‘Haircut’ will not be applied, depositors can withdraw money as needed

The depositors of Sammilito Islami Bank PLC will not face any ‘haircut’ or deduction from their profits, Bangladesh Bank Governor Md. Mostaqur Rahman said. At the same time, he instructed the bank authorities to take necessary steps to allow individual depositors to withdraw money as needed beyond the prescribed limit for deposit refunds.

The decisions were made at a meeting between Bangladesh Bank Governor Md. Mostaqur Rahman and Sammilito Islami Bank Chairman Kazi Shairul Hasan and Managing Director (MD) Abedur Rahman Sikder on Tuesday morning. Four deputy governors of Bangladesh Bank, Dr. Md. Habibur Rahman, Dr. Md. Kabir Ahmed, Md. Sarwar Hossain and Md. Aminur Rahman, were present at the meeting.

At the meeting, the governor gave the bank’s chairman and MD necessary instructions on various issues concerning depositors’ interests. In particular, they were instructed to clearly inform all depositors that there will be no ‘haircut’ on profits from deposits.

Bangladesh Bank said in a press release that although the finance minister announced in Parliament that there would be no ‘haircut’ on depositors’ profits, many depositors remain unclear about the issue. The authorities were therefore instructed to clearly inform all depositors of the bank about the matter.

According to the governor’s instructions, no ‘haircut’ or deduction will be applied to the profits of any depositor of Sammilito Islami Bank. The matter must be clearly communicated to depositors so that there is no confusion among them.

Opportunity to Withdraw Money as Needed

The process of returning depositors’ money is underway under the policy announced on December 29, 2025. In addition, the bank authorities have been asked to take steps from September 1 to allow individual depositors to withdraw additional money as needed.

In this case, depositors will be allowed to withdraw money as needed beyond the prescribed limit for returning the principal amount of Al-Wadiah current accounts, Mudaraba savings accounts and Mudaraba term deposits. This means that in addition to the prescribed amount being returned, individual depositors will be able to withdraw additional money to meet urgent needs.

Following the Bangladesh Bank directive, steps are being taken to expand the withdrawal facility for individual depositors from September 1. At the same time, the bank authorities will clearly communicate to depositors that there will be no ‘haircut’ on profits.

Directive to Return to Normal Operations

Sammilito Islami Bank PLC has started operations with capital of Tk 35,000 crore as the country’s largest and only government owned Islamic bank. Bangladesh Bank Governor instructed the chairman and MD to quickly bring the bank’s operations back to normal.

The meeting discussed the bank’s current situation, the return of depositors’ money, withdrawal facilities and the overall process of restoring normal operations. The governor emphasized the need to quickly restore services and operations to rebuild confidence among depositors.

The chairman and managing director of Sammilito Islami Bank agreed to take the necessary measures in accordance with Bangladesh Bank’s instructions.