Sammilito Islami Bank will give depositors full immediate withdrawal up to Tk 200,000 under the Bank Resolution Scheme of Bangladesh Bank. This is what you need to know.
Summary: If you had up to Tk 200,000 in any of the five merged Shariah banks, then you can withdraw your full amount immediately. Larger deposits are made in phases. This guide describes the Phase 1 rules under the Bangladesh Bank’s resolution scheme.
5 merged Shariah banks: Phase 1 withdrawal rules to withdraw your Tk 200,000
The Bangladesh Bank Resolution Ordinance merged five troubled Shariah-based banks into the newly formed Sammilito Islami Bank PLC, and a structured repayment plan has been put in place. Under the Phase 1 withdrawal rules, priority is being given to small depositors with balances up to Tk 200,000, allowing them full and immediate access to their money. This guide tells you exactly who can withdraw immediately and how to safely get your money out in this initial phase.
Where did the five banks go?
Bangladesh Bank has declared five Shariah-based banks in trouble – First Security Islami Bank, Social Islami Bank, Global Islami Bank, Union Bank and EXIM Bank – as non-viable under the Bank Resolution Ordinance 2025. All the five were merged into the newly formed Sammilito Islami Bank PLC. The signboards of all the branches were changed on the first day of new year.
Who May Withdraw Immediately?
The Bank Resolution Scheme gives the highest priority to small depositors. Those with balances of Tk 200,000 or below are fully secured and can withdraw their money anytime from the date of the scheme’s coming into effect.
The depositors started to withdraw money on their existing cheques, with a maximum of Tk 200,000 in cash. On the first day, one depositor of Union Bank got his entire balance of Tk 1,95,000.
Specific exemptions: Health reasons
Special attention has been given to vulnerable persons – depositors with cancer or in need of kidney dialysis can withdraw any amount deposited, with no restrictions.
What If Deposits Exceed Tk 200,000?
Depositors with Tk 200,000 or more in their accounts will not be allowed to withdraw the entire amount at once. The next Tk 200,000 will be disbursed at Tk 100,000 per quarter after the first Tk 200,000. Full access can take up to 24 months depending on the size of the deposit.
Holders of Fixed and Term Deposits
For fixed and term deposit holders, the scheme provides for automatic renewals at maturity. The three-month deposits will be renewed three times, and the deposits with the terms from one year to two years will be converted into three-year term deposits.
Are Your Deposits Earning Money?
Bangladesh Bank’s Shariah Council has taken the decision that no profit can be paid if a bank is in loss. “The profit rate will be decided as per the market once the new bank begins operation,” said Bangladesh Bank Governor Ahsan H Mansur told The Business Standard.
Key Highlights:
- Deposits up to TK 200,000: full withdrawal allowed at once
- Deposits above Tk 200,000: Tk 100,000 to be released in three-monthly phases
- Depositors may have to wait 24 months to get full access
- Cancer, dialysis patients off all withdrawal limits
- Fixed deposits renewed automatically; Longer tenors transferred to 3-year deposits
- Share values fell to zero with net asset values in the negative, so shareholders get nothing
FAQ
Q: Name the five banks that were merged.
A: Sammilito Islami Bank PLC, formerly First Security Islami Bank, Social Islami Bank, Global Islami Bank, Union Bank and EXIM Bank.
Q. Can I stop the usage of my old cheque book?
A: Yes. The depositors can withdraw their money from the branches now operating under the Sammilito Islami Bank name with their old cheques.
Q: How much can you take out of Phase 1?
A: Tk 200,000 in full, immediately if your balance is at or below that amount.
Q: How fast will I get larger deposits back?
A: Initially, first Tk 200,000 is released and then Tk 100,000 every month and the ability to access higher amounts over a period of months.
Q: Will my money be safe at the new bank?
A: The new bank has a paid-up capital of Tk 35,000 crore, the highest in the banking history of Bangladesh, and it is the country’s biggest financial institution.
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Q: Are institutional deposits going to be treated differently?
A: Yes. Banks and financial institutions are going to convert their Tk 7,500 crore fixed deposits into Class-B shares of Sammilito Islami Bank PLC.
Summary:
If you had up to Tk 200,000 in any of the five merged Shariah banks, you can withdraw your full amount immediately. Larger deposits follow a phased schedule. This guide explains Phase 1 rules under Bangladesh Bank’s resolution scheme.
