Bismillahir Rahmanir Rahim
Honorable
shareholders,
Assalamu Alaikum Warahmatullah.
On behalf of the
Board of Directors, I warmly welcome you to the 21st Annual General Meeting of
Islami Insurance Bangladesh Ltd. I would like to extend my sincere greetings
and thanks to you for attending today's meeting sparing your valuable time. I
am now presenting to you the audited financial statements for the year 2020,
the auditor's report, the report of the board audit committee, and the report
of the directors. Besides, I am presenting the overall activities and potential
of the world and Bangladesh economy.
World Economy 2020:
Global Economic
Situation and Prospects Citing a new UN report, the April report said that the
global economy shrunk by 4.3 percent in 2020 due to the epidemic caused by the
coronavirus. The economic impact in Corona was much greater than the Great
Depression of 1929 and 2009. Elliott Harim, the UN's chief economist and
secretary-general for economic development, said, "the depth and intensity
of the unprecedented crisis are predicting a gradual recovery." Lockdown,
quarantine, and social distance in the second quarter of 2020 helped save
lives, but disrupted the livelihoods of millions of people worldwide, the
report said. The complete or partial lockdown by April has affected the lives
of about 2.7 billion working people which is about 61 percent of the total
working people in the world. The United Nations estimates that the epidemic has
pushed at least 131 million people into poverty. Most of them are women,
children, and marginalized people. China, the world's second-largest economy,
grew by 2.4 percent in 2020. The US economy shrank 3.9 percent in 2020. Japan's
economy shrank 5.4 percent in 2020. In addition, EU countries contracted 6.4
percent in 2020. Developing countries are facing a 2.5 percent economic
contraction in 2020.
Bangladesh's
gross domestic product (GDP) is growing in 2020, albeit slightly among the
countries in the South Asian region, due to the global recession caused by
Covid‑19. According to a report by the United Nations Department of Economic
and Social Affairs, Bangladesh's GDP has grown from zero to 0.5 percent in
2020. According to the report, in the 2019-20 fiscal year, Bangladesh's growth
has increased by 4.3 percent, India's by 5.6 percent, Pakistan's by 1.2
percent, Bhutan's by 0 percent, and Nepal's by 0.5 percent. Because of the
epidemic, GDP of South Asian countries may reduce by about 10 percent. UNESDA
warns that poverty and inequality will increase rapidly.
Corona's impact on the world economy
Corona outbreaks
disrupt the world's social, political, economic, and religious systems just as
global economic growth slows. It has a huge negative impact on countries with
small economies, even in big economies like the United States, United Kingdom,
China, Japan, Germany, France. The collapse of the global stock market, the
sudden massive fall in oil prices. Suspension of international and domestic
flights, border crossings between different countries, International
import-export trade, various economic institutions, mills, educational
institutions were shut down. As a result, there is an unimaginable stagnation
in the overall activities. People are told to stay in isolation in their homes.
In some countries, nationwide lockdowns are issued.
The total damage
to the global economy caused by the coronavirus could range from 5.8 trillion crores
to 8.8 trillion crores. This loss will be from 6.4 percent to 9.7 percent of
global GDP. According to the ADB, corona losses in South Asia's gross domestic
product (GDP) will range from 14.2 billion to 21.8 billion South Asia's GDP
will shrink from 3.9 percent to 6 percent, especially in Bangladesh, India,
Pakistan, and other countries due to strict anti-corona bans.
The world economy is back to normal after the coronavirus
epidemic
To explain the
economic downturn and the time to recover from it can take shape of ‘V’, ‘U’,
‘W’ or ‘L’ Economists say. The best standard might be ‘V’. After the economy
collapses too fast, it rises again very quickly. It looks like the English
letter 'V'. If any vaccine or treatment for Covid-19 disease is discovered
quickly, we will be able to go back to the previous state like the letter ‘V’
very quickly.
"The
situation we see now is that the recovery is more likely to be like the letter
'U'," said Mr. Groenwald. Again this ‘U’ might be a little wider. Moody's
latest economic forecast is that the damage from the coronavirus will spread
across the economy in 2021.
