Play store
Bangladesh Bank has decided to gradually withdraw administrators appointed to oversee the Combined Islamic Bank, while finalising a roadmap to hand over management responsibilities as part of the ongoing restructuring process.
According to central bank sources on Tuesday, the restructuring programme will continue alongside efforts to restore the banks’ normal operations in phases.
A Bangladesh Bank official said that as the financial situation improves, depositors will be able to withdraw their funds along with the promised profit.
Earlier in the day, customers of five banks brought under the Combined Islamic Bank umbrella staged a protest in front of Bangladesh Bank, demanding access to their deposits.
Last year, the central bank initiated a plan to consolidate five financially distressed Islamic banks—EXIM Bank, First Security Islami Bank, Global Islami Bank, Social Islami Bank, and Union Bank—under the Combined Islamic Bank due to liquidity shortages, governance failures, and financial irregularities.
To oversee the merger and restructuring, Bangladesh Bank appointed an administrator to each bank. On June 8, Kazi Shairul Hasan was appointed chairman and Abedur Rahman Sikder managing director of the Combined Islamic Bank.
Bangladesh Bank said the administrators’ responsibilities would be transferred in phases based on the progress of the restructuring process. It also plans to strengthen the board by appointing more experienced directors.
