Bangladesh Bank has withdrawn the administrator and his team from Social Islami Bank PLC (SIBL), accelerating the handover of the five merged Shariah-based banks to Sammilito Islami Bank.
The central bank issued the order on Thursday, making SIBL the second bank after EXIM Bank from which an administrator has been removed under the transition plan.
The administrator of SIBL was Executive Director of Bangladesh Bank Md Abul Bashar. His team comprised four central bank officials: Asadul Mustafa, Hammada Abdul Ati, Mohammad Bozlul Karim and Rowson Akter.
Bangladesh Bank has decided to withdraw administrators from all five merged Islamic banks by 15 August as part of the next phase of the merger process, officials said.
The remaining banks are First Security Islami Bank, Global Islami Bank and Union Bank.
The move follows the central bank board’s decision to gradually transfer operational control of the five banks to Sammilito Islami Bank. Administrators are being withdrawn in phases after assessing each bank’s financial condition, operational preparedness and restructuring progress, rather than simultaneously.
Sammilito Islami Bank was established under the interim government’s banking sector restructuring programme by merging EXIM Bank, First Security Islami Bank, Global Islami Bank, Union Bank and Social Islami Bank. The new bank has an authorised capital of Tk35,000 crore, of which the government has already provided Tk20,000 crore as capital support.
Once administrators are withdrawn, the management of each bank will be transferred to Sammilito Islami Bank in phases under the supervision of Bangladesh Bank.
