Sammilito Islami Bank PLC has resumed normal banking operations for individual account holders, allowing customers to apply for withdrawal of their principal deposits. Payments are scheduled to begin from September 7. This move has brought relief to many depositors who have been facing uncertainty over access to their savings following the merger of five financially troubled Islamic banks.
Under a special circular issued by the bank, individual account holders can withdraw or encash the full principal amount of their deposits in a single transaction. Branches and sub-branches started accepting withdrawal applications today, while actual payments will begin on September 7 after necessary cash-management preparations are completed.
Md Abu Sufian, a depositor at a Sammilito Islami Bank branch, welcomed the decision, stating that the withdrawal facility would provide much-needed relief to customers who have been waiting to access their money. He expressed hope that the payment process would be smooth from September 7.
Irin Sultana, another depositor, said many customers would prefer to keep their money with the bank if normal banking operations and profit payments are ensured. She emphasized the importance of regaining confidence in the bank's strength and regular services.
Mainul Islam, Senior Officer of the Sammilito Islami Bank PLC, highlighted the importance of restoring depositors' confidence. He stressed that ensuring smooth payments, transparency, and regular communication with depositors would be essential to rebuild confidence.
Bangladesh Bank has cancelled the proposed 'haircut' on part of the profits of Sammilito Islami Bank depositors for 2024 and 2025. As a result, depositors will be entitled to the full declared profit on their term deposits. Customers who choose to keep their accounts active will continue to receive profits at the predetermined rates according to the terms and conditions of their agreements.
Sammilito Islami Bank was formed through the merger of EXIM Bank, Social Islami Bank, First Security Islami Bank, Global Islami Bank, and Union Bank after the five lenders faced prolonged financial difficulties and deposit repayment problems stemming from various irregularities and alleged fraud. The resumption of normal operations is a significant step towards stabilizing the bank and restoring confidence among its customers.
