Written by The Banking Post
Depositors of Sammilito Islami Bank will receive profits of up to 9.5 per cent in 2026, Bangladesh Bank Governor Dr Ahsan H. Mansur announced on Thursday, seeking to calm concerns and counter what he termed “rumours and misinformation” surrounding the newly merged bank.
The decision applies to savings and term deposits with a tenure of one year or more and will take effect from January, with January profits to be paid in February. Depositors will receive 4 per cent profit for 2024 and 2025, while those whose funds cannot be immediately repaid will be eligible for profits of up to 9.5 per cent on their savings at market rates. Monthly scheme account holders will receive profits every month and will be able to withdraw the full amount.
The governor said profit payments would be released gradually to avoid liquidity stress. “If all funds are released at once, it could create financial instability. Deposits must be released in a controlled manner,” he said.
He described the profit payments as a gesture of government goodwill, noting that under international practices, depositors of distressed Islamic banks suffering heavy losses are not always entitled to profits.
Earlier, on January 14, the central bank had announced a ‘haircut’ policy, under which no profits would be paid for 2024 and 2025. Following protests and criticism, the decision was reversed within a week, and a 4 per cent profit rate was introduced. The governor said this would cost the government about Tk 45 billion.
Sammilito Islami Bank was formed through the merger of EXIM Bank, First Security Islami Bank, Global Islami Bank, Union Bank and Social Islami Bank, which had faced severe financial stress due to widespread loan irregularities.
Dr Mansur also alleged that certain individuals and bankers were deliberately spreading false information about the bank for financial gain, warning that such activities would not be tolerated.
On depositors of nine non-bank financial institutions set to be liquidated, he said they would receive only their principal amounts, without any interest or profit.
Responding to reports of unrest at some bank branches in Dhaka and Chattogram, the governor said the situation was under close monitoring and law enforcement support would be sought if needed. He also dismissed rumours about his taking extended leave, calling them “completely false.”
