The withdrawal follows Bangladesh Bank’s decision to hand over the management responsibilities of five Shariah-based banks to Sammilito Islami Bank.
File image of Bangladesh Bank. Photo: BSS
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File image of Bangladesh Bank. Photo: BSS
Bangladesh Bank today (6 August) withdrew the administrator from Social Islami Bank PLC, one of the five Shariah-based banks placed under Sammilito Islami Bank PLC as part of a consolidation process.
The withdrawal took effect today, according to Bangladesh Bank sources.
Earlier on 30 July, Bangladesh Bank withdrew the administrator from Exim Bank. With the latest withdrawal, administrators have now been withdrawn from two of the five banks brought under Sammilito Islami Bank PLC.
According to central bank sources, administrators at the remaining three banks — First Security Islami Bank, Global Islami Bank and Union Bank — are expected to be withdrawn gradually within the next two weeks.
Bangladesh Bank spokesperson and Executive Director Arif Hossain Khan confirmed the decision, saying the administrator at Social Islami Bank had been withdrawn and similar steps would be taken for the other banks.
On 20 July, Bangladesh Bank decided in principle to hand over the overall management responsibilities of the five Shariah-based banks — Exim Bank, First Security Islami Bank, Global Islami Bank, Union Bank and Social Islami Bank — to Sammilito Islami Bank PLC.
As part of the process, Bangladesh Bank Governor Mostaqur Rahman held a meeting with members of the Sammilito Islami Bank board at the central bank headquarters on 20 July.
He had met the administrators of the five banks the previous day.
Abedur Rahman Sikder, the first managing director of Sammilito Islami Bank, also attended the meeting with the governor.
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