarian exceptions for seriously ill depositors, such as those with cancer or requiring kidney dialysis, allowing them to access funds beyond the normal withdrawal schedule.
Individuals receive priority in withdrawals, while institutional deposits exceeding Tk 7,00,000 will be converted into five-year deposits at a profit rate of 3 per cent.
The launch of Sammilito Islami Bank PLC marks a significant step in consolidating Shariah-compliant banking in Bangladesh, ensuring deposit protection and maintaining public confidence in the merged institutions.
