Nabil Mustafiz named MD of Sammilito Islami Bank

The government has appointed seasoned banker Nabil Mustafizur Rahman as managing director of the newly formed Sammilito Islami Bank PLC, following the merger of five troubled Islamic banks.

The appointment marks a key step in stabilising the consolidated lender, established under the Bank Resolution Ordinance, 2025.

The Financial Institutions Division, in a letter to the bank's chairman on Sunday, instructed the authorities to take necessary steps to appoint Mr Rahman as managing director for a three-year term from the date of his joining, in line with the Bank Company Act 1991.

Mr Rahman is currently an additional managing director at United Commercial Bank PLC (UCB).

He brings more than 31 years of experience in the banking sector, having worked with a diverse range of financial institutions, commercial conglomerates, and both international and local banks.

Before joining UCB, he served as Country Chief Risk Officer at Habib Bank Limited. At UCB, he oversaw risk management, Islamic banking and transaction banking operations.

Earlier in his career, he worked at BRAC Bank PLC, AB Bank PLC, IPDC Finance PLC and Beximco Group.

Mr Rahman holds an MBA and is a graduate of the Institute of Business Administration (IBA) at the University of Dhaka.

The government formed Sammilito Islami Bank PLC in November last year by merging five financially distressed Islamic banks under the Bank Resolution Ordinance, 2025.

The merged institutions are First Security Islami Bank PLC, Social Islami Bank PLC, Global Islami Bank PLC, Union Bank PLC and EXIM Bank PLC.

syful-islam@outllook.com