On January 14, a Bangladesh Bank (BB) letter announcing a “haircut” on deposit profits (no profit on deposits) for the five merged Islamic banks for 2024 and 2025 took depositors by surprise.

The Bangladesh Bank (BB) will not change its decision about paying no profits on deposits for 2024 and 2025 at five shariah-based banks now undergoing a merger, even as depositors staged protests at a number of branches.

Petitioner says shareholders’ rights ignored in move to form Sammilito Islami Bank

Bangladesh Bank plans to merge five troubled Islamic banks in what could be the country’s largest financial sector consolidation in recent memory. The formal merger process will begin in July and is expected to be completed by October 15, according to officials familiar with the plan.