Sammilito Islami Bank secures preliminary licence
Sammilito Islami Bank, the proposed largest shariah-based state-run bank to be formed by merging five troubled ones, secured preliminary regulatory licence today.
The central bank received the approval virtually from its board, officials of the banking watchdog told The Daily Star on condition of anonymity.
For all latest news, follow The Daily Star's Google News channel. In the afternoon, Bangladesh Bank Governor Ahsan H Mansur also held a meeting with Finance Adviser Salehuddin Ahmed in this regard.
Last Wednesday, the finance ministry, on behalf of the government, sent an application to the central bank.
In the seven-member board of the new bank, Nazma Mobarek, secretary of the Financial Institutions Division, will serve as chairperson.
The other board members are: Md Khairuzzaman Mozumder, secretary of the Finance Division; M Saifullah Panna, secretary of the Chief Adviser's Office; Md Kamal Uddin, secretary of the Ministry of Religious Affairs; Md Shahriar Kader Siddiky, secretary of the Economic Relations Division; Mohd Rashedul Amin, joint secretary of the Finance Division; and Sheikh Farid, joint secretary of the Financial Institutions Division.
After receiving the central bank's preliminary approval, the finance ministry will apply to the Registrar of Joint Stock Companies to form the company.
Earlier, on November 5, the banking regulator took over the five troubled shariah-based banks on a temporary basis by dissolving their boards as part of the formal merger process.
Before dissolving the boards, the BB governor met with the chairmen and managing directors of the five banks -- First Security Islami, Union, Global Islami, Social Islami, and EXIM -- to inform them about the matter.
On that day, the central bank also sent letters to the chairmen of the five banks stating that the lenders had been brought under the resolution process in accordance with Section 15 of the Bank Resolution Ordinance, 2025.
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