The Ministry of Finance has warned all to stay alert against a smear campaign on social media by a vested quarter regarding the ongoing bank merger process.

In a media release issued on Monday, the ministry urged investors not to pay heed to any misinformation about the merger of Islamic banks.

“A vested group has recently been spreading rumours on social media, claiming that investors will be harmed due to the merger of five Islamic banks. The matter has come to the attention of the government,” the release says.

The government has not taken any decision that could hurt the interests of investors, says the statement, adding, “All possible measures are being taken to safeguard investors’ interests while examining the merger process.”

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Terming the claim ‘completely baseless and false’, the ministry called upon all to remain cautious about such misleading information circulating online.

On October 9, the Council of Advisers gave its policy approval to merge five Islamic banks — First Security Islami Bank, Social Islami Bank, Global Islami Bank, Union Bank, and EXIM Bank — into a single Shariah-based institution.

At a subsequent press briefing, Chief Adviser’s Press Secretary Shafiqul Alam said that no employees would lose their jobs, and the deposits of customers would remain fully protected under the merger plan.

The new bank will initially operate under state ownership, managed by the Finance Division, and will later be transferred to private ownership at an appropriate time.