Sammilito Islami Bank begins deposit returns, greets customers with flowers

Sammilito Islami Bank, formed through the merger of five shariah-compliant banks, has officially launched the process of returning funds to its depositors.

From today (7 September), customers who applied on 1 September are being allowed to withdraw their deposits.

Upon receiving their deposited funds, clients are being greeted with flowers and sweets by bank authorities.

The development was observed during a visit to several branches of Sammilito Islami Bank in the capital this morning.

Officials said the branches have been supplied with funds according to customers' demand.

They said some customers are also being allowed to withdraw money ahead of schedule, considering their urgent needs.

Speaking to The Business Standard, Rahim Khan, manager of the Kakrail branch of First Security Islami Bank, now under Sammilito Islami Bank, said every customer has been welcomed with flowers and sweets.

He said 11 customers are scheduled to withdraw money today after applying on 1 September.

Of them, only one has withdrawn money so far, while the bank has called the remaining 10 customers, he added.

At the same time, a woman named Mithila, a resident of Shantinagar, was seen opening a new account at the branch.

Meanwhile, no crowd was observed at the Paltan branch of EXIM Bank, which is also under Sammilito Islami Bank.

Joynul Abedin, second officer of the branch, said 17 customers had applied to withdraw money that day, but only two came to collect their deposits.

"The two customers who came were given their full amounts," he said.

At the Naya Paltan branch, formerly Global Islami Bank, customer Sharmin Jahan came to withdraw money after applying on 3 September.

"According to the rules, I was supposed to receive the money after two more days. However, because my child fell ill, I urgently needed Tk20,000. When I informed the branch manager, he granted permission for the withdrawal. I felt relieved receiving the emergency funds immediately," she said.

Another customer, Didar, also came to withdraw money but was asked to wait until his scheduled date.

He said he had visited the bank several times before to withdraw money but had to return without receiving it. As he had applied on 3 September, he was told he would have to wait another two days.

"Those who applied on 1 September are receiving their money today. I applied on 3 September, so I have to wait two more days. But seeing others withdraw their money today has reassured me, and I hope to receive mine on schedule," he said.

Default loan verification via dedicated app

An official of Sammilito Islami Bank said customers' loan information is being verified before returning deposits to those who applied on 1 September.

A designated app is being used to check whether customers have any defaulted loans with the five merged banks.

"The system checks for defaulted loans using a customer's NID number. If loan information is found, the matter will be reported to the relevant authority, which will decide on withdrawal according to the rules," he said.

Another official said customers without defaulted loans will be allowed to withdraw their money under the rules. The process is being supervised by Bangladesh Bank, he added.

Urging customers not to panic and to keep their deposits with the bank, the official said the government has taken responsibility for the bank, while Bangladesh Bank is overseeing the process. He assured depositors that their funds are safe.

Special consideration for emergencies

Saifuddin Ahmed Chowdhury, manager of the Naya Paltan branch, formerly Global Islami Bank, said the bank has arranged sufficient funds based on customer demand.

"We are ready to serve customers and have arranged funds according to their applications. Bangladesh Bank is also monitoring the matter round the clock," he said.

He added that customers who applied on 1 September are receiving their money today, while those who applied on 2 or 3 September will have to wait another one or two days.

"However, if a customer has an ill family member or another urgent need, we are considering such cases and trying to provide the money as quickly as possible," he said.

Chowdhury SM Atikur Rahman Haider, manager of the Bijoynagar branch, formerly Union Bank, also said funds have been arranged according to customer demand.

He said large depositors can keep their money with the bank or withdraw or transfer it through Real-Time Gross Settlement (RTGS).

However, customers' loan status is also being checked across the five merged banks before funds are released.

75,000 applications in six days

Bangladesh Bank has provided Tk5,000 crore to Sammilito Islami Bank to return depositors' money.

Applications for deposit withdrawals began on 1 September. In six days, 75,000 customers applied, with the total amount sought reaching Tk3,925 crore.

Bangladesh Bank released Tk5,000 crore for Sammilito Islami Bank yesterday.

Sammilito Islami Bank was formed through the merger of EXIM Bank, Social Islami Bank, First Security Islami Bank, Global Islami Bank and Union Bank.