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In a major regulatory directive, Bangladesh Bank has allowed retail individual depositors of the newly consolidated Sommilito Islami Bank PLC to withdraw their core deposited principal amounts in a single lump-sum payout. However, the central bank clarified that account holders opting for this liquidation route will receive only their principal balances from current, savings, and fixed-term deposit accounts, foregoing any accrued profit or interest margins associated with their holdings.
The instruction was formalized on Monday, August 31, via an official circular letter issued by the Bank Resolution Department of Bangladesh Bank and circulated to the managing directors and chief executives of all scheduled banks and non-bank financial institutions. Under the stipulations of the Bank Resolution Scheme 2025, the transferee bank is mandated to disburse the actual principal funds contributed by non-institutional, general retail depositors. The central bank emphasized that this settlement mechanism covers solely the original principal deposited from personal funds into the transferor banking institutions, entirely excluding any earned or payable profit margins.
The settlement framework carries strict legal and financial conditions. Opting for the one-time principal payout will be deemed a full and final settlement between Sommilito Islami Bank PLC and the depositor, extinguishing any subsequent claims, liabilities, or compensation demands regarding the respective accounts. Furthermore, before authorizing any disbursement, participating branches must deduct and adjust any outstanding personal loans, liabilities, or financial dues owed by the depositor to the merged banking entities, disbursing only the net residual amount.
To execute the process, Sommilito Islami Bank's head office has instructed individual depositors to submit formal withdrawal applications at their respective local branches between September 1 and September 7. Following document verification, full principal liquidations will commence on September 7 across various product lines, including Al-Wadeeah current accounts, Mudarabah savings accounts, Monthly Term Deposit Receipts (MTDR), and Deposit Pension Schemes (DPS). Depositors who choose not to liquidate their principal immediately and keep their accounts active will retain their eligibility to earn contractually agreed profit rates, with unrestricted deposits and profit-inclusive withdrawals restored once institutional banking operations normalize fully.
In an effort to restore public confidence during the disbursement campaign, the bank management has directed all branch and sub-branch networks to observe September 1 as a special customer service day. Branch personnel have been instructed to decorate premises, maintain designated professional attire, and welcome arriving depositors with floral greetings or small gifts, with special priority counters arranged for senior citizens, female depositors, and individuals with disabilities.
