Dhaka: Bangladesh Bank (BB) has appointed temporary administrators to five struggling Shariah-based banks as part of its plan to merge them into a single entity under the Bank Resolution Ordinance. This move aims to consolidate the banks into what will be known as United Islami Bank.
According to Bangladesh Sangbad Sangstha, BB Governor Ahsan H Mansur confirmed the appointments during a press conference at the central bank headquarters. The five banks involved in this merger are First Security Islami Bank, Union Bank, Global Islami Bank, Social Islami Bank, and Exim Bank. The merger is a strategic initiative to strengthen the banking system in the country.
BB documents reveal that Md. Salah Uddin, Executive Director of the central bank, has been appointed as the administrator for Social Islami Bank Limited (SIBL). Muhammad Badiuzzaman Didar, another Executive Director, will oversee First Security Islami Bank (FSIB), while Executive Director Sawkatul Alam has been appointed for Exim Bank. Additionally, Mohammad Abul Hashem and Md Muksuduzzaman have been appointed as directors for Union Bank and Global Islami Bank, respectively.