Individual depositors of Sammilito Islami Bank will be able to withdraw their principal deposits from September 7, as the newly formed bank prepares to resume regular customer transactions following Bangladesh Bank’s decision to reopen operations.
Customers will initially be allowed to withdraw or encash their entire principal amount in a single transaction, but no profit will be paid on the withdrawn amount.
Branches will begin accepting applications from Tuesday, with the bank’s head office instructing departmental, zonal and branch officials to complete preparations for the deposit-return process.
The decision covers deposits held in Al-Wadeeah current accounts, Mudarabah savings accounts, MTDRs, DPS and other term deposit accounts. Customers who keep their deposits with the bank will continue to receive profit at the rates agreed under their existing contracts.
The bank said the September 7 start date is necessary to allow branches and sub-branches to arrange cash, secure supplies from Bangladesh Bank and put appropriate cash-management systems in place. Regular transactions for individual customers are scheduled to resume from September 1.
As part of efforts to restore confidence, the bank has designated September 1 as a special day for rebuilding customer trust. Branches have been instructed to improve their appearance, welcome customers with flowers or gifts and give priority to senior citizens, women and customers with disabilities.
Officials have also been directed to focus on customer service and satisfaction and record video footage of service activities.
Sammilito Islami Bank was created through the merger of EXIM Bank, Social Islami Bank, First Security Islami Bank, Global Islami Bank and Union Bank, following prolonged liquidity problems and allegations of irregularities and fraud at the five institutions.
Together, the banks have around Tk 1,420 billion in deposits held by nearly 7.6 million depositors. Individual customers hold about Tk 1.5 billion in savings accounts.
The merged banks have total loans of around Tk 1,920 billion, of which 86% are classified as defaulted, while their combined capital shortfall exceeds Tk 1,500 billion.
The state-owned Sammilito Islami Bank began operations in November last year with authorised capital of Tk 400 billion and paid-up capital of Tk 350 billion. The government contributed Tk 200 billion, while the remaining Tk 150 billion is to be issued as shares to depositors.
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