In a significant relief for millions of customers, Bangladesh Bank has backtracked on its previous decision to scrap profits for depositors of five crisis-hit Islamic banks.
Individual (non-institutional) depositors with term deposits and scheme-based accounts will now receive an annual profit of 4%—equivalent to the prevailing Bank Rate—on their savings for the years 2024 and 2025.
Key Highlights of the Decision:
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Banks Involved: First Security Islami Bank, Global Islami Bank, Union Bank, Exim Bank, and Social Islami Bank.
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The Reversal: The central bank previously planned a “haircut,” meaning depositors would receive zero profit for these two years.
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New Profit Rate: 4% annual profit for the 2024–2025 period.
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Effective Entity: The profits will be managed under the newly formed Sammilito Islami Bank PLC.
Protecting Depositor Interests
The Bank Resolution Department of the central bank issued a letter to the administrators of the concerned banks on Wednesday. The regulator stated that the decision was reconsidered to alleviate the hardships faced by individual depositors while ensuring the long-term financial viability of the newly unified bank.
For those who have already received profits higher than the 4% bank rate during this period, the central bank has instructed that the excess amount be adjusted in installments against future profit payouts.
The Formation of ‘Sammilito Islami Bank’
The five banks are currently being merged into a single entity named Sammilito Islami Bank PLC. This merger is part of a larger “Resolution Scheme 2025” aimed at stabilizing the Shariah-based banking sector, which had been struggling with liquidity crises and massive non-performing loans.
Capital Structure of the New Bank:
| Category | Amount (TK) | Description |
| Authorized Capital | 40,000 Crore | Total approved capital limit. |
| Paid-up Capital | 35,000 Crore | Total capital currently issued. |
| Government Equity | 20,000 Crore | ‘Class A’ shares held by the state. |
| Institutional Shares | 15,000 Crore | ‘Class B’ and ‘Class C’ shares converted from institutional deposits. |
Withdrawal Limits and Accessibility
To maintain liquidity and prevent a sudden bank run, the central bank has outlined a phased withdrawal plan for the new entity:
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Up to Tk 2 Lakh: Depositors can withdraw this amount at any time once the merger is fully effective.
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Above Tk 2 Lakh: Withdrawals are capped at Tk 1 Lakh every three months.
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Total Timeline: A maximum period of two years has been set to complete these withdrawals.
Furthermore, depositors can still take up to 20% in investment or loan facilities against their fixed deposits. Deposits with tenures exceeding four years will be payable only upon maturity.
The central bank emphasized that this revised profit directive is a crucial step in rebuilding public trust and finalizing the financial framework of Sammilito Islami Bank PLC.
