‘Sammilito Islami Bank PLC’, formed by merging five troubled Islamic banks, has officially received final approval on Sunday.
Bangladesh Bank governor Ahsan H Mansur chaired a special board meeting to approve the new bank.
Bangladesh Bank said that the new bank will start full-fledged banking activities from the first week of December. The five merged banks are First Security Islami Bank, Global Islami Bank, Social Islami Bank, Exim Bank and Union Bank.
After the approval, Bangladesh Bank has started preparatory work. The work of opening the designated accounts of the new bank is already underway at the Motijheel office.
The head office of Sammilito Islami Bank has been set up at Sena Kalyan Bhaban in Motijheel in the capital.
Bangladesh Bank said that the total paid-up capital of the new bank will be Tk35,000 crore.
Of this, the government is providing Tk20,000 crore, and the remaining Tk15,000 crore is coming from the shares of depositors.
The initial authorized capital has been set at Tk40,000 crore. The central bank hopes that this new merged bank will play an important role in restoring stability to the Islamic banking sector.