We demonstrate a holographic image reconstructed by a FPD-based complex spatial light modulator (SLM) which is composed of a phase-only SLM and a sheet of beam combiner. A complex SLM which modulates both amplitude and phase independently is necessary for a better image quality with reducing conjugate images. The two-phase encoding method is one of the most practical candidates for the complex SLM. The proposed complex SLM is presented in a phase-only LCD panel which can be manufactured in a conventional LCD process and it was used for generating different phases. The PAL (Parallel-Aligned nematic Liquid crystal) mode is used to modulate the phase without the amplitude change. The film-type beam combiner consists of a prism array and a grating made by a conventional fabrication process. The beam combiner plays a vital role to merge two pixels and to adjust effective complex modulation. In this paper, the holographic image by the proposed complex SLM is verified by the experimental and simulation work in a monochromatic reconstruction. This complex SLM can be scaled up and it is a promising candidate SLM for a large-size holographic 3D display.