Sammilit Islami Bank Depositors Protest in Chittagong

Depositors of the newly merged, state-owned Sammilit Islami Bank staged a protest march in Chittagong on Monday, demanding the full return of their savings along with accrued profits.Organized under the banner of the ‘Sammilit Panch Islamic Bank Depositors Association’, the protesters marched from Chittagong’s New Market intersection to the regional office of Bangladesh Bank.

A delegation later met with the central bank's acting regional director to present their demands and submit a memorandum addressed to the Governor of Bangladesh Bank.Sammilit Islami Bank was formed late last year by merging five crisis-ridden private Shariah-based institutions: First Security Islami Bank, Global Islami Bank, Union Bank, Exim Bank, and Social Islami Bank. Following the merger, the central bank faced heavy pushback after initially implementing a "haircut" policy that suspended all profit payouts for the last two fiscal years. The demonstrators demanded an immediate withdrawal of this haircut policy, rapid restoration of normal banking operations, and robust protection for all client assets.

Sharmin Akhter, vice-president of the association, stated, "The regional head of Bangladesh Bank sincerely listened to our grievances, accepted our memorandum, and assured us it would be forwarded to the Governor immediately."Following the submission, the depositors marched back to the New Market intersection for a brief rally.

Association President Md. Abul Kalam Azad, General Secretary Jahangir Hossain, Senior Vice-President Manjurul Islam, and Finance Secretary Alauddin addressed the crowd.The demonstration follows a series of escalating protests, which included depositors locking down the merged banks' branches in the commercial hubs of Khatunganj and Agrabad on May 3 and 4.