B Mirror Report : The inauguration ceremony of the newly formed Sammilito Islami Bank has been cancelled due to security concerns. The event was scheduled to take place at 10:00am on Sunday at the Hotel InterContinental in Dhaka.
On Saturday (January 24), Bangladesh Bank informed about the postponement of the event through a text message. The central bank cited “unavoidable reasons” for suspending the program.
The new bank has been formed through the merger of five Shariah-based banks, and the inauguration ceremony was expected to be attended by the Finance Adviser, the Governor of Bangladesh Bank, senior bankers, and other distinguished guests. However, sources said that concerns and dissatisfaction have recently spread among customers of the merged banks over profit and loss issues. Protests have also taken place in different parts of the country. In view of the situation, the program has been postponed primarily for security reasons.
Since the formation of Sammilito Islami Bank, depositors have expressed strong resentment over the non-payment of profits and restrictions on cash withdrawals. Although a significant amount of deposits has been withdrawn from the bank in recent days, some new deposits have also been made.
Earlier, the regulator had decided to impose a “haircut” on two years’ profits of depositors. Following widespread criticism, the decision was revised, and it was announced that partial profits at an annual rate of 4 percent for 2024 and 2025 would be paid. However, depositors remained dissatisfied.
According to a scheme announced by Bangladesh Bank, the authorised capital of the new bank has been set at Tk 40,000 crore. Of this, the paid-up capital will be Tk 35,000 crore, with the government contributing Tk 20,000 crore. The remaining Tk 15,000 crore will be raised by converting institutional and other term deposits into shares.
The head office of the new bank will be located at Sena Kalyan Bhaban in Motijheel.
Regarding withdrawals, depositors will be allowed to withdraw up to Tk 200,000 at any time. For deposits exceeding this amount, withdrawals will be capped at Tk 100,000 every three months, with a maximum withdrawal period of two years.
The same rules will apply to institutional depositors. In addition, depositors will be allowed to obtain investment or loan facilities of up to 20 percent against their term deposits.
