Dhaka, Sep 24 (V7N) – The decision to merge five weak Sharia-based banks has been finalized, with the Board of Directors of Bangladesh Bank already approving the move. As part of the process, administrators will soon be appointed in each of the banks.

According to Bangladesh Bank spokesperson Arif Hossain Khan, a five-member administrative team will be formed for every bank, led by an executive director or a director-level officer of the central bank. The teams will coordinate with the banks’ existing boards and management to carry forward the merger process, under the supervision of Bangladesh Bank’s central task force.

To avoid legal complications, the central bank is currently reviewing relevant laws and consulting stakeholders before appointing administrators. “Since this is the first such initiative in Bangladesh, we are proceeding cautiously to ensure no legal barriers disrupt the process,” Arif Hossain Khan said.

Analysts have welcomed the initiative, calling it a positive step. However, they cautioned that clarity is needed on how long depositors will have to wait to withdraw their money.

Agrani Bank Chairman Syed Abu Naser Bakhtiar Ahmed said:
“Savers not getting their money back is the biggest problem. They need to be told when customers will receive their deposits. This is the real issue. The future of employees must also be considered. If 10,000 staff are laid off because of the merger, what happens then? A plan is needed in advance.”

Bangladesh Bank has reassured that the merger is being carried out in the interest of depositors and that there is no reason to worry. The central bank has pledged that all depositors will get back their money in full.

END/SMA/AJ