Sammilito Islami Bank gets new MD

The government has approved the appointment of Nabil Mustafizur Rahman as Managing Director (MD) of the Sammilito Islami Bank PLC, formed through the merger of five Islamic banks. 

He currently serves as Additional Managing Director (AMD) of United Commercial Bank (UCB) PLC.

The Financial Institutions Division of the Ministry of Finance informed the bank’s board chairman in a letter dated February 15, confirming the approval. 

Nabil Mustafizur will join Sammilito Islami Bank on a three-year contractual basis from his date of assumption.

Deputy Secretary Afroza Akter Ribar requested the board chairman to carry out all necessary procedures under the Bank Companies Act, 1991.

A graduate of the Institute of Business Administration (IBA), University of Dhaka, Nabil Mustafizur has over 31 years of experience in banking. At UCB, he oversaw Risk Management, Islamic Banking, and Transaction Banking. He previously served as Deputy Managing Director at BRAC Bank and as Country Chief Risk Officer at Habib Bank Limited, Bangladesh.

Sammilito Islami Bank PLC was created through the merger of EXIM Bank, Social Islami Bank, First Security Islami Bank, Global Islami Bank, and Union Bank. 

The institution has an authorised capital of Tk 40,000 crore and a paid-up capital of Tk 35,000 crore, with the government contributing Tk 20,000 crore and Tk 15,000 crore coming from depositors’ shares.

MAS/MHK