Depositors of the newly merged Sammilito Islami Bank staged a demonstration in Chattogram on Sunday, demanding the withdrawal of the controversial haircut policy, restoration of normal banking operations, and the return of their deposits.

The protesters gathered in front of several branches of the bank in the city’s Laldighi and Anderkilla areas, chanting slogans calling for an official gazette notification abolishing the haircut policy, ensuring the safety of customer deposits, and normalizing banking services.

Sharmin Akter, vice-president of the Sammilito Islami Bank Victim Depositors’ Association in Chattogram, said the finance minister had announced in Parliament that the haircut policy would be withdrawn, but depositors were still waiting for an official notification.

Participants in the protest said they had been unable to withdraw their savings for a prolonged period and were not receiving returns on fixed deposit receipts (FDRs) even after maturity. They alleged that the haircut policy had further increased uncertainty over their deposits.

One depositor said they wanted assurance that their hard-earned savings would remain fully protected and urged the government to issue a clear notification guaranteeing that depositors would not suffer any losses.

The protesters vowed to continue their movement until the government formally withdraws the haircut policy, guarantees full protection of deposits, restores normal banking transactions, and ends customer harassment.

Sammilito Islami Bank was formed through the merger of First Security Islami Bank, Global Islami Bank, Union Bank, EXIM Bank, and Social Islami Bank as part of efforts to address financial stress in the banking sector. The proposed haircut policy has since sparked widespread concern among depositors.