BB finalises administrators for five Shariah banks

Bangladesh Bank (BB) has finalised five proposed names as administrators for the Shariah-based banks that are under consideration for a merger, reports UNB.

According to a source at Bangladesh Bank, the names were selected on Sunday.

Md Shawkat Ullah Alam, Executive Director of the central bank, has been named administrator for EXIM Bank, while another Executive Director, Muhammad Badiul Alam Didar, has been picked for Social Islami Bank.

Three directors have been named for the remaining banks: Md Salahuddin for First Security Islami Bank, Mohammad Abul Hashem for Union Bank, and Maksudul Alam for Global Islami Bank.

Officials said the central bank was moving ahead to appoint administrators and merge these banks to safeguard depositors' money.

These five Shariah-based banks have been facing severe financial crises due to widespread irregularities and corruption during the previous government's tenure.

In the face of the crisis and growing public concern, the Bangladesh Bank Board of Directors decided on September 16 to appoint administrators and initiate a potential merger process for the banks at a special meeting.