ICB Islamic gets 3 more years to repay Oriental depositors

Staff Correspondent | Published: 23:18, Nov 03,2016

 
 

Bangladesh Bank on Thursday extended again the deadline by another three years for repayment of the depositors’ money of the now-defunct Oriental Bank as its successor ICB Islamic Bank is struggling to repay the money in due time.
The central bank issued a circular to managing directors and chief executive officers of all banks saying that the central bank extended the deadline for repayment to May, 2021 from May, 2018.
Due to the latest central bank extension, the bank has got a total of 13 years for repaying the clients of Oriental Bank, which became ICB Islamic Bank in 2008.
BB in 2007 launched ‘The Oriental Bank Ltd (restructure) Scheme’ for repayment of depositors of the scam-hit Oriental Bank.
Oriental Bank, which was mired in huge irregularities for many years, became ICB Islamic Bank with the new owners taking the liabilities of the bank.
In the latest circular BB asked ICB Islamic to repay Tk 20 lakh in every six months to a client concerned in next three years.
After the three years, the bank has to repay Tk 50 lakh in every six month in next one and half years.
The BB officials said following request by ICB Islamic Bank the central bank had already extended the deadline several times. 

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