Five troubled Islamic banks are going to be finally merged. In light of the Bank Resolution Ordinance, the central bank is going to appoint a temporary administrator in each bank. Four officers will be given to assist the administrator. One of its goals is to restore confidence in the banking sector by returning depositors' money. A special meeting of the central bank's board of directors has been called today, Tuesday, to inform the general public about the matter.

The government has approved the merger of Sharia-based Exim, Social Islami, First Security Islami, Union and Global Islami Banks. Due to various frauds during the previous government, 48 to 98 percent of the loans of these banks are now in default. The government is providing 20,200 crore taka out of the 35,200 crore taka required for the merger. This will be informed in today's board meeting of the central bank.

It is learned that after the administrator takes charge, the existing posts of the board of directors and managing director will be vacant. All shares will be vacant. However, security provisions will be made for depositors and officers and employees. And before the merger, a new bank license will be issued. The possible name of which may be 'United Islami Bank'. This bank will be established with the capital of the government. The assets and liabilities of the five banks to be merged will come under this bank. Then the formal journey will begin. After the banks are brought to a certain stage, shares will be sold to the private sector and the government's money will be returned. In addition, large depositors of the five banks will also be offered to buy shares. If small depositors want to withdraw their money, there will be no obstacle.

The central bank has heard the statements of the five banks that were to be merged earlier this month as the final step in the bank merger. There, it was asked for the last time why they should not be included in the merger. At that time, First Security Islami Bank, Union Bank and Global Islami Bank directly agreed to merge. And although Exim Bank and Social Islami Bank asked for time, they were not given it.

Bangladesh Bank Governor Dr. Ahsan H. Mansur recently said in a meeting that banks will be merged to protect depositors. There is no need to panic about this. The government will take responsibility for depositors.