Sammilito Islami Bank Chairman resigns

Mohammad Ayub Mia has resigned from the post of Chairman of Sammilito Islami Bank, a state-owned bank formed by merging five banks. He submitted his resignation to the Secretary of the Financial Institutions Division of the Ministry of Finance on Monday (March 16).

Confirming the matter, Mohammad Ayub Mia told the media that he resigned for personal reasons. Due to his age, he no longer wants to take on responsibilities and wants to spend his retirement comfortably.

The government appointed him as the first Chairman of the Board of Directors of this bank on December 7 last year. He is a former secretary.

After the fall of the Awami League government on August 5, 2024, the interim government merged five Islamic banks to form this new bank to address the crisis of returning depositors' money. The merged banks are Exim Bank, Social Islami Bank, First Security Islami Bank, Union Bank and Global Islami Bank.

The new bank started its journey with a capital of about Tk 35,000 crore. Of this, the government provided Tk 20,000 crore. There is a plan to give the remaining 15,000 crore taka to depositors as a fund.

In addition, initiatives have been taken to pay 2 lakh taka per person from the Deposit Insurance Fund for about 7.8 lakh depositors, for a total of about 12,000 crore taka.