Former directors of Social Islami Bank Limited (SIBL) on Monday voiced strong opposition to the government’s plan to merge five private banks into a state-owned Islamic bank.

At a press conference held at the Jatiya Press Club, they rejected the central bank’s initiative, terming it ‘unjust’ and ‘unacceptable’.

 “If SIBL needs money to run the bank, Bangladesh Bank should provide it and we return it later through business. There is no justification for taking it over,” said former SIBL director Dr Md Jahangir.

Former chairman Dr Major (retd) M Rezaul Haque alleged that the bank had earlier been ‘seized at gunpoint’ and now the authorities were trying to bring it under state ownership again.

“What is our fault? No one has the right to take away our bank. We have already filed a writ petition with the court, and the government must wait for its disposal,” he said.

Former chairman Sultan Mahmood Chowdhury argued that businesspeople were best suited to run banks. “We are businessmen. If we cannot manage this bank, how can others? This is our asset. Can the government just take away someone’s house or property?” he asked.

Asaduzzaman, another former director, said, “We built this bank with great efforts, bringing in money from expatriates. Why should it now be nationalised?”

The central bank has already moved forward with a plan to merge five struggling Shariah-based banks, Social Islami, EXIM, First Security Islami, Union and Global Islami, into a single large Islamic bank.

The government has given its consent to the initiative.