A total of 74,211 depositors have applied to withdraw Tk3,925 crore from the five Islamic banks merged into Sammilito Islami Bank during the first four days of the repayment application process.
Sammilito Islami Bank said the number of applications and the amount claimed were “much lower” than it had expected, interpreting the response as a sign that customers continued to have confidence in the newly merged bank.
The amount sought by depositors has declined steadily since the opening day, even as the number of applications remained significant.
On the first day, 18,046 depositors applied to withdraw Tk1,329 crore. Another 19,613 applications seeking Tk1,016 crore were submitted on the second day.
Applications rose to 21,086 on the third day, while the amount fell to Tk923 crore. On the fourth day, 15,476 depositors applied for Tk657 crore, the lowest daily amount since the process began.
On average, each applicant has sought around Tk5.29 lakh over the four-day period.
Sammilito Islami Bank began accepting withdrawal applications from depositors of Social Islami Bank, First Security Islami Bank, Global Islami Bank, Union Bank and EXIM Bank as part of the process to return funds that had remained trapped at the troubled lenders.
Under Bangladesh Bank’s repayment framework, individual depositors may withdraw balances from current and savings accounts as well as the principal of term deposits under prescribed conditions.
Customers choosing to withdraw the principal of term deposits immediately under the facility will forgo accrued or payable profit, with such withdrawals treated as full and final settlement of the respective deposits.
The five Shariah-based lenders were merged after years of irregular lending and severe deterioration in their financial condition left them unable to meet depositors’ withdrawal demands.
Four of the banks – Social Islami, First Security Islami, Global Islami and Union – had been controlled by Chattogram-based S Alam Group, while EXIM Bank had been under the control of Nassa Group Chairman Nazrul Islam Mazumder.
