Customers of Sammilito Islami Bank begin withdrawing deposits

Customers have started receiving their deposits back from Sammilito Islami Bank. Those who applied to withdraw their money on the first day have started receiving their funds today, Monday.

The bank has already sent money from its head office to its branches. It has also started transferring money online. As a result, normal banking operations at Sammilito Islami Bank have gradually resumed.

The five Shariah-based banks that have been merged are First Security Islami Bank, Social Islami Bank, Union Bank, Global Islami Bank and EXIM Bank. Together, these banks have 761 branches. Following the merger, they are now operating as Sammilito Islami Bank PLC.

Sammilito Islami Bank has started returning the principal deposits of its individual account holders from today. Bangladesh Bank has allocated Tk 5,000 crore (Tk 50 billion) for this purpose.

A total of 74,000 customers applied to withdraw deposits from Sammilito Islami Bank. Against these applications, they sought the return of Tk 3,925 crore (39.25 billion) in total. Sunday was the final day for submitting applications to withdraw deposits.

Visits to branches in Gulshan, Mohakhali, Banani and Motijheel in the capital this morning found that the head office had supplied sufficient funds to the branches to return money to customers who applied on the first day.

Many customers have already withdrawn money since morning, while some are still waiting. Branch officials are contacting customers who have submitted applications.

Former banker Abdus Salam had deposited Tk 3 million at Social Islami Bank’s Bhanga branch in Faridpur. On the first day, he applied to withdraw Tk 14 lakh. He told Prothom Alo this morning that he had received the Tk 14 lakh.

He said, “I have spent two years pursuing my money. Today, I have received half of it.”

Rokhsana Akhter, manager of First Security Islami Bank’s Topkhana branch, told Prothom Alo that the branch had paid money to 10 to 15 customers since morning. “Those who applied are receiving their money,” she said. “In addition, customers whose new profit has been credited to their accounts can withdraw that money.”

ABM Mokarram Mahmud, manager of Union Bank’s Uttara branch, told Prothom Alo that eight customers had applied to withdraw money on the first day.

Four customers had withdrawn their funds, while the branch had contacted the others. “Those who have profit credited to their accounts can also withdraw the money,” he said. “Operations have returned to normal, and we have informed customers accordingly.”

Some customers also reported difficulties. One such customer, Mohammad Hossain of First Security Islami Bank, told Prothom Alo that although the cancellation of the haircut had been announced, many branches had not received the instruction.

Mohammad Hossain further said that many customers had been given new accounts in which only their principal amounts had been deposited, but they had not been informed whether the haircut would also be cancelled for them.

“Unless these issues are clarified, customers will not regain peace of mind,” he said.

In January this year, Bangladesh Bank decided to deduct the profits on the deposits of customers of the five banks for 2024 and 2025.