Customers of 5 merged banks to receive up to Tk 2 lakh this month
Depositors of the five crisis-hit Shariah-based banks will receive up to Tk 2 lakh from the insurance fund within this December.
They must open a new account under the name of Samimilito Islami Bank (Unified Islamic Bank) to withdraw the money. Multiple sources from Bangladesh Bank and the newly formed bank have confirmed the information.
First Security Islami Bank, Global Islami Bank, Social Islami Bank, EXIM Bank, and Union Bank were merged to form Samimilito Islami Bank, which officially began operations on December 2.
An official from Bangladesh Bank’s Bank Resolution Department said there are three major challenges in disbursing funds: developing the new bank’s own data software, verifying customer information, and opening new accounts through which the payments will be made.
At a meeting with the Bangladesh Bank Governor on Tuesday, discussions also took place regarding the merger scheme, special audit reports, and IT infrastructure. The meeting was attended by the bank's chairman, Mohammad Ayub Mia.
A Bangladesh Bank official added that the governor has instructed that EXIM Bank’s audit report be reviewed with special caution. The bank plans to temporarily rent IT infrastructure, and full integration may take up to three years.
Expectation of payout in December
Samimilito Islami Bank Chairman Mohammad Ayub Mia said the insurance fund money has already been received. Once new customer accounts are opened, old accounts are merged, and branch-level clearance procedures are completed, customers will begin receiving their money. “We expect to make the payouts within December,” he said.
A board meeting will be held next week, and the new managing director is expected to be appointed within this month. Bangladesh Bank is preparing a comprehensive scheme regarding the disbursement process, which will be published once finalized.
Who will receive the money
Customers who have up to Tk 2 lakh in their accounts will receive the full amount. Those with more than Tk 2 lakh will receive Tk 2 lakh for now, while the remaining balance will be refunded later according to defined policies.
Rules customers must follow
If a person has multiple accounts in the same bank, funds will be provided against only one account based on their National ID. If a person has separate accounts across the five merged banks, they will receive up to Tk 2 lakh from each bank. Customers with outstanding loans linked to any account will not receive funds immediately—disbursement will follow loan adjustment.
Tk 12,000cr required for refunds
Bangladesh Bank estimates that around Tk 12,000 crore will be needed to refund depositors, which will come from the Deposit Insurance Scheme. The paid-up capital of the new bank has been set at Tk 35,000 crore: Tk 20,000 crore from the government and Tk 15,000 crore through converting customer deposits into shares. The government’s allocation and part of the insurance fund have already been deposited into the new bank’s accounts.
Preparations of the new bank
The new bank’s headquarters has been launched at the Sena Kalyan Bhaban in Motijheel. Former and current government officials have been appointed to the board, including the chairman. Independent directors will be appointed soon to further strengthen the board.
EAR/MHK