Legal framework of banking sector must be reformed
On June 4, Bangladesh Bank informed the chairmen and managing directors of five Shariah-based banks in a special meeting that it intends to merge them into a single, stronger Islamic bank. The five banks in question are First Security Islami Bank, Global Islami Bank, Union Bank, Social Islami Bank, and EXIM Bank. It is worth noting that toward the end of the last Awami League government’s tenure, an initial attempt was made to merge EXIM Bank with Padma Bank to form a new entity, but that initiative was halted due to political changes.
