Depositors of Five Islamic Banks to Receive Full Refunds Within Two Years: Governor's Assurance
In a recent announcement, the governor has assured depositors that their funds will be fully refunded within the next two years. This decision comes after revised accounts for the 2024-25 fiscal year revealed significant financial losses at these banks. However, it's important to note that neither past nor current losses have been imposed on depositors.
The governor emphasized that the refunding process is being handled with utmost care, following the advice and consent of the Shariah Council. This ensures that the interests of depositors are protected. The process is designed to return the principal amounts and any investment profits or interest recorded on paper up to 2024.
For long-term depositors, this means receiving their full principal along with the returns shown for the period. Even if the investments were mismanaged or non-existent due to previous management failures, the decision is to compensate depositors fully. This approach is in line with Islamic banking principles, which generally require losses from genuine investments to be shared among partners.
Despite some limitations under Islamic Shariah principles, the governor assured that both actual deposits and recorded profits have been paid. A small group of troublemakers attempted to create unrest at several branches, but no major damage occurred. The governor urged depositors not to be influenced by such activities.
Reassuring the public, the governor stated that there are no restrictions on withdrawals for deposits made after the first of this month. Depositors can withdraw funds on demand and receive returns at market-based rates.
This announcement provides much-needed relief to depositors, ensuring their funds are secure and will be returned in full within the specified timeframe.
