Trading of five Islamic banks suspended in the stock market

The Dhaka Stock Exchange (DSE) has suspended trading of shares of five Islamic banks that are under the process of merger. Today, Thursday (November 6), the DSE suspended trading of shares of First Security Islami Bank, Social Islami Bank (SIBL), Exim Bank, Global Islami Bank and Union Bank. Trading of shares of the banks will remain suspended until further orders.
According to the DSE, the reason for the suspension of trading is that the banks have been declared ineffective from November 5 as per Section 15 of the Bank Resolution Ordinance, 2025. The DSE also said that the banks have informed that Bangladesh Bank has directed through a letter dated November 5 that the banks will now operate in accordance with the Bank Resolution Ordinance, 2025. Bangladesh Bank has also dissolved the boards of directors of the banks through another letter.
Meanwhile, at a press conference on Wednesday, Bangladesh Bank Governor Dr. Ahsan H. Mansur said that the value of equity of the shareholders of the five banks is now below zero. As a result, the share price will be considered zero. No compensation will be paid to anyone.