Ayub Mia resigns as chairman of state-run Sammilito Islami Bank

The move leaves the state-owned Shariah-based bank without a chairman or a managing director

Mohammad Ayub Mia, the chairman of the Sammilito Islami Bank, has resigned from his post just months after the state-owned bank’s formation.

The former secretary submitted his resignation to the Ministry of Finance on Monday.

Speaking to bdnews24.com, Ayub Mia cited “personal reasons” for his departure.

"I felt that it would be best to step down now," he said.

Sammilito Islami Bank was established by merging five crisis-hit Shariah-based private lenders: EXIM Bank, First Security Islami Bank, Global Islami Bank, Union Bank, and Social Islami Bank.

The central bank issued the final licence for the new entity on Dec 1 last year, with Ayub as the head of the board.

The government also recently appointed Nabil Mustafizur Rahman, formerly of United Commercial Bank (UCB), as the managing director.

However, Nabil declined to join the bank, also citing personal reasons.

With Ayub’s exit, both the chairman and managing director positions are now vacant.

The Financial Institutions Division of the ministry has already issued a notification to recruit a new managing director.

Sammilito Islami Bank has an authorised capital of Tk 400 billion and a paid-up capital of Tk 350 billion.

The government provided Tk 200 billion of the paid-up capital, while the remaining Tk 150 billion is sourced from the Deposit Insurance Fund.