Sammilito Islami Bank depositors can withdraw funds from September
The decision marks a shift from the earlier plan under which a portion of the profits declared against deposits for 2004 and 2025 would not be paid.
Depositors of Sammilito Islami Bank will be able to withdraw money they need from their accounts from 1 September, while the bank will not impose any "haircut" on deposit profits, according to decisions taken at a meeting between Bangladesh Bank Governor Md Mostaqur Rahman and the bank's top officials today (25 August).
The decision marks a shift from the earlier plan under which a portion of the profits declared against deposits for 2004 and 2025 would not be paid.
The governor directed the chairman and managing director of Sammilito Islami Bank to take necessary measures to protect depositors' interests and resume normal banking operations at the earliest, according to a Bangladesh Bank press release.
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The meeting was held at Bangladesh Bank this morning with Sammilito Islami Bank Chairman Kazi Shairul Hasan and Managing Director Abedur Rahman Sikder.
The governor instructed the bank authorities to make it clear to all depositors that there will be no "haircut" on their profits.
The governor further directed the bank to take necessary measures so that, from 1 September, individual depositors can withdraw money from Al-Wadiah current accounts, Mudaraba savings accounts and Mudaraba term deposits according to their requirements, beyond the provisions of the original scheme where necessary.
