36,000 customers withdraw Tk 1,431 crore from Sammilito Islami Bank in 4 days

The process of returning deposits from Sammilito Islami Bank, formed by merging five troubled Shariah-based banks, is ongoing. In the last four days, 36,097 customers have withdrawn Tk 1,431 crore from the bank. At the same time, fresh deposits and normal transactions at the bank are continuing.

According to the latest data from the bank on Thursday, September 10, a total of 11,385 new applications were received that day. The amount claimed for refund against these applications stood at Tk 374 crore. On the same day, Tk 391 crore was paid to 9,041 customers against their applications.

Earlier, 27,056 customers withdrew a total of Tk 1,040 crore in three days from September 7 to 9. Of them, 8,125 customers withdrew Tk 319 crore on September 7, 8,234 customers withdrew Tk 340 crore on September 8, and 10,697 customers withdrew Tk 381 crore on September 9.

Sammilito Islami Bank accepted applications for refunds from individual depositors from September 1 to 7. During this period, 74,221 applications were received, with refund claims amounting to nearly Tk 3,925 crore. However, not all customers are withdrawing their money on the scheduled day after applying.

Meanwhile, the bank introduced online fund transfer facilities from September 7. As a result, along with deposit refunds, the flow of funds and normal transactions in the bank are gradually increasing, according to bank authorities.

On Monday, Bangladesh Bank allocated Tk 5,000 crore to Sammilito Islami Bank as liquidity support to return the principal deposits of individual depositors. The refund programme is being carried out with this fund.

According to Bangladesh Bank's directives, individual depositors can withdraw money from their current and savings accounts as well as the principal amount of term deposits. However, if the entire principal of a term deposit is withdrawn at once, it will be treated as a full and final settlement, and no profit will be paid in that case.

Those who do not withdraw their money now and keep their deposits active will receive profits at the agreed rate. Once the bank's operations normalise, there will be opportunities to deposit and withdraw money along with profits.

Sammilito Islami Bank was formed by merging EXIM Bank, Social Islami Bank, First Security Islami Bank, Global Islami Bank and Union Bank, which fell into crisis due to severe irregularities and loan fraud. These banks had about 76 lakh depositors with total deposits of Tk 1,42,000 crore. Of this, nearly Tk 15,000 crore is in the savings accounts of individual depositors.