Sammilito Islami Bank seeks new MD after appointee declines post
According to the circular, the selected candidate will initially be appointed on a three-year contractual basis, with the possibility of renewal based on satisfactory performance.
The government has issued a fresh circular to appoint a managing director (MD) for state-owned Sammilito Islami Bank after the previously selected candidate declined to take the position.
The Financial Institutions Division of the Ministry of Finance published the new recruitment notice today (8 March), inviting applications from qualified and experienced candidates.
In February, Nabil Mustafizur Rahman, additional managing director of United Commercial Bank (UCB) PLC, was appointed as the MD of Sammilito Islami Bank.
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However, he later expressed his inability to assume the role citing "physical illness," a reliable Bangladesh Bank source confirmed the matter to The Business Standard.
As he did not join the post, the authorities have issued a fresh recruitment notice for the position.
According to the circular, the selected candidate will initially be appointed on a three-year contractual basis, with the possibility of renewal based on satisfactory performance.
Applicants must have at least 20 years of experience in the banking sector. They must also have served either as the chief executive officer of a bank or held a position directly below the CEO for at least two years.
Candidates are required to have expertise in Islamic banking operations, Shariah governance, Islamic accounting systems, profit distribution mechanisms, and Islamic risk management. Experience in digital banking, organisational transformation, or bank mergers will be considered an added qualification.
Applicants must be between 45 and 60 years of age at the time of the circular's publication and must not be loan defaulters.
The appointed MD will oversee all operations of the bank, including corporate, SME, retail, treasury, agriculture, international trade, and digital banking. The role will also involve developing Shariah-based banking products, strengthening risk management, and coordinating organisational integration following the bank merger.
Applications will initially be screened based on qualifications, after which shortlisted candidates will be invited for interviews. Final appointment will require background verification and approval under Bangladesh Bank's "fit and proper" criteria.
Interested candidates must submit their CV, cover letter, attested copies of academic and professional certificates, a copy of their national ID card, and a passport-size photograph. Applications must be sent in a sealed envelope addressed to the Secretary of the Financial Institutions Division at the Bangladesh Secretariat in Dhaka, along with a PDF copy sent via email.
The deadline for submitting applications is 25 March by 5pm.
Sammilito Islami Bank PLC was formed as a new state-owned bank through the merger of five weak Islamic banks – EXIM Bank, Social Islami Bank, First Security Islami Bank, Global Islami Bank, and Union Bank.
The bank's paid-up capital has been set at Tk35,000 crore, of which the government will contribute Tk20,000 crore and Tk15,000 crore will come from depositors' shares. Its authorised capital has been fixed at Tk40,000 crore.
