Dhaka, Nov. 5 -- The government has finalised the memorandum and articles of association for the proposed "Sammilito Islami Bank" to be formed by merging five shariah-based commercial banks facing severe liquidity crises, officials said.

Under the two foundational legal documents recently approved by the Finance Division of the Ministry of Finance, the shares of the proposed bank will initially be distributed among the subscribers of the memorandum and articles of association.

According to an official notification, a seven-member board of directors will be formed, headed by the finance secretary. Of the 200 billion shares, six directors will hold one share each, while the finance secretary will hold the remaining shares of the state-own...