Depositors of Sammilito Islami Bank will be able to withdraw monthly profit on their deposits starting 1 February, Bangladesh Bank (BB) Governor Dr Ahsan H Mansur said on Thursday.
Speaking at a press conference at Bangladesh Bank, the governor said market-based profit rates have been fully implemented since 1 January, and transaction activities of customers of the five merged banks, including Sammilito Islami Bank, are expected to return to normal soon.
Sammilito Islami Bank was formed by merging EXIM Bank, Social Islami Bank, First Security Islami Bank, Global Islami Bank and Union Bank, which had weakened due to widespread irregularities, including loan embezzlement and mismanagement.
Together, the banks hold deposits of about Tk1.42 lakh crore from nearly 76 lakh depositors, while around 77% of their disbursed loans are classified as non-performing.
Dr Mansur said all depositors’ principal amounts are fully safe and will be returned gradually, as announced earlier.
At present, customers are allowed to withdraw up to Tk2 lakh from any deposit scheme. In addition to savings and current accounts, depositors can now withdraw up to Tk2 lakh against term deposits as well.
From 1 January, profit has been paid at full market rates, he said. Under the revised structure, the profit rate has been set at 9.5% for deposits with a tenure of more than one year, while deposits of less than one year will earn 9%. Monthly profit rates for various deposit schemes are currently being adjusted.
Acknowledging dissatisfaction and confusion among some depositors, the governor said authorities are actively working to resolve the issues.
“No plan can be implemented with 100% success. Problems are identified over time and addressed step by step,” he said, alleging that vested groups are attempting to exploit the situation and obstruct the implementation of the merged bank’s operations.
Dr Mansur stressed that depositors’ interests are being given the highest priority.
He said the government’s decision to provide 4% support for two years is costing an additional Tk4,500 crore, urging depositors and the public not to be misled by rumours.
On Shariah compliance, the governor said the Shariah Council has opined that an Islamic bank operating at a loss cannot distribute profit.
Audits for the 2024-25 fiscal year revealed losses amounting to thousands of crores of taka at the merged banks.
Despite this, the government has decided to provide a 4% profit as an act of goodwill (ehsan or onukompa), placing significant financial pressure on the state.
“These banks previously accepted deposits at very high profit rates. Now they are under government management, so paying 13% profit is not possible. Even after incurring losses, providing 4% is substantial,” he said.
Reiterating assurances to depositors, Dr Mansur said, “No matter how much misinformation is spread, depositors’ principal funds are safe. Withdrawals will be allowed in a controlled manner. Some technical issues existed, but they are being resolved gradually.”
He added that depositors with large balances will be able to take loans of up to 40% of their deposits to meet immediate liquidity needs.
Regarding remittances, the governor said instructions have been issued to ensure that any pending remittance payments are cleared within 48 hours.
He warned that bank officials found harassing customers would face disciplinary action.
Field visits to bank branches have been underway since 28 January, and a customer complaint hotline will be launched next week.
bd-pratidin/GR
