The Bangladesh Bank has dissolved the boards of five Shariah-based Islamic banks, aiming to merge them into a single, larger Islamic bank. The decision was made on Wednesday.
These banks are Exim Bank, Social Islami Bank, First Security Islami Bank, Union Bank, and Global Islami Bank.
Earlier in the day, the central bank summoned the company secretaries of these banks and handed them official letters announcing the dissolution of their respective boards. Later, Governor Ahsan H Mansur met with the chairmen and managing directors of the banks.
The chairmen received and signed the dissolution letters at the Bangladesh Bank headquarters before submitting them to the relevant department.
The meeting concluded with a luncheon attended by the governor and the bank chairmen around 1:30pm.
According to sources, the managing directors of Union Bank and Social Islami Bank will resign this afternoon. The remaining three banks currently do not have full-time managing directors. Administrators are scheduled to visit the respective banks later in the day to assume their responsibilities.
