A writ petition has been filed with the High Court challenging the interim government's decision to merge five troubled shariah-based commercial banks into a new state-run Islamic lender named Sammilito Islami Bank Limited.

Shahidul Islam, a general investor in the share market, submitted the petition through Barrister Sayed Mahsib Hossain today, seeking a rule on why the authorities should not be directed to protect the interests of existing shareholders of First Security Islami Bank, Union Bank, Global Islami Bank, Social Islami Bank and Exim Bank.

The petitioner argued that the merger was approved "without ensuring any protection to the shareholders' interest and without issuing any shares to the existing general shareholders" for the proposed new bank.

Citing the petition, Barrister Sayed Mahsib Hossain told The Daily Star the right to hold property and the right to do business are inalienable rights of his client under the Constitution of this country. 

"The general investor like my client have purchased the shares of the said banks which are traded in the security market but the government without issuing any shares to my client in the proposed new bank have taken steps to merge the bank and this amounts to violation of my client's fundamental rights and for which my client prays for a direction upon the government to allocate shares to my client in the proposed new bank", he said.

The lawyer said the HC may hold a hearing of the petition next week. 

On October 9, the interim government approved the merger of the five shariah-based banks, all listed on the stock exchange. Under the plan, their assets and liabilities will be consolidated into Sammilito Islami Bank.