BB revises profit decision for Sammilito Islami Bank depositors, sets 4% return
Institutional depositors will not be eligible for any profit during the period
Bangladesh Bank has revised its earlier decision on profit payments by Sammilito Islami Bank, allowing only individual depositors to receive a 4% return on their deposits for 2024 and 2025.
However, the benefit will not apply to institutional depositors. The decision was conveyed by the Bank Resolution Department in a letter sent yesterday to the administrators of five Islamic banks.
The letter instructs that profit at an annual rate of 4%, based on the bank rate, be paid on term and scheme-based deposits from 1 January 2024 to 28 December 2025.
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The move reverses Bangladesh Bank's earlier position taken this month, when it ruled that depositors of the troubled banks would receive no profit for the two years due to weak financial conditions.
Last year, Bangladesh Bank finalised the Bank Resolution Scheme 2025 for the newly formed Sammilito Islami Bank PLC, created by merging the five crisis-hit Shariah-based banks. The scheme outlines specific steps and timelines for repaying depositors' funds as part of the resolution process.
