Bangladesh Bank unveils logo of Sammilito Islami Bank

The Bangladesh Bank has unveiled the logo of the Sammilito Islami Bank PLC, a newly formed entity created by merging five crisis-hit Shariah-based banks.

The logo, with the slogan "Sammilito Shaktite Samriddha Agami" (A prosperous future through collective strength), was revealed this evening (30 December).

Sammilito Islami Bank has been formed by merging EXIM Bank, First Security Islami Bank, Global Islami Bank, Social Islami Bank, and Union Bank.

Earlier this month, the central bank completed the merger of five banks by reducing their paid-up capital to zero, a move that has effectively wiped out the entire shareholding of investors and left thousands of small shareholders with no compensation.

Under a Capital Reduction Order issued by the central bank's Bank Resolution Department (BRD), all paid-up capital of the five Islamic banks has been written down and their issued shares fully cancelled.

As a result, shareholders have lost all ownership rights, including voting power, dividend entitlement and the ability to pursue any legal claims.

Bangladesh Bank has also finalised the Bank Resolution Scheme, 2025 for the new bank, setting out a phased plan for returning depositors' funds.

The central bank prepared the scheme under its supervision to protect depositors and ensure financial stability after the normal operations of the five banks collapsed due to long-standing irregularities, acute liquidity shortages and high levels of defaulted loans.

Sammilito Islami Bank started full banking operations on 2 December after Bangladesh Bank granted the final licence to the new entity.

It has become the largest state-owned Islamic bank in the country, with a stated mandate to protect depositors and restore financial stability.

The merger decision was finalised at a special board meeting of Bangladesh Bank on 30 November, chaired by Governor Ahsan H Mansur. The central bank formally handed over the licence on 1 December.

The new bank has a paid-up capital of Tk35,000 crore, including Tk20,000 crore from the government and Tk15,000 crore to be raised through the conversion of deposits into shares. Its authorised capital has been set at Tk40,000 crore.

Mohammad Ayub Miah has been appointed chairman, and the bank's head office is located at Sena Kalyan Bhaban in Motijheel, Dhaka. Other board members include Hafiz Ahmed Chowdhury, M Saifullah Panna, Md Kamal Uddin, Md Shahriar Kader Siddiky, Md Rashedul Amin, and Sheikh Farid.