'Sammilita Islami Bank PLC' (formerly United Islamic Bank PLC), created through the merger of five financially troubled Islamic banks, has officially received final approval from Bangladesh Bank.
The approval came on Sunday during a special board meeting chaired by Bangladesh Bank Governor Dr Ahsan H Mansur.
The new bank is expected to begin full operations in the first week of December.
The five banks being merged are First Security Islami Bank, Global Islami Bank, Social Islami Bank, EXIM Bank, and Union Bank.
Bangladesh Bank has already started preparatory work, including opening designated accounts for the new bank at its Motijheel office.
Sammilita Islami Bank’s headquarters have been set up at Sena Kalyan Bhaban in Motijheel, Dhaka.
The central bank revealed that the new entity will have a total Paid-Up Capital of Tk 35,000 crore—Tk 20,000 crore contributed by the government and Tk 15,000 crore from depositors’ shares. The initially authorized capital is set at Tk 40,000 crore.
Bangladesh Bank expressed confidence that this consolidation will strengthen the Islamic banking sector and help restore stability.