Abedur Rahman Sikder has officially assumed office as the Managing Director (MD) of the newly formed Consolidated Islami Bank PLC, taking charge of the institution tasked with integrating five financially troubled Islamic banks.

Bank officials confirmed that Sikder formally joined the bank on Thursday (July 16).

On June 29, Bangladesh Bank issued a no-objection certificate (NOC) approving his appointment after the bank’s board endorsed the proposal on June 23. Before joining the consolidated bank, Sikder served as Deputy Managing Director (DMD) of Dutch-Bangla Bank.

The appointment fills a long-vacant full-time MD position, which had slowed the bank’s operations. Officials expect his leadership to accelerate the integration of the five Shariah-based banks by streamlining their assets, liabilities, workforce, and technology platforms.

The merged institutions are EXIM Bank, First Security Islami Bank, Global Islami Bank, Social Islami Bank, and Union Bank.

According to banking sources, Sikder’s key responsibilities include implementing the restructuring plan, finalizing the organizational framework, strengthening liquidity management, and restoring depositor confidence.

The government established Consolidated Islami Bank under the Bank Resolution Scheme 2025 to rehabilitate the five financially distressed Islamic banks. The new bank began operations with Tk 35,000 crore in paid-up capital, including Tk 20,000 crore from the government, while the remaining Tk 15,000 crore was created by converting a portion of depositors’ claims into equity.

The bank received its final operating approval on November 30 last year. Under the Deposit Protection Act 2026, eligible customers of the merged banks are currently being compensated up to Tk 200,000 on an initial basis.

Banking sector insiders expressed optimism that Sikder’s extensive experience will help advance the restructuring process, improve governance, and strengthen the long-term stability of the consolidated institution.