Following council approval, five Islamic Banks are set to merge into one new shariah complaint bank in Bangladesh

By Sadiq Abdulfatah

The merging of five shariah based banks into a new shariah institution has been approved by the advisory council.

After a meeting of the council today, Chief Adviser’s Press Secretary Shafiqul Alam told journalists that the proposal to merge the five banks into a single, new Shariah-based Islamic bank has been finally approved.

The five banks identified for the merger are First Security Islami Bank, Union Bank, Global Islami Bank, Social Islami Bank, and Exim Bank.

Against a proposed authorised capital of Tk 40,000 crore for the new bank, an estimated Tk 35,000 crore will be required as paid-up capital, according to the press secretary.

A crore is a South Asian numbering term that equals 10 million (10,000,000). It is commonly used in countries like Bangladesh, India, and Pakistan to denote large sums of money, population figures, or statistics.

Source: The Daily Star