Kazi Shairul made chairman, Abedur Rahman MD of Sammilito Islami Bank

The government has appointed the chairman and managing director (MD) of Sammilito Islami Bank PLC. 

The Financial Institutions Division of the Ministry of Finance made the appointments through two separate notifications on Monday.

According to the notification, Kazi Shairul Hasan has been appointed as the director and chairman of the bank and Abedur Rahman Sikder as the managing director and chief executive officer (CEO) for a period of three years. 

However, they will have to obtain a no-objection certificate (NOC) from Bangladesh Bank before taking charge.

Both the appointees have worked in private banking and the financial sector for a long time. 

Kazi Shairul Hasan, who was appointed as the chairman, previously served as the managing director (MD) of the multinational financial institution Saudi-Bangladesh Industrial and Agricultural Investment Company (SABINCO).

On the other hand, the new MD Abedur Rahman Sikder is currently working as the deputy managing director (DMD) of Dutch-Bangla Bank.

Sammilito Islami Bank has been formed by merging five Shariah-based banks - Exim Bank, Social Islami Bank, First Security Islami Bank, Global Islami Bank and Union Bank - that failed to return depositors' money. 

The bank is starting operations with a paid-up capital of Tk 35,000 crore. Out of this, the government has provided Tk 20,000 crore as capital. 

The remaining Tk 15,000 crore has been converted into shares against the deposits of the depositors of the concerned banks.