The name United Islamic Bank has been almost finalized for the new government bank to be formed by merging five distressed Shariah-based private banks. The majority of members of the Bank Merger Task Force have agreed to this name, following several proposals.
Dr. Ahsan H. Mansur, Governor of Bangladesh Bank, is expected to send a letter to the Ministry of Finance within the next couple of days seeking approval to initiate the merger process.
Sources within the Task Force confirmed to TIMES of Bangladesh that Dr. Mansur proposed United Islamic Bank, which was well-received by the majority of the members. Other names, including Al Amana Islami Bank, Al Ehsan Islami Bank, and Al Falah Islami Bank, were also suggested during the meeting.
The draft of the letter, prepared for Wednesday’s evening, will be sent to the Ministry of Finance either on Thursday or Sunday. The formal process of establishing the new bank will commence once the Ministry grants approval.
Regarding the merger, Mohammad Abdul Mannan, Chairman of First Security Islami Bank, told TIMES of Bangladesh, “A quick merger process would be beneficial, as it will bring relief to the people. Delays could complicate matters.”
A member of the Merger Task Force, speaking on condition of anonymity, added, “Since this will be a government bank, the responsibility for preparing the Articles of Association and Memorandum of Articles lies with the Ministry of Finance. We have sent drafts to the ministry for final approval.”
Mohammad Abdul Mannan, Chairman of First Security Islami Bank, emphasized that the name is critical for marketing, saying, “We have no objection to an Islamic name. However, we would have raised concerns if a secular name had been proposed.”