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BB hands over license to Sommilito Islami Bank PLC
The license for the newly established Sommilito Islami Bank PLC was formally handed over by Bangladesh Bank (BB) to representatives of the Ministry of Finance on Monday.
The establishment of the new bank was approved by the Bangladesh Bank Board of Directors on Sunday (November 30). The license handover ceremony took place in presence of officials from both the central bank and the Ministry of Finance.
Md. Azizuddin Biswas, joint secretary of the Financial Institutions Division (FID) of the ministry, received the license document on behalf of Nazma Mobarek, secretary of the FID.
Representing the Bangladesh Bank were Dr. Ahsan H. Mansur, Governor, Dr. Md. Kabir Ahmed, Deputy Governor, Md. Badiul Alam, Executive Director and Head of Banking Regulation and Policy Department, and Bayezid Sarker, Director of the Department of Banking Regulation and Policy, who formally presented the license to the Ministry of Finance representatives.
The formation of Sommilito Islami Bank PLC is part of a broader banking sector reform, aiming to consolidate multiple Shariah-based banks, reports UNB.