On the first day of the New Year 2026, customers of the five merged Islamic banks-now operating as Sammilito Islami Bank-were allowed to withdraw up to Tk 200,000 from their current and savings accounts.
Bangladesh Bank has permitted customers to continue using cheque books issued by the former banks-First Security Islami Bank, Social Islami Bank, Union Bank, Global Islami Bank, and Exim Bank-as part of a transitional arrangement.
On Thursday, new signboards bearing the name Sammilito Islami Bank were installed at branches across the country. In many locations, the new signboards were displayed alongside the old ones, which will be removed gradually. Bank officials said that the renaming process is also underway at branches outside Dhaka. Eventually, all five banks will operate solely under the Sammilito Islami Bank identity.
Regular banking operations of the five institutions have also resumed following the merger.
The government-approved merger brings together five private Islamic banks-First Security Islami Bank, Social Islami Bank, Union Bank, Global Islami Bank and Exim Bank-into a single entity. The newly formed Sammilito Islami Bank has assumed all assets, liabilities and manpower of the merged banks. Once the merger process is fully completed, the five banks will cease to exist as separate entities.
Bangladesh Bank issued a notification on Tuesday (December 30) outlining the detailed resolution scheme for the formation of the new bank. The notification clarified the capital structure of Sammilito Islami Bank as well as the treatment of deposits held by institutional investors.
Among the merged banks, Exim Bank was previously controlled by Nazrul Islam Majumder, former chairman of the Bangladesh Association of Banks (BAB). The remaining four banks were under the control of Saiful Alam, chairman of the S Alam Group. Both individuals were known to be close to the ousted Prime Minister Sheikh Hasina and were alleged to have held direct and indirect shareholdings while being major beneficiaries of bank loans. As part of the resolution process, Bangladesh Bank has declared all existing shares of the five banks null and void.
According to the resolution scheme, the authorized capital of Sammilito Islami Bank has been set at Tk 40,000 crore, while the paid-up capital stands at Tk 35,000 crore. The government has already injected Tk 20,000 crore as paid-up capital, which will be classified as 'A' class shares.
Additionally, Tk 7,500 crore from fixed deposits of banks and financial institutions held with the five banks will be converted into 'B' class shares, while another Tk 7,500 crore from fixed deposits of other institutional depositors will be converted into 'C' class shares.
The scheme states that the head office of Sammilito Islami Bank will be located at Sena Kalyan Bhaban in Motijheel, Dhaka.
Under the withdrawal framework, depositors can withdraw up to Tk 200,000 at any time from the effective date of the merger. For deposits exceeding this amount, Tk 100,000 can be withdrawn after three months, followed by additional withdrawals of Tk 100,000 at intervals of 6, 9, 12, 15, 18 and 21 months. Any remaining balance will be released after 24 months. The same schedule will apply to institutional depositors.
