Summilated Islami Bank PLC Officially Begins Operations

Dec 03, 2025
Business

Illustrative Photo: Summilated Islami Bank PLC (Collected)

Staff Report, PNN

Bangladesh’s largest state-owned Islamic bank, Summilated Islami Bank PLC, has officially started operations. Following final approval and licensing from Bangladesh Bank on Monday (December 1), the bank began its operations on Tuesday. Former secretary Dr. Mohammad Ayub Mia has assumed the role of chairman.

After taking charge, Dr. Ayub Mia stated that establishing a government-owned Islamic bank is good news for the nation. A technical team is already working to strengthen the bank’s foundation. The main goal will be to restore depositors’ trust, and the bank aims to become a symbol of confidence for the public.

Bangladesh Bank hopes the new bank, formed by merging five troubled Islamic banks, will stabilize the country’s Islamic banking sector. From next week, deposits up to 200,000 Taka will be reimbursed, and a roadmap is being prepared for higher amounts.

The bank’s headquarters has opened at Senakalyan Bhaban in Motijheel. Bangladesh Bank stated that Governor Ahsan H. Mansur will formally inaugurate the new bank on Thursday.

The five merged banks are First Security Islami Bank, Global Islami Bank, Social Islami Bank, Exim Bank, and Union Bank. The paid-up capital of Summilated Islami Bank PLC is set at 35,000 crore Taka, with 20,000 crore from the government and 15,000 crore from depositors’ shares. The authorized capital is 40,000 crore Taka.