A Complete Guide to the Merger and Your Money
As of January 1, 2026, the Bangladesh banking sector has officially entered a new era. In a historic move to resolve the prolonged Shariah-based banking crisis, five major Islamic banks have been merged into a single state-backed entity: Sammilito Islami Bank PLC (เฆธเฆจเงเฆฎเฆฟเฆฒเฆฟเฆค เฆเฆธเฆฒเฆพเฆฎเง เฆฌเงเฆฏเฆพเฆเฆ เฆชเฆฟเฆเฆฒเฆธเฆฟ).
This article provides a deep dive into what this merger means for depositors, the role of the newly formed Asset Management Company (BAMCO), and the legal framework under the Bank Resolution Ordinance 2025.
1. The Genesis of Sammilito Islami Bank PLC
The formation of Sammilito Islami Bank is not just a branding change; it is a surgical intervention by Bangladesh Bank to save the Islamic financial wing. The following five banks have officially ceased individual operations:
- EXIM Bank PLC
- Social Islami Bank PLC (SIBL)
- First Security Islami Bank PLC
- Global Islami Bank PLC
- Union Bank PLC
Headquartered at Sena Kalyan Bhaban, Motijheel, the new entity boasts an authorized capital of Tk 40,000 crore and a paid-up capital of Tk 35,000 crore. The government has injected Tk 20,000 crore to stabilize operations, making it effectively a state-influenced institution during its transition phase.
2. Navigating the Shariah-Based Banking Crisis
For years, the Islamic banking sector in Bangladesh struggled with “hidden” Non-Performing Loans (NPLs) and governance failures. The Shariah-based banking crisis peaked in late 2024 when the NPL ratio in these five banks reached a staggering 35.7%.
The central bankโs audit revealed that thousands of crores were siphoned through insider lending. To recover these toxic assets, the government has authorized the Asset Management Company (BAMCO) to take over “Bad Loans.” BAMCO acts as a “Bad Bank,” purchasing distressed assets to clean up the balance sheet of Sammilito Islami Bank PLC, allowing the new management to focus on retail banking and fresh investments.
3. The Bank Resolution Ordinance 2025: Your Legal Shield
This merger was made possible by the Bank Resolution Ordinance 2025, which was promulgated to handle failing financial institutions without causing a national panic.
- Deposit Insurance: Under the new ordinance, the Deposit Protection Fund has been expanded. Small depositors with up to Tk 2 Lakh are 100% protected and have priority access to their funds.
- Equity Conversion: Institutional depositors (other than schools, hospitals, and charities) have had a portion of their fixed deposits converted into “Category B” and “Category C” shares of the new bank to bolster its capital base.
4. Withdrawal Limits and Account Rules in 2026
If you have an account with any of the five merged banks, here is how you can access your money in 2026:
- Small Deposits (Below Tk 2 Lakh): You can withdraw your full balance at any time.
- Large Deposits (Above Tk 2 Lakh): Withdrawals are currently capped at Tk 1 Lakh per quarter (every 3 months) for a period of two years.
- Medical & Senior Citizen Exceptions: Special provisions exist for citizens over 60 years of age or those suffering from critical illnesses (e.g., cancer, kidney failure). They can apply for higher withdrawal limits for urgent needs.
- Account Validity: All old checkbooks, deposit slips, and debit cards remain legally valid. You do not need to rush to a branch to change them immediately.
Table: Financial Snapshot of Sammilito Islami Bank PLC (Jan 2026)
| Feature | Details |
| Paid-up Capital | Tk 35,000 Crore |
| Head Office | Sena Kalyan Bhaban, Motijheel, Dhaka |
| Primary Recovery Tool | BAMCO (Asset Management Company) |
| Governing Law | Bank Resolution Ordinance 2025 |
| Customer Base | Over 7.5 Million Depositors |
5. Frequently Asked Questions (FAQ Schema Markup Ready)
Q: Is my money safe in Sammilito Islami Bank PLC? A: Yes. Under the Bank Resolution Scheme 2025, the government has provided Tk 20,000 crore in liquidity support. Furthermore, deposits up to Tk 2 Lakh are fully secured by the Insurance Trust Fund.
Q: How much can I withdraw if I have Tk 10 Lakh in my account? A: You can withdraw an initial Tk 2 Lakh. For the remaining balance, the central bank allows a withdrawal of Tk 1 Lakh every three months over the next two years to maintain bank liquidity.
Q: Do I need to get a new checkbook for Sammilito Islami Bank? A: No. Bangladesh Bank has confirmed that checkbooks from EXIM, SIBL, First Security, Global, and Union Bank are still valid for transactions at any branch of the new merged entity.
Q: What is the role of BAMCO in this bank? A: The Asset Management Company (BAMCO) is a specialized body tasked with recovering defaulted loans (NPLs) that were siphoned from the merged banks. This allows the new bank to operate with a clean financial slate.
6. Expert SEO Analysis for 2026 Search Trends
To ensure this content reaches the top of Google, we have focused on the following Expert SEO Tips:
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Summary for Depositors
The transition to Sammilito Islami Bank PLC is a “cleaning phase” for the nation. While withdrawal limits on large balances may be inconvenient, the structural safety provided by the Bank Resolution Ordinance 2025 means your principal investment is far more secure today than it was during the height of the NPL crisis in 2024.
1. The Five Merged Banks:
Millions of depositors are searching for the specific status of their original banks. Below are the key details for each institution now operating under the Sammilito Islami Bank PLC banner.
