Editorial, News & commercial office:
55/A, H M Siddique Mansion (Level-7), Purana Paltan, Motijhel C/A, Dhaka-1000. Phone: +8802226640056,
e-mail: [email protected], [email protected]
Bangladesh Bank is planning to gradually withdraw administrators from the country's five merged Islamic banks starting in August. According to sources, the administrator at EXIM Bank could be removed as early as next week.
The policy decision was reportedly made during a recent meeting between Bangladesh Bank Governor Mostakur Rahman and the boards of the five merged banks.
The meeting reviewed the banks' restructuring process, future business plans, progress in implementing the Core Banking System (CBS) and other administrative matters.
However, some central bank officials believe administrators should remain in place until the implementation of the CBS and other ongoing reform programmes is completed. They argue that the administrators' experience remains important for the restructuring process.
The five merged banks are EXIM Bank, Social Islami Bank, First Security Islami Bank, Union Bank and Global Islami Bank. The financially troubled institutions have been merged under the name "Combined Islami Bank."
On Tuesday, depositors of the five banks staged a protest outside Bangladesh Bank. They later submitted a memorandum to the finance minister demanding an official notification cancelling the proposed haircut on deposits and the restoration of normal banking operations similar to those of other scheduled banks.
Bangladesh Bank has not yet officially announced a timeline for the withdrawal of administrators.
