Depositors of the five Islamic banks that are in the process of merging will get their money back. Bangladesh Bank sources said that the refunds may start from this week.

A depositor will receive up to 2 lakh taka in their bank account. This money will be provided from the Deposit Insurance Fund managed by the banks of Bangladesh.

The troubled First Security Islami Bank, Global Islami Bank, Social Islami Bank, Exim Bank and Union Bank are being merged. The final approval has already been given to 'Sammilit Islami Bank PLC'. The bank will acquire the five troubled Islamic banks.

Bangladesh Bank is working on a scheme to determine the process by which this money will be returned and who will receive this money. This scheme will be published before the money is returned.

According to the central bank sources, customers who have up to 2 lakh taka in their accounts can withdraw the entire amount if they want. Those who have more than 2 lakh taka in their accounts will get a maximum of 2 lakh taka. The central bank will decide on the remaining amount later. The profit rate on the remaining amount of that customer's deposit will be determined anew.

This means that not all of the 7.5 million depositors in the 5 banks will get their money back. For now, they will get up to 2 lakh taka, but customers will be able to withdraw the entire amount later if they want. The initiative has been taken mainly to meet the panic and urgent needs of small customers.

There are some conditions for customers to use their own money. One of them is:

1. Even if a citizen has multiple accounts in one bank, he will receive money only against one account. For this, the account must be in his name against the national identity card.

2. Only those whose accounts have been opened with a valid national identity card will receive the money.

3. If a citizen has five accounts in five banks, he will receive money against each one.

4. If there is a loan against the relevant deposit, you will not receive the money. A decision on the refund of the money will be made after the loan is adjusted.

5. The interest rate on the remaining amount will be re-determined.

Bangladesh Bank has made preliminary calculations and found that it will cost a total of Tk 12,000 crore to pay customers.

The paid-up capital of Sammilit Islami Bank has been fixed at Tk 35,000 crore. Of this, the government is providing Tk 20,000 crore and Tk 15,000 crore will be provided from the Deposit Insurance Fund. The authorized capital has been fixed at Tk 40,000 crore.

The government has already released 20,000 crore taka of capital. The remaining money will be given to the bank as capital.

Various initiatives will be taken to strengthen the foundation of the merged bank. These will include appointing skilled, experienced and honest officers at the top level, including the managing director, and building customer trust by upgrading the bank's management policies to international standards.

The new bank's head office has been opened at Sena Kalyan Bhaban in Motijheel, the capital. The government has already appointed a board of directors, including a chairman, for the bank. All the board members are former and current government bureaucrats. In the future, the board will be made more qualified by appointing independent directors.