Crisis at First Community Bank as Customers are Unable to Withdraw Funds

In an Islamic bank, First Community Bank (FCB)customers are panicked as they cannot access their funds.

Crisis at First Community Bank as Customers are Unable to Withdraw Funds

Sharia-compliant bank, First Community Bank (FCB) customers are panicked as they cannot access their funds.

Mr. Hussein Hassan, CEO of FCB, said in a statement that malicious speculation had caused panic among depositors, who then rushed to withdraw their savings, putting a strain on the bank’s operations.

“First Community Bank would like to assure all our esteemed customers and the general public that the Bank remains in a good position to serve you now and in the long term. We acknowledge that our customers may be experiencing challenges in some of their transactions occasioned by panic withdrawals informed by malicious rumors,” Mr. Hussein Hassan.

The bank stated that “unprecedented withdrawals” had also forced it to limit its customers’ daily withdrawal limit.

The CEO went on to say that, as a responsible bank, FCB recognizes that these restrictive measures have not been pleasant for our customers but are necessary to maintain stability in the short and long term.

“We are continuing to implement several measures to address the challenges customers are currently experiencing. We urge our esteemed customers to maintain confidence in FCB reposed in us over the years and for the general public to engage us directly to obtain accurate information.” Mr. Hussein Hassan.