Finance ministry dismisses rumours over Islamic bank merger

The finance ministry has rejected "baseless rumours" circulating on social media that investors would be harmed by the planned merger of five Shariah-based commercial banks.

In a press release today, the ministry said no decision had been taken that would undermine investor interests.

"The matter is completely rumoured and baseless. Everyone is requested to be careful about such misleading rumours," it said.

The government has already approved the consolidation of First Security Islami Bank, Union Bank, Global Islami Bank, Social Islami Bank, and Exim Bank into a new state-run Islamic lender named Sammilito Islami Bank Limited.

Under the merger, all assets and liabilities of the five listed banks will be transferred to the new entity.

The Bangladesh Bank said the lender will have an authorised capital of Tk 40,000 crore and a paid-up capital requirement of Tk 35,000 crore.