Bangladesh Bank (BB) Governor Ahsan H Mansur on Monday expressed satisfaction with the initial operations of the Sommilito Islami Bank PLC, noting that the institution has maintained stability during its first two days of full-scale transactions.
“Sammilito Islami Bank has resumed its transaction operations over the past two days and has received Tk44 crore in new deposits during this period. This is a reflection of customer confidence in the government’s initiative to stabilise the Shariah-based banking sector,” he said.
The BB governor said this while speaking at a press conference at the BB headquarters.
During the first two days, the bank recorded Tk107.77 crore in withdrawals against Tk44 crore in new deposits. A total of 13,314 withdrawal transactions were processed. The highest volume of withdrawals came from Exim Bank, where 6,265 customers withdrew Tk66 crore.
However, Ahsan H Mansur emphasised that the net situation remains satisfactory, pointing out that in some branches, deposits actually exceeded withdrawals.
The establishment of the Sommilito Islami Bank PLC was completed in a record two months under the newly enacted Bank Resolution Ordinance.
This process included the issuance of a Letter of Intent (LOI), capitalisation, and the implementation of a resolution scheme.
Currently, the bank is managed by a board of government representatives, but plans are underway to form a full board including independent directors such as a chartered accountant, a legal expert and a veteran banker.
While the initial phase has been smooth, the governor highlighted two significant challenges including IT integration and forensic audits.
He mentioned that the BB IT team is currently working to establish a unified IT system for the five merged entities.
A thorough forensic audit will be conducted to investigate past irregularities within the five banks involved in the merger, he added.
The BB chief clarified the human resources policy, stating that there are no plans for mass layoffs.
However, he issued a stern warning that any officials found complicit in previous financial irregularities during the forensic investigation would not be spared.
To attract more investment, the bank is aligning its Shariah-based profit rates with current market standards and plans to launch a suite of new Shariah-compliant products.
The governor concluded by noting that the successful start of the bank, which saw the transition from five separate entities to a single architecture in just a few months, is a testament to the skill of the administrators and officials involved.
Sommilito Islami Bank PLC Chairman Dr Mohammad Ayub Mia also spoke on the occasion.
In his speech, Ayub Mia said that they have been providing services to customers for the past two days. In some branches, we have observed a higher tendency to deposit money than to withdraw it.
He mentioned that the official inauguration of the Sommilito Islami Bank PLC is scheduled to take place on 19 January.
He also invited media and relevant stakeholders at the event.
