STAR REPORT

Five sponsor shareholders and former directors of Social Islami Bank PLC (SIBL) have applied to Bangladesh Bank to regain control of the Shariah-based lender, which was merged with four others into a single state-owned entity under the Bank Resolution Ordinance, 2025.

The application, submitted yesterday and seen by The Daily Star, cites section 18(ka) of the Bank Resolution Act, 2026, which allows former owners to reclaim merged banks.

Parliament passed the act by amending the ordinance just over two weeks ago, enabling former owners to regain control by paying 7.5 percent upfront of the government or Bangladesh Bank’s injected funds.

The remaining 92.5 percent is repayable within two years at 10 percent simple interest, according to the amended law.

The amendment has drawn sharp criticism. Critics say the

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