Depositors slowly return as Sammilito Islami Bank starts repayments ‎

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‎Customers of Sammilito Islami Bank PLC started getting back their principal deposits on Monday as the newly merged bank formally began its repayment programme, bringing some relief to depositors after months of uncertainty.
‎The bank had expected customers to withdraw around Tk1,329 crore on the first day. But actual withdrawals stood at only about Tk300 crore, according to bank officials.
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‎At several branches, the mood was noticeably different from the usual banking rush. Bank officials welcomed customers with flowers and sweets as they tried to rebuild confidence and bring normalcy back to operations following a prolonged liquidity crisis at the five banks that were merged to form Sammilito Islami Bank.
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‎The bank was formed through the merger of First Security Islami Bank, Social Islami Bank, Union Bank, Global Islami Bank and EXIM Bank. The new bank now operates around 1,500 branches and sub-branches across the country.
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‎Bank officials said the head office had already sent the necessary funds to branches and sub-branches to meet depositors' repayment demands. Online fund transfer services have also resumed, allowing customers to move their money without always having to visit a branch.
‎The repayment programme followed a four-day application process that ended on Sunday. A total of 74,221 customers applied for repayment, seeking to withdraw around Tk3,925 crore.
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‎Visits to branches in Kakrail, Paltan, Motijheel and Dilkusha found that sufficient cash had been supplied for the first day. Branch officials were contacting successful applicants, while many customers had already received their money.
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‎At the Topkhana branch of First Security Islami Bank, now operating under Sammilito Islami Bank, manager Rokhsana Akhtar said around 15 customers had received their money since the morning.
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‎She said depositors could also withdraw newly credited profit on their deposits after receiving the principal repayment.
‎At the Kakrail branch, manager Rahim Khan said the branch was trying to make the first day as comfortable as possible for customers.
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‎“We welcomed every customer with flowers and sweets,” he said.
‎He said 11 customers were scheduled to withdraw money on Monday after submitting their applications on September 1. But only one had come to collect the money by the time of the visit.
‎“We are now calling the other 10 applicants and asking them to come and collect their money,” he said.
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‎At Social Islami Bank's City Center branch, Deputy Manager Abul Kalam Azad said eight customers were scheduled to withdraw around Tk15 lakh in total on Monday.
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‎“We are ready to serve them,” he said.
‎The relatively quiet scene at some branches, however, did not necessarily mean customers were not withdrawing money.
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‎Bank officials said many customers preferred to transfer their money to accounts at other banks through the Bangladesh Electronic Fund Transfer Network (BEFTN) and Real-Time Gross Settlement (RTGS) instead of coming to the branches.
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‎Managing Director of Sammilito Islami Bank Abedur Rahman Sikder said he was satisfied with the first day's repayment process.
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‎He said a number of depositors who had applied for repayment did not come to the branches despite receiving phone calls from branch officials.
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‎“Many of them do not want to end their banking relationship with us,” he said.
‎He also said some customers had withdrawn their money and then deposited it again with the bank, which he viewed as a sign that confidence in the new bank was gradually returning.
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‎Meanwhile, the bank received another 14,000 applications on Monday involving around Tk427 crore, Sikder said.
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‎“I think we'll be able to bring stability to the bank within a few weeks,” he said.

-SM/HIS
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