Banking operations returned to normal on Thursday as five troubled Islamic banks in Bangladesh officially merged under a single entity, Sammilito Islami Bank, allowing depositors to access their funds after months of uncertainty.
The consolidation, effective from the start of 2026, brings together EXIM Bank, Social Islami Bank, First Security Islami Bank, Global Islami Bank, and Union Bank. Across Dhaka, old signage has been replaced with banners reflecting the unified brand, signalling a fresh start for the merged institution.
For many customers, Thursday marked a long-awaited relief.
Monir Hossain, a client of the former First Security Islami Bank’s Dhanmondi branch, said, “It feels great to finally be able to withdraw my money after such a long wait. This fund was extremely urgent for me.”
To manage the transition and safeguard the banking system, the Bangladesh Bank has implemented a structured withdrawal scheme:
Deposits up to Tk2 lakh: Fully protected under the Deposit Insurance Act, these funds can be withdrawn in full at any time.
Deposits above Tk2 lakh: Withdrawals are capped at Tk1 lakh every three months over a two-year period.
Special exceptions: Citizens over 60 and those suffering from critical illnesses, such as cancer or kidney failure, may access funds beyond the prescribed limits for medical needs.
According to a circular issued by the central bank on Dec. 30, 2025, all assets, liabilities, and contracts of the five merging banks have been officially transferred to Sammilito Islami Bank.
The Bangladesh Bank has reassured the public that deposits are secure, and clients who do not withdraw immediately will continue to earn market-based profits while retaining the right to take loans against their balances.
Sammilito Islami Bank ready for inauguration; expected to reshape Shariah banking
The merger comes amid efforts to stabilise the nation’s banking sector and restore confidence following financial stress at the five institutions.