No vaccine has
yet been discovered to prevent Covid-19, but not all people in the world have
been vaccinated due to a shortage of supplies, leading to the rapid spread of
coronavirus in developed or underdeveloped countries. The economy could
collapse twice, which looks like the English letter 'W', said Professor Tesada.
It will take a long time for the economy to return to normal. The economy will
suffer in the long run due to an insufficient supply of vaccines against the
coronavirus. This situation is English ‘L’ shaped. It remains to be seen how
long it will take for the world economy to return to normal.
Bangladesh in the world economy
If Bangladesh
continues the kind of economic development it is going through now, it will be
the 25th largest economy in the world by 2035. The Center for Economics and
Business Research, a British economic research organization, has made this prediction
in their latest report. World Economic League Table, 2021 was published on
25/12/2020. It predicts the growth rate of a country's economy in the next year
and in the next 15 years. The CEBR publishes this report every year. According
to the report, China will be the world's largest economy in just six years. In
2030, India will be the third and by 2035, Bangladesh's position among the 193
countries will rise many steps to 25th. According to the 2020 index, Bangladesh
is now the 41st largest economy in the world.
The CEIB says
most countries in the world economy have been severely affected by the coronavirus
epidemic, while China was in a very advantageous position due to the very
tactical coronavirus dealing quickly and strictly. In the same way as China,
Bangladesh has been able to sustain some economic growth in the coronavirus, so
CEBR expects continuous and strong growth in the coming years. According to the
CEBR report, Bangladesh's GDP growth was quite good in the years before the
outbreak of the Covid-19 epidemic, and this has happened despite the country's
population growth. Over the past five years, Bangladesh's population has been
growing at an average rate of 1 percent.
Infection in
Bangladesh has been kept very limited compared to the way Covid-19 has spread
to other parts of the world. As of mid-December, 6052 people have died of
coronavirus in Bangladesh. Although the impact on the public health of
Bangladesh was limited due to the epidemic, it has caused significant damage to
the economy. The epidemic caused global demand to decline, and the
international supply chain to collapse.
Bangladesh's
position in the world economy as a GDP (Source: World Economic League Table
2021, CEBR)
Description |
2005 |
2010 |
2015 |
2020 |
2021 |
2025 |
2030 |
2035 |
GDP is
billions of Tk. |
4523 |
6071 |
11058 |
11478 |
11983 |
15979 |
21893 |
29995 |
GDP is
billions of dollars |
69 |
115 |
303 |
318 |
338 |
448 |
760 |
1203 |
Position in
the world index |
57 |
51 |
48 |
41 |
41 |
34 |
28 |
25 |
However, despite
the economic downturn in many other countries, Bangladesh has been able to
avoid it. Bangladesh's economic growth is expected to be 3.6 percent in 2020.
In 2019, the growth of Bangladesh was 7.2 percent. The CEBR's forecast is that
by 2021 it will happen at a rate of 7.8 percent. However, in the next ten
years, the rate will be 8.5 percent on average. In 2020, the per capita income
of the people of Bangladesh stood at 5,139 dollars. This calculation is based
on PPP or purchasing power parity. Bangladesh is now considered a low middle-income
country.
Corona's impact on the economy of Bangladesh
2020 started
with a kind of uncertainty. After a massive spread in China, the coronavirus
began to spread to Europe, their largest trading partner. More than 80 percent
of Bangladesh's exports to destinations in Europe began to grow at a rapid rate
due to corona infection. Although the virus has not yet entered Bangladesh,
Bangladesh is beginning to feel the effects of the global crisis created by its
infection. On March 6, the authorities announced the bad news that the first
corona patient had been identified in the country. Within a few days,
Bangladesh announced a nationwide lockdown to combat the corona infection. As a
result, the economy of Bangladesh, one of the top countries in Asia, came to a
standstill. In less than 10 days in the second half of March, the stock market
price index fell 15 percent.
