Chairman of Sammilito Islami Bank Mohammad Ayub Mia resigns

Mohammad Ayub Mia, chairman of state-owned Sammilito Islami Bank PLC, has resigned.

He submitted his resignation letter to the Secretary of the Financial Institutions Division (FID) under the Ministry of Finance on Monday.

In his resignation letter, Ayub Mia, a former government secretary, cited personal reasons for stepping down.

He was appointed as the bank's first chairman on December 7 last year following its formation.

Sammilito Islami Bank was established by merging five Shariah-based banks that were struggling with severe liquidity crises. The banks are Exim Bank, Social Islami Bank, First Security Islami Bank, Global Islami Bank, and Union Bank.

The bank has an authorized capital of Tk 40,000 crore and a paid-up capital of Tk 35,000 crore. Of the paid-up capital, the government provided Tk 20,000 crore, while the remaining Tk 15,000 crore is set to come from depositors' shares.

The resignation of the chairman adds to the leadership challenges facing the newly formed entity.

Earlier, the government appointed Nabil Mustafizur Rahman, Additional Managing Director of United Commercial Bank (UCB), as the bank's Managing Director (MD).

However, he declined to join the post, also citing personal reasons.

Following his refusal, the Financial Institutions Division has issued a fresh circular to recruit a new Managing Director for the bank.