Regulatory Alerts2026-01-22
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SDAD Circular Letter No. 01: Temporary Intermission of Banking Operations of Al-Arafah Islami Bank PLC for Core Banking System Upgradation
The Central Bank of Bangladesh approves the temporary suspension of Al-Arafah Islami Bank PLC's banking services to facilitate Core Banking System (CBS) upgradation. The suspension schedule mandates that all online banking services remain closed from January 30, 2026, at 12:01 AM to February 7, 2026, at 11:59 PM, and branch-based services including cash transactions remain closed from February 1, 2026, to February 3, 2026. Limited branch services and cash transactions are permitted on February 5, 2026, from 10:00 AM, with all services resuming regular operations on February 8, 2026. This approval is granted under the powers vested in Section 45 of the Bank Company Act, 1991.
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