Aggrieved depositors have formed a human chain in front of Bangladesh Bank demanding its withdrawal of the so-called 'haircut' decision imposed on depositors of Sammilito Islami Bank, calling it anti-Shariah, breach of contract and fraud with depositors.
On Sunday (January 25), more than a hundred depositors participated in the human chain in front of Bangladesh Bank's head office in Motijheel.
At that time, they demanded that the decision to cut profits for 2024 and 2025 be canceled, that all types of accounts be returned with profits, and that the bank's normal transaction activities be resumed immediately.
The speakers in the human chain said that Bangladesh Bank had announced in a notification dated January 14, 2026, that no profit would be paid on deposits for 2024 and 2025.
Later, in another notification issued on January 21, the previous decision was revised to pay only 4% profit. However, keeping a deposit in a bank means being bound by a written and unwritten contract with specific terms.
They claim that suddenly changing the terms of this contract is a direct violation of law, ethics and banking norms.
The depositors said: “We have not become partners in any risky business. We are ordinary depositors. The responsibility for the bank’s looting, corruption and mismanagement is being placed on our shoulders. This is practically tantamount to the state punishing the depositors.”
A female depositor said: “My husband’s pension money was kept in this bank. Our family used to run on the profits of that money. Now they are saying that two years’ profits will be deducted. This is cruel treatment of us.”
Another depositor, a retired government official, said: “Today it is Sammilito Islami Bank, tomorrow any other bank. If this decision becomes a precedent, the responsibility for corruption in any bank in the future will be placed on ordinary depositors. This will destroy people’s trust in the entire banking system.”
The speakers cited Shariah law and said that according to the Mudarabah agreement, if an institution suffers losses due to negligence, misuse or corruption, the depositors are not supposed to bear the responsibility. In that case, the decision to deduct the profit of the depositors is directly against Shariah.
The depositors raised six demands in the human chain. The demands include cancellation of the haircut imposed on the profits of Sammilito Islami Bank for 2024 and 2025, provision of the opportunity to cash out all types of accounts with profit, ensuring the right to cancel FDR and DPS, providing equal rights to new and old depositors, announcing a specific roadmap for the return of full deposits in a step-by-step manner, and launching all types of online banking services including RTGS, EFT, ATM.
The depositors complained that the responsibility for the long-standing irregularities, corruption and failure of the regulatory agencies in the banking sector is now being imposed on the common people.
The human chain warned that if the haircut is canceled and the effective process of returning all accounts with profits is not started by January 31, 2026, a strong movement will be launched simultaneously in all branches across the country.
At this time, the depositors urged the Finance Adviser and governor of Bangladesh Bank to withdraw this decision imposed on ordinary depositors and take immediate effective steps to restore confidence in the banking system.