Sammilito Islami Bank depositors will be able to withdraw profits: BB Governor

Bangladesh Bank Governor Dr. Ahsan H. Mansur said that depositors can now withdraw profits on their deposits of the newly formed Sammilito Islami Bank PLC.

At a press conference held by on Thursday, he announced key relief measures for depositors of the newly formed Sammilito Islami Bank.

In addition to unrestricted access to savings and current accounts, customers will be permitted to withdraw up to Tk 2 lakh from term deposits. 

Starting from next February, profits on term deposits will be available for monthly withdrawal.

Furthermore, profits accrued from remittances and savings certificates can be withdrawn immediately.

The governor emphasised that the principal amount deposited by all customers remains fully secure, though it will be returned in phases as previously communicated. 

Currently, withdrawals are capped at a maximum of Tk 2 lakh per scheme. From January 1 of this year, profits are being credited at full market rates: 9.5 percent for deposits with maturities exceeding one year and 9 percent for those under one year.

Dr. Mansur highlighted that protecting depositors' interests is the top priority. 

He noted that the government's 4 percent support for two years is incurring an additional cost of approximately Tk 4,500 crore, underscoring the commitment to stability.

Addressing rumours and criticism, the Governor cautioned against misinformation spread by certain groups attempting to exploit the situation surrounding Sammilito Islami Bank. 

He acknowledged some dissatisfaction and implementation challenges, stating that no plan succeeds 100 percent from the start—issues are being identified and resolved progressively. 

Despite propaganda efforts to hinder the process, he reaffirmed that principal deposits are safe and urged the public not to be swayed by baseless rumors.

Background on the Merger  

Sammilito Islami Bank was established by merging five Shariah-based banks—EXIM Bank, Social Islami Bank, First Security Islami Bank, Global Islami Bank, and Union Bank—which had weakened due to irregularities, including loan embezzlement. 

The combined entity holds deposits of around Tk 1,42,000 crore from approximately 7.6 million depositors, with about 77 percent of the Tk 1,92,000 crore in distributed loans currently classified as defaulted.

The governor's remarks aim to restore confidence amid the ongoing restructuring efforts.