July 27, 2026
Full control of each bank will pass to Sammilito Islami Bank
The move leaves the state-owned Shariah-based bank without a chairman or a managing director
Earlier decision to withhold profit withdrawn after public outcry
All staff from the five merged banks will join the new bank except those facing allegations, he says
It marks a cautious return of liquidity after a prolonged period of financial distress for the troubled banks
The focus is on preserving jobs rather than the exact reduction in salaries, officials say
It hints government may consider compensation for small investors
The trading of shares will remain suspended “until further notice”
