Government approves merger of five Shariah-based private banks

The interim government has approved the merger of five financially struggling Shariah-based private banks to form a single new bank. The banks involved in this merger are First Security Islami Bank, Global Islami Bank, Union Bank, EXIM Bank, and Social Islami Bank. The merged entity will initially have an authorised capital of Tk 400 billion, with paid-up capital estimated at Tk 350 billion. Two names have been proposed for the new bank: United Islamic Bank or Sammilito Islamic Bank. The decision was announced by Shafiqul Alam, press secretary to the chief advisor, following a meeting of the Advisory Council in Tejgaon on Thursday. He reassured the public that no employees would lose their jobs, and depositors would not lose their...