The process of returning the principal amount deposited by individual depositors with Sammilito Islami Bank has begun.
The bank started the process of refunding depositors’ money on Monday morning.
According to bank sources, 74,221 applications have been submitted so far, with requests to withdraw a total of Tk 3,925 crore.
Sammilito Islami Bank PLC was formed through the merger of five Shariah-based banks: First Security Islami Bank, Social Islami Bank, Union Bank, Global Islami Bank and EXIM Bank. The five banks have a combined total of 761 branches.
Bangladesh Bank has provided Sammilito Islami Bank with Tk 5,000 crore to facilitate the repayment of depositors’ funds. The bank authorities said the relatively low number of applications for withdrawals reflects customers’ confidence and trust in the newly formed bank.
According to the bank’s guidelines, individual depositors will initially be allowed to withdraw the principal amount of their deposits. Profits earned on the deposits will be paid at a later stage.
Institutional depositors, meanwhile, will not be allowed to withdraw funds at this time outside the terms of the announced scheme.
