Dhaka, Nov. 13 -- The government has announced its plan to pursue legal proceedings against those responsible for pushing five Shariah-based banks into financial distress, as authorities move forward with their merger to stabilise the sector.

The Financial Division of the Ministry of Finance sent a letter recently to the Financial Institutions Division (FID) of the same ministry regarding the matter.

The banks in question are First Security Islami Bank, Social Islami Bank (SIBL), EXIM Bank, Global Islami Bank and Union Bank.

The letter instructs the FID to identify those accountable for the banks' troubles, including owners, members of the board of directors, relevant officials and loan defaulters, and to take legal action against them...