The country’s largest Shariah-based state-owned bank “Sammilito Islami Bank”, which will be formed by merging five financially troubled Sharia-based banks, has received initial approval.
The central bank’s board gave the approval on Sunday.
A central bank official, requesting anonymity, said that the Finance Ministry had sent the bank’s initial licence application to the central bank on behalf of the government last Wednesday. The new state-owned bank was given initial approval at Sunday’s board meeting.
In this regard, bank governor Dr. Ahsan H. Mansur also held a meeting with Finance Adviser Dr. Salehuddin Ahmed.
The seven-member board of the new bank will be chaired by Nazma Mubarak, secretary of the Financial Institutions Division.
The other members of the board are:
- Khairuzzaman Mozumder, secretary of the finance ministry
- Saifullah Pana, secretary of the principal advisory office
- Kamal Uddin, secretary of the religious affairs ministry
- Shahriar Quader Siddiqui, Secretary, Economic Relations Division
- Rashedul Amin, Joint Secretary, Ministry of Finance
- Sheikh Farid, Joint Secretary, Financial Institutions Division
A capital of Tk20,000 crore has been set for the new bank. Sources said it will work as a reliable and disciplined Sharia-based bank for shareholders and customers.
