Proposal to merge five Islamic banks gets go-ahead
The five are: First Security, Union, Global Islami, Social Islami, and Exim
The advisory council has approved the proposal to merge five Shariah-based banks into a new entity.
After a meeting of the council today, Chief Adviser's Press Secretary Shafiqul Alam told journalists that the proposal to merge the five banks into a single, new Shariah-based Islamic bank has been finally approved.
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The five banks identified for the merger are First Security Islami Bank, Union Bank, Global Islami Bank, Social Islami Bank, and Exim Bank.
Against a proposed authorised capital of Tk 40,000 crore for the new bank, an estimated Tk 35,000 crore will be required as paid-up capital, according to the press secretary.
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