I. EXIM Bank PLC (เฆเฆเงเฆธเฆฟเฆฎ เฆฌเงเฆฏเฆพเฆเฆ)
Exim Bank merger news today, Exim Bank withdrawal limit 2026.
- Status: Formerly under the Nassa Group, EXIM was the first to enter merger talks. While its NPL ratio was lower than others (approx. 48%), it faced a severe liquidity crunch in 2025.
- Key Update: All EXIM Bank branches are now “Sammilito Islami Bank” service points. Your EXIM checkbooks remain valid for all transactions.
II. Social Islami Bank PLC – SIBL (เฆธเงเฆถเงเฆฏเฆพเฆฒ เฆเฆธเฆฒเฆพเฆฎเง เฆฌเงเฆฏเฆพเฆเฆ)
SIBL latest news 2026, SIBL Hajj deposit refund, Social Islami Bank merger.
- Status: With a massive retail and Hajj-deposit base, SIBL’s merger was critical. It entered 2026 with a 62% NPL ratio.
- Key Update: Priority is being given to Hajj pilgrims and senior citizens for withdrawals. SIBLโs digital banking apps are being integrated into the new unified “Sammilito Digital” platform.
III. First Security Islami Bank PLC – FSIBL (เฆซเฆพเฆฐเงเฆธเงเฆ เฆธเฆฟเฆเฆฟเฆเฆฐเฆฟเฆเฆฟ เฆเฆธเฆฒเฆพเฆฎเง เฆฌเงเฆฏเฆพเฆเฆ)
First Security Islami Bank money safety, FSIBL merger update 2026.
- Status: FSIBL was one of the hardest hit, with nearly 96% of its loans classified as non-performing (NPL) due to legacy irregularities.
- Key Update: The government has injected fresh capital to ensure that FSIBLโs small depositors (below 2 Lakh BDT) have immediate access to their funds.
IV. Global Islami Bank PLC (เฆเงเฆฒเงเฆฌเฆพเฆฒ เฆเฆธเฆฒเฆพเฆฎเง เฆฌเงเฆฏเฆพเฆเฆ)
Global Islami Bank withdrawal news, Global Islami Bank merger status.
- Status: Following an audit that revealed a 95% NPL ratio, Global Islami was declared “non-viable” in its previous form.
- Key Update: Its rural branch network is now being used to distribute the “Sammilito” micro-investment products.
V. Union Bank PLC (เฆเฆเฆจเฆฟเฆฏเฆผเฆจ เฆฌเงเฆฏเฆพเฆเฆ)
Union Bank PLC news today, Union Bank bankruptcy update, Union Bank default loan.
- Status: Union Bank entered the merger with the highest NPL ratio in the country (98%). Its paid-up capital was reduced to zero by Bangladesh Bank to facilitate the “bail-in” process.
- Key Update: Union Bank is now fully state-controlled through the merger, and the Asset Management Company (BAMCO) is aggressively pursuing its top 50 defaulters for recovery.
2. The Role of BAMCO and the “Shariah-based banking crisis”
The primary reason for this merger was the Shariah-based banking crisis that threatened the entire financial system. To solve this, the central bank created the Asset Management Company (BAMCO).
What is BAMCO? BAMCO acts as a “Bad Bank.” It has taken over the Tk 1.47 lakh crore in defaulted loans from the five banks. By separating these toxic assets from the new bank, Sammilito Islami Bank PLC can start with a clean balance sheet and focus on providing profit to its new shareholders (the depositors).
3. Withdrawal Limits: How to Get Your Money Back
Under the Bank Resolution Scheme 2025, Bangladesh Bank has set a strict but fair withdrawal timeline to prevent a bank run:
- Immediate Withdrawal: Up to Tk 200,000 (2 Lakh) can be withdrawn immediately from any branch or ATM using your old checks.
- Balances above 2 Lakh: You can withdraw Tk 100,000 (1 Lakh) every 3 months.
- Full Access: The remaining balance becomes fully withdrawable 24 months (2 years) after the merger date (January 2028).
4. FAQ: Frequently Asked Questions (FAQ Schema Markup)
Q: Is my money safe in Sammilito Islami Bank? A: Yes. The bank is now backed by a Tk 20,000 crore government capital injection and the Bank Resolution Ordinance 2025. Small deposits are 100% protected.
Q: Can I use my SIBL or EXIM debit card? A: Yes, your existing debit cards and checkbooks remain legally valid and will be accepted at all Sammilito Islami Bank points.
Q: What happened to my shares in Union Bank or FSIBL? A: As these banks were non-viable, original share values were reduced to zero. However, many large institutional depositors have had their deposits converted into “Category B” or “Category C” shares in the new bank.
Q: Are there exceptions for medical emergencies? A: Yes. On humanitarian grounds, depositors with critical illnesses (cancer, kidney dialysis) can apply for withdrawals beyond the 1 Lakh quarterly limit.
5. Expert SEO Tips for Top Ranking
To stay ahead of the search results for January 2026, this article utilizes the following:
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- Freshness Factor: Updated with the January 1, 2026 operational start date to signal to Google that this is the most current news available.
Final Verdict: While the merger marks a difficult period for large investors, it provides the first real path to safety for millions of retail depositors. Sammilito Islami Bank PLC is currently the largest and most stable Shariah-compliant institution in the country.
