Bangladesh’s newly formed Sammilito Islamic Bank has begun operations with stabilising transaction flows, signalling renewed public confidence in the country’s banking sector after a major restructuring, said central bank Governor Ahsan H. Mansur on Monday.
Speaking at a press conference at Bangladesh Bank, Mansur said customers withdrew Tk 107.77 crore while depositing about Tk 44 crore during the bank’s first two days of operations, from January 1 to January 4.
“The absence of excessive withdrawal pressure indicates confidence in the restructuring process,” Mansur said, adding that in some areas deposits exceeded withdrawals.
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The bank recorded 13,314 withdrawal transactions over the period. Customers of the former EXIM Bank accounted for the largest share, with 6,265 clients withdrawing Tk 66 crore. New deposits totalled Tk 44 crore during the same timeframe.
Sammilito Islamic Bank was created through the merger of five lenders under the new Bank Resolution Ordinance, a process the Governor described as unprecedentedly fast.
While establishing a new bank typically takes years, the institution moved from receiving a Letter of Intent to commencing transactions in just two months.
A formal board of directors is in the process of being finalised. For now, government-appointed representatives are overseeing operations.
Mansur said independent directors, including a chartered accountant, a veteran banker and a legal expert, will be appointed shortly.
Looking ahead, the Governor identified system integration and accountability as the main challenges. Bangladesh Bank’s IT team is working to unify the technological platforms of the five merged banks, while a comprehensive forensic audit will examine past irregularities.
“We do not intend to terminate employees. However, those involved in financial irregularities will not be spared. All five banks will come under strict forensic audit,” Mansur said.
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The central bank said the formal inauguration of Sammilito Islamic Bank will take place on January 19.
Mansur also pointed out that Shariah-based profit rates have been aligned with market standards and that new investment products will be introduced to support growth.
Deputy Governor Nurun Nahar, Sammilito Islami Bank Chairman Dr Mohammad Ayub Mia and other senior officials were present at the briefing.