Dhaka, Bangladesh (BBN) - The much-talked-about proposed Sammilito Islami bank is set to launch next week, Bangladesh Bank (BB) Governor Dr Ahsan H Mansur said on Saturday.
Speaking as the chief guest at the 4th Bangladesh Economic Conference at a city hotel, the central governor said they have almost completed all the formalities to launch the largest Islamic bank to be formed through the merger of five shariah-based banks.
The banks are Social Islami Bank, Global Islami Bank, First Security Islami Bank, Union Bank and EXIM Bank.
Earlier, on November 9, 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.
According to the BB merger roadmap, the proposed bank will have a paid-up capital of BDT 350 billion: BDT 200 billion provided by the government as equity and the remaining BDT 150 billion coming from the deposit-insurance trust fund and institutional deposits.
BBN/SSR/AD