, Jan. 16 -- Depositors of Shariah based five crisis-ridden banks undergoing a merger will not receive any profits on their deposits for the years 2024 and 2025.

Following international practices, Bangladesh Bank has decided to apply a "haircut" to two years of profits to stabilize the financial health of the institutions.

The decision was communicated by the central bank via letters sent to the administrators of the five banks on Wednesday. Bangladesh Bank has directed a recalculation of all deposit accounts, effectively removing any profits credited over the last two years and redefining the final balance of each account.

The five banks involved in the merger are First Security Islami Bank, Global Islami Bank, Union Bank, Exim Bank, ...