BM Mirror Report : Bangladesh Bank Governor Dr. Ahsan H. Mansur has assured that despite the dissolution of the boards of five Shariah-based banks, there will be no disruption in customer services or day-to-day banking operations.

“All regular activities including payments, remittances, and letters of credit will continue as usual,” said Dr. Mansur at a press conference held on Wednesday (November 5) at the Jahangir Alam Conference Room of the central bank.

The Governor explained that although the boards have been dissolved, the banks’ business continuity remains intact. “Our goal is to ensure uninterrupted operations while gradually integrating the assets and IT systems of the five banks,” he added.

According to Bangladesh Bank, the five institutions collectively operate 750 branches and serve around 7.5 million depositors. To safeguard depositor interests and avoid liquidation, the central bank has already initiated structural and technological integration as part of the merger process.

Dr. Mansur further stated that the boards of the non-viable banks have been replaced by temporary administrators. Notices of non-viability were issued to the company secretaries of the respective banks earlier in the day, officially ending the boards’ authority to make decisions.

He revealed that the merger will result in the creation of the largest Islamic bank in Bangladesh, with a paid-up capital of Tk 35,000 crore higher than any existing bank in the country. “Although the new entity will be government-owned, it will be operated like a private bank, with a professional management team, market-based pay structure, and an independent Shariah board,” the Governor said, adding, “We believe Islamic banking is the future of Bangladesh’s financial system.”

On the issue of shareholder value, Dr. Mansur clarified that since the banks’ equity value is now negative, shares will be valued at zero, and no compensation will be provided to shareholders.

Reassuring depositors, he said that those with deposits up to Tk 200,000 will be able to withdraw their full amount, while larger depositors will have access to their funds in phases, with details to be published through a gazette notification.

He urged the public not to panic or withdraw more money than necessary.

In response to a question about whether the process might be halted following the upcoming national elections, the Governor emphasized, “This decision was taken in the national interest. Regardless of any change in government, it will remain in place for the benefit of the people.”