Bangladesh Bank (BB) Governor Dr Ahsan H Mansur has said preparations for launching Sammilito Islami Bank through merging the country's five weak shariah based banks are almost complete. This initiative is being implemented using the Bank Resolution Ordinance.It is expected that the new bank will start its journey next week. Ahsan H. Mansur said in the event that the new bank will have a paid-up capital of Tk 35,000 crore. Administrators are working to set a uniform salary scale for the same positions across all banks to reduce operational expenses.The government is forming the new "Sammilito Islami Bank" to take over these five banks. Bangladesh Bank has issued a Letter of Intent (LOI) for the state-owned Shariah-based bank.On Nov 5, all shares of the five banks were declared null, and administrators replaced the boards and management teams.
