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Bangladesh Bank on Sunday (September 6) released Tk 5,000 crore to Sommilito Islami Bank to facilitate refund payouts for individual depositors. The liquidity injection follows the submission of applications by 75,000 customers seeking to withdraw approximately Tk 3,925 crore over a six-day application window that opened on September 1.
The newly formed entity came into existence last year when the interim government amalgamated five troubled Shariah-compliant lenders: EXIM Bank, Social Islami Bank, First Security Islami Bank, Global Islami Bank, and Union Bank. Under the previous administration, EXIM Bank was controlled by former BAB chairman Nazrul Islam Mazumder, while the remaining four were under Chattogram-based S. Alam Group chairman Saiful Alam. Severe loan irregularities, non-performing assets, and aggressive fund siphoning had depleted their liquidity, leaving them unable to service regular depositor withdrawals.
Sommilito Islami Bank was reconstituted with a paid-up capital of Tk 35,000 crore, comprising Tk 20,000 crore from state funds and Tk 15,000 crore earmarked as equity shares for depositors. Additionally, Tk 12,000 crore was allocated from the Deposit Insurance Fund to guarantee immediate payouts of up to Tk 200,000 per depositor under a phased settlement scheme formulated by the central bank.
On August 25, the Governor of Bangladesh Bank confirmed that no financial haircuts would be applied to deposits. Beginning September 1, individual depositors were invited to submit claims at relevant branches and sub-branches to withdraw their principal balances. Disbursements will commence on Monday (September 7) following scrutiny.
Under regulatory guidelines, individual depositors are permitted to withdraw the principal sums held across current, savings, and term deposit accounts. However, accrued profits or interest cannot be withdrawn at this stage.
Any withdrawal of the principal sum will be treated as a full and final settlement of the respective account, with outstanding liabilities or loans adjusted beforehand. Customers opting to keep accounts active will remain eligible for contractual profits, while partial withdrawals will leave remaining balances eligible for standard returns.
Bangladesh Bank Executive Director and Spokesperson Arif Hossain Khan reassured depositors that funds are fully secured and urged calm. To avert logistical bottlenecks and overcrowded branches, the central bank has advised non-urgent depositors to withdraw funds in phases rather than rushing to counters on the opening day.
https://thedailyexpress.news/news/business/1f1aa194-7168-6ac0-98d2-6f6aab35934d