Nabil Mustafizur Rahman, a seasoned banking professional with more than three decades of experience, is set to become the Managing Director of Sammilito Islami Bank PLC following government approval.
The Financial Institutions Division under the Ministry of Finance issued a letter on Sunday to the Chairman of the bank's Board, conveying the government's consent to appoint Rahman as Managing Director on a three-year contractual term from the date of his joining.
The ministry has requested the board to complete the necessary formalities in accordance with the Bank Companies Act, 1991.
Confirming the development, Mohammad Ayub Mia, Chairman of the Board of Directors of Sammilito Islami Bank, said the proposal would be placed before the board within the next few days.
"Following board approval and subject to a no-objection from Bangladesh Bank, he will formally assume office. The entire process may take around a week," he said.
Rahman joins the new state-backed Islamic bank from United Commercial Bank (UCB), where he served as Additional Managing Director. At UCB, he oversaw key portfolios including risk management, Islamic banking and transaction banking.
A graduate of the Institute of Business Administration (IBA) at the University of Dhaka, Rahman brings 31 years of banking experience. Prior to his role at UCB, he served as Deputy Managing Director at BRAC Bank and as Country Chief Risk Officer of Habib Bank Limited in Bangladesh.
Sammilito Islami Bank was formed through the consolidation of five Shariah-based banks - EXIM Bank, Social Islami Bank, First Security Islami Bank, Global Islami Bank and Union Bank - as part of a broader restructuring initiative in the banking sector.
The newly formed bank has an authorised capital of Tk 40,000 crore and a paid-up capital of Tk 35,000 crore. Of the paid-up capital, the government has injected Tk 20,000 crore, while the remaining Tk 15,000 crore will be sourced from depositors' shareholdings.
Industry observers view Rahman's appointment as a critical step in stabilising and strengthening the governance framework of the merged Islamic banking entity, as it seeks to rebuild confidence and enhance operational discipline in a sector undergoing significant consolidation.
