Sammilito Islami Bank customers to be able to withdraw necessary money from September: BB Governor

There will be no “haircut” on the deposits of Sammilito Islami Bank, formed by five weak banks. 

Bangladesh Bank has withdrawn its decision not to give a part of the declared profit for the years 2024 and 2025 against the deposits of these banks. 

At the same time, arrangements will have to be made so that individual depositors can withdraw the necessary money from September 1. 

The decisions were made at the meeting of Sammilito Islami Bank with Bangladesh Bank Governor Mostaqur Rahman on Tuesday.

Sammilit Islami Bank Chairman Kazi Shairul Hasan and Managing Director Abedur Rahman Sikder participated in the meeting held in the Governor’s room. 

Bangladesh Bank Deputy Governors Dr Md Habibur Rahman, Dr Md Kabir Ahmed, Md Sarwar Hossain and Md Anisur Rahman were present at the time.

There will be no “haircut” on deposits

The Governor said in the meeting, “The Finance Minister announced in the National Assembly that there will be no haircut on the profits of depositors of Sammilito Bank. There is still some ambiguity among depositors in this regard. All depositors of Sammilit Islami Bank should be clearly informed that there will be no haircut on the profits of depositors.”

He said, “According to the scheme announced in December last year, the money of depositors is already being returned. Necessary measures should be taken to ensure that individual depositors have the opportunity to withdraw the principal of their Al-Wadiyah current accounts, Mudaraba savings accounts and Mudaraba term deposits as needed, beyond the instructions given in the scheme, from Tuesday, September 1.”

The Governor of Bangladesh Bank said, “Sammilito Islami Bank PLC, which started its journey as the largest and only government-owned Islamic bank in the country with a capital of Tk 35,000 crore, should take necessary steps to start all normal banking activities as soon as possible.”

Sammilito Islami Bank was formed by Sharia-based Exim Bank, First Security Islami, Social Islami, Union, Global Islami Bank, which were unable to return the money deposited by depositors for a long time. 

The banks were running under administrators appointed by Bangladesh Bank until now. 

However, recently, all the administrators were removed and handed over to the board of directors and management authorities appointed by the government. 

The authorised capital of the bank is Tk 40,000 crore and the paid-up capital is Tk 35,000 crore. Of this, the government has given Tk20,000 crore. The remaining Tk15,000 crore will be given to depositors.