Millions of
people lost their jobs during the nationwide lockdown. Poverty rates have
doubled, and many businesses have closed. The income of most of the people of
the country has decreased. Bangladesh's export sector has been hit hard by
importing countries to keep their economies afloat. At this time, Bangladesh
has witnessed an unprecedented tripartite crisis. Those three aspects are
health, economy, and food. Bangladesh has announced an incentive package of Tk.
120,000 crore to protect the people and the economy, which is also one of the
largest incentives announced in other countries of the world. The interest rate
on these loans has been reduced to help various firms and businesses in the
country. Many Banks and Development partners have also provided billions of
dollars to Bangladesh to overcome the crisis.
The decision was
a bold move to revive the country's economy in June and since then the coronavirus
infection has not gone out of control. So it has proven to be a prudent
decision. Food production, remittances, incentive packages, reopening, and
increasing domestic demand and exports have put the country on the path to
recovery. "Despite the Covid-19 epidemic, Bangladesh survived the economic
downturn in 2020," said the Center for Economic and Business Research, a
UK-based think tank.
Insurance of Bangladesh
The insurance
sector is an important sector in the economy of Bangladesh. Insurance was first
introduced in the province of Bengal in 1907 during the then British rule. At
present, the economy cannot be imagined without insurance. There are currently 78
insurance companies operating in Bangladesh of which 46 are non-life companies
and 32 are life companies. Among these 78 companies, there are state-owned
General Insurance Corporation and Life Insurance Corporation and the branch
office of Met Life Alico, a foreign company. LIC Bangladesh Limited has
recently started operations as a joint venture company with foreign countries.
Although many insurance companies do business in Bangladesh, the insurance
market has not expanded much here. Insurance contributes only 0.9 percent to
GDP of this, 0.7 percent is life insurance and the remaining 0.2 percent is
general insurance. But in the developed countries of the world, the
contribution of insurance to GDP is significant. For example, the UK
contributes 11.6 percent, the USA 8.1 percent, Japan 8.1 percent, Hong Kong
11.4 percent, Brazil 3.2 percent, China 3 percent, India 4.1 percent, and
Singapore 7 percent. In those countries, the insurance density (per capita
after premium) is 4,535 in the UK, 3,848 in the USA, 5,179 in Japan, 3,904 in
Hong Kong, 398 in Brazil, 163 in China, and 59 in India whereas there is 7 life
policy out of 1000 peoples has the lowest penetration and density of insurance
in Southeast Asia. Due to unhealthy competition in the insurance sector, proper
quality of human resources, lack of timely guidance, and effective initiatives
by professionals and policymakers, the insurance industry has not been able to
prosper in Bangladesh. However, the present government has formed the Insurance
Development and Regulation Authority for the development of the insurance
industry and enacted the Insurance Act 2010. As a result, there are many
changes in the insurance industry of the country. Besides, the approval of the
current government National Insurance Policy 2014 will accelerate the progress
of the insurance industry in this country. We hope that the benevolent
government will make insurance compulsory in various fields, take the industry
seriously and take steps to develop it including creating public awareness
about the role of insurance in protecting the public and private assets and the
benefits of insurance. For the last few years, an insurance fair has been
organized at the Divisional level at the initiative of IDRA to provide
insurance facilities to the people of this country. The response of the people
is unprecedented. Recently, IDRA has been working hard to diagnose various
issues and faults in the insurance business and make necessary corrections.
In conclusion,
the insurance sector is gaining the trust of the people through intensive
supervision of the Ministry and IDRA, ensuring accountability of the work of
insurance companies, bringing new products to the market, creating healthy
competition in the insurance market, amending timely insurance laws and above
all ensuring corporate governance. It is possible to build a strong insurance market
by gaining the spontaneous confidence of the people. Once a strong insurance
market is created, insurance will make a significant contribution to the
national economy of Bangladesh.
Business activities and success of Islami Insurance
Bangladesh Ltd.
Bangladesh is a
Muslim populous country. Due to the religious point of view, the Muslim
community is less interested in the conventional insurance system. Therefore,
on December 29, 1999, the then Chief Insurance Regulator, Department of
Insurance, Government of the People's Republic of Bangladesh approved Islami
Insurance Bangladesh Ltd. as the first Islamic insurance company to introduce
Islamic Sharia-based insurance to cover the majority of the population in
Bangladesh. A council called "Central Shariah Council for Islamic
Insurance" was formed on 13 October 2002 to regulate the takaful or
Islamic insurance business in Bangladesh according to Islamic Shariah rules.
The then Khatib of Baitul Mukarram National Mosque, the late Allama Ubaydul
Haque, was elected as the founding chairman and principal of the council,
Sayyed Kamaluddin Jafri, and Professor Maulana ABM Masum Billah as the
secretary-general and assistant secretary-general of the council respectively. From
the beginning of the formation of the council, the organization planned to
formulate rules related to Islamic Sharia with Takaful. A comprehensive
insurance policy entitled Insurance Act, 2010 (Act 13-2010) and Insurance
Development and Regulatory Authority (IDRA) 2010 (Act 12-2010) was formulated
to make insurance business timely, in accordance with rules and regulations in
Bangladesh. The concept of Islamic insurance has been attached to Rule 8 of the
Insurance Act. According to the rules, a separate policy needs to be formulated
for conducting Islamic business, which needs to be approved under Rule 30 of
the Insurance Development and Regulatory Authority (IDRA) Act-2010 and Rule 146
of the Insurance Act 2010 (Act 8,2010). After a two-year review by the Central
Shariah Council, the Council finally drafted the rules on the concept of
takaful and submitted a draft proposal to the Chairman of the Insurance
Development and Regulatory Authority on October 9, 2012, in accordance with
Rule 37. As per the advice of Shariah Council, the profit and interest money
should be kept in a separate bank from within the conventional insurance system
of Islamic Insurance, supervising the interests and claims of the insured,
depositing the security deposit in Bangladesh Government Islamic Investment
Bond, over a year being paid. Despite various adverse conditions, Islami
Insurance Bangladesh Ltd. continues to maintain its reputation as "A"
category company in Bangladesh. At a glance, the five-year development number
and line image (IIBL Performance at a glance) has been displayed in the summary
of the company's activities in 2020:
Premium income:
The main income
of the non-life insurance business is premium income. In 2020, the gross
premium income of the government premium business was Tk. 74.63 million with
the proportion of 63.46 million. 16.25 million has been spent on reinsurance
from the income of this premium. Therefore, the net premium income has been
496.46 million Tk. In 2019, the gross premium and net premium were Tk. 558.94
million and Tk. 360.50 million respectively. Thus, the growth of gross premium
and net premium in 2020 has been 18.21% and 23.51% respectively. The revenue
from the underwriting or revenue account for 2020 was Tk. 105.98 million. In
2019, the revenue from underwriting or revenue accounts was Tk. 79.31 million.
Thus, in 2020, the growth of underwriting or revenue income has been 34.50%.
Category Premium Income:
Fire insurance
In 2020, Tk.
290.61 million has been earned under fire insurance premium. Expenses for
reinsurance Premium, claims, management expenses and for unexpired risk reserves,
the underwriting or revenue income stands Tk. 10.27 million, compared to a loss
of Tk. 37.27 million in 2019. Recovery from previous fire claims from
reinsurers, fire insurance premium income has increased and this expenditure
has been deducted from last year's loss.
Marine Insurance
In the year
2020, the gross premium of the Marine Hall including Marine Hall has been Tk.
245.18 million. Expenses for reinsurance, insurance claims, management expenses,
and unexpired risk reserves, the revenue from this sector was Tk. 85.08 million
as against Tk. 95.39 million of last year. The underwritten profit under marine
insurance is the is highest.
Motor insurance
In 2020, the
total premium income from the motor vehicle business was Tk. 80.61 million. Expenses
for reinsurance, insurance claims, management costs, and expired risk reserves,
the underwriting or revenue profit was Tk. 26.75 million. In 2019, the revenue
profit in this sector was Tk. 16.8 million.
Miscellaneous insurance
Apart from fire,
Marine (Cargo & Hull) and motor vehicