Nabil Mustafizur Rahman to be MD of Sammilito Islami Bank

United Commercial Bank (UCB) Additional Managing Director Nabil Mustafizur Rahman is set to be appointed as the Managing Director of the state-owned Sammilito Islami Bank PLC. 

The Financial Institutions Division of the Ministry of Finance sent a letter to the Chairman of the Board of Sammilito Islami Bank on Sunday, conveying the government's consent for the appointment of Nabil Mustafizur Rahman as Managing Director. 

He will receive a contractual appointment for three years starting from the date of joining.

The letter has requested the Chairman of the Board to proceed with further necessary actions for the appointment of Nabil Mustafizur Rahman in accordance with the Bank Companies Act, 1991. 

Sources at Sammilito Islami Bank indicated that the matter will be placed before the board of directors in the coming days. 

Following this, Nabil Mustafizur Rahman will be appointed as the Managing Director of the bank, subject to the no-objection from Bangladesh Bank. 

Overall, the process may take approximately one week.

Nabil Mustafizur Rahman holds a degree from the Institute of Business Administration (IBA) at Dhaka University and possesses 31 years of experience in banking. 

In his role as Additional Managing Director at UCB, he oversaw risk management, Islamic banking, and transaction banking. 

Previously, he served as the Deputy Managing Director of BRAC Bank and as the Country Chief Risk Officer of Habib Bank Limited in Bangladesh.

Sammilito Islami Bank has been formed through the merger of five banks: Exim Bank, Social Islami Bank, First Security Islami Bank, Global Islami Bank, and Union Bank. 

The 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 contributed Tk 20,000 crore, while the remaining Tk 15,000 crore will be sourced from the shares of depositors.