Kazi Shairul Hassan has been appointed new chairman while Abedur Rahman Sikder new managing director (MD) of Sammilito Islami Bank PLC, which was formed through the merger of five troubled Islami banks.

The Financial Institutions Division (FID) of the Ministry of Finance announced the leadership changes through two separate notifications issued on Monday.

According to the government orders, both the chairman and MD have been appointed for a three-year term, effective from their respective dates of joining.

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Shairul Hassan earlier served as managing director of Saudi Bangladesh Industrial and Agricultural Investment Company (SABINCO), while Abedur Rahman is the current deputy managing director (DMD) of Dutch-Bangla Bank.

Industry insiders and financial analysts view these high-level appointments as a crucial step towards stabilising and reforming the specialised lender.

The new leadership is expected to streamline corporate governance, accelerate business expansion, fortify risk management, and restore depositor confidence through improved customer services.

Sammilito Islami Bank operates as a major Shariah-compliant financial institution in the country. The fresh appointments of the chairman and MD are considered a defining milestone in a series of ongoing structural and managerial overhauls intended to steer the bank towards long-term sustainability.

Sammilito Islami Bank was established by the previous interim government last year by merging Exim Bank, First Security Islami Bank, Global Islami Bank, Union Bank, and Social Islami Bank Limited.