Bangladesh Bank has finalised a draft special scheme to refund Tk 0.2 million initially, then Tk 0.1 million every three months to the depositors of five troubled Shariah-based banks that have been merged into one bank, reports UNB.
This initial amount will be paid out from the 'Deposit Insurance Fund'. Following this, depositors whose balances exceed Tk 0.2 million will be allowed to withdraw a maximum of Tk 0.1 million every three months for up to two years, said an official to UNB on Wednesday.
The authorities closed the merger process and stated that the scheme was finalized at a crucial meeting chaired by Governor Dr. Ahsan H. Mansur at Bangladesh Bank on Tuesday.
The meeting included Mohammad Ayub Mia, Chairman of the newly formed 'Sammilito Islami Bank PLC,' four Deputy Governors, the Administrators of the five troubled banks, and relevant departmental officials.
Complexities have arisen in returning the funds because the new bank (Sammilito Islami Bank PLC) has not yet developed its database or appointed a Managing Director, creating a legal hurdle.
Despite this, the governor has issued a directive to begin the process of refunding the money by December 2025.
However, Central Bank officials have discouraged customers from withdrawing money unnecessarily. They emphasised that since the new bank is fundamentally sound, withdrawing funds is not mandatory.
The primary goal of this scheme is to restore confidence among depositors and gradually bring stability back to the banking sector.
The central bank outlined the specific withdrawal limits under the scheme.
To avail themselves of the scheme's benefits, customers must meet certain conditions, such as having a valid account opened against a National ID Card. A customer with multiple accounts in a single bank will only receive the benefit against 'one account'.
