Bangladesh: Depositors withdraw Tk 581 crore from Sommilito Islami Bank in two days
Depositors in Bangladesh have withdrawn a total of Tk 581 crore from the newly formed Sommilito Islami Bank over a span of two days. The central bank has allocated Tk 5,000 crore to support the merged financial institution.
In a significant development within the banking sector of Bangladesh, depositors have withdrawn substantial funds following the creation of Sommilito Islami Bank. The institution was formed through the consolidation of five Shariah-based banks, which collectively operate a total of 761 branches across the country. As depositors navigate the transition of these merged entities, financial activity at the branches has drawn considerable attention from the public and regulatory authorities alike.
According to official data released by the state news agency BSS, the second day alone saw 7,896 customers withdraw a total of Tk 327 crore from the bank. When combined with the figures from the previous day, the total number of individuals who successfully withdrew their money reached 13,428 customers, accounting for a cumulative withdrawal of Tk 581 crore during the two-day period.
Despite the notable volume of withdrawals, official records indicate that the total number of applicants was significantly higher. Across the country, a total of 74,37,600 depositors had initially applied to withdraw an aggregate amount of Tk 2,345 or up to Tk 3,925 crore in total requests depending on the processing stages, reflecting initial apprehension among the customer base following the consolidation of the five major financial institutions.
To ensure liquidity and stabilize operations across all 761 branches nationwide, Bangladesh Bank has stepped in by allocating and supplying a substantial Tk 5,000 crore to Sommilito Islami Bank. This central bank backing is designed to bolster confidence and ensure that the newly formed entity can comfortably meet the demands of its account holders during this transitional phase.
Addressing the situation, Md. Abedur Rahman Sikdar provided insight into the ground realities at the various bank branches. He noted that compared to the total number of customers who initially applied for withdrawals, a very small number of individuals are actually taking their money out in practice. Many account holders are observing the overall transaction situation of the bank and returning without withdrawing their funds, while various branches are simultaneously witnessing new customers opening deposit accounts.
