The newly formed Sammilito Islami Bank, created through the merger of five struggling Islamic banks, will continue its operations, Bangladesh Bank Governor Md Mostakur Rahman has confirmed.
He also pledged that individuals responsible for misappropriation of funds during the Awami League government will face strict action.
The governor delivered the message at a meeting on Tuesday afternoon with the administrators appointed to the five banks and senior officials of Bangladesh Bank, according to sources present at the session.
Governor Mostaqur Rahman emphasised that steps are underway to expedite the appointment of a Managing Director for Sammilito Islami Bank under the current board of directors.
He further highlighted plans to restart factories previously owned by the five banks, ensuring they return to production and, where applicable, settle foreign dues. Officials say the governor's statement aims to dispel confusion and speculation surrounding the merger process.
Earlier, on Sunday, representatives from the Association of Bankers, Bangladesh (ABB) met the governor, who reiterated that ongoing banking sector reforms will continue uninterrupted. The governor assured that no political pressure will influence the sector.
In line with the current government's election promise, the central bank governor also cited policy measures aimed at creating one crore jobs within the first 18 months, including support for reopening factories closed due to past political changes.
Sammilito Islami Bank was established following the merger of Exim Bank, Social Islami Bank, First Security Islami Bank, Union Bank, and Global Islami Bank. This followed the interim government's intervention after the collapse of the Awami League administration, which left depositors' funds largely unrecovered.
The consolidation of these five banks is now being watched closely by the financial sector, investors, and industrialists as a litmus test for broader banking reforms and the effective delivery of policy promises aimed at boosting employment and industrial activity in Bangladesh.
The new bank commenced operations with total capital of Tk 35,000 crore, of which Tk 20,000 crore has been provided by the government and the remaining Tk 15,000 crore is to be contributed by depositors.
Additionally, initiatives have been launched to utilise Tk 12,000 crore from the deposit insurance fund, which covers approximately 7.8 million depositors, to settle outstanding obligations.
Banking analysts say the governor's assurances mark a pivotal step in restoring confidence in Bangladesh's Islamic banking sector, ensuring continuity of operations, and reviving industrial activities linked to the merged institutions.
Petitioned stakeholders also view the move as a strong signal that financial discipline, transparency, and accountability will underpin the operations of Sammilit Islami Bank moving forward.
Governor Mostakur Rahman's proactive approach suggests that while the merger aims to consolidate distressed assets, it also seeks to align with broader economic objectives, including job creation and industrial revival, in line with government policy.
With Tk 35,000 crore in initial capital and strategic backing for factory restarts, Sammilit Islami Bank is positioned to stabilise the Islamic banking sector while simultaneously addressing long-standing challenges of mismanagement and depositor confidence.
