Dhaka, Bangladesh (BBN) - Five Islamic banks set to merge have received a preliminary license — known as a Letter of Intent (LoI) — from the Bangladesh Bank (BB) to operate under the name ‘Sammilito Islami Bank PLC.’
The central bank’s board granted the approval at a special meeting held on Sunday, officials familiar with the development said.
Nazma Mubarek, secretary of the Financial Institutions Division, has been appointed chairperson of the new bank’s board.
Along with her, six directors have been nominated: 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.
BBN/SSR/AD