Dhaka, Bangladesh (BBN) - Employees of the proposed Sammilito Islami Bank, being formed through the merger of five troubled Shariah-based lenders, may face salary reductions of up to 20 per cent, according to verbal instructions conveyed to the institutions by the central bank.
A senior Bangladesh Bank (BB) official confirmed to local media that a formal directive may be issued to the five banks by Sunday (30 November).
Bangladesh Bank spokesperson and director Mohammad Shahriar Siddique said, “Bangladesh Bank has provided Tk 3.50 billion in support to the merged bank. The governor has said salaries will be reduced to some extent. However, a new pay scale will be introduced for them.”
A senior official from one of the Shariah-based banks also said the central bank had verbally informed them of a 20 per cent salary cut, adding that a written order is expected by Sunday.
Earlier, on 9 November, the central bank’s board, chaired by Governor Dr. Ahsan H. Mansur, granted preliminary approval for the new Shariah-based, state-owned Sammilito Islami Bank to begin operations following the merger of the five weak banks.
The banks involved in the merger are Exim Bank, Social Islami Bank, First Security Islami Bank, Union Bank, and Global Islami Bank.
BBN/SSR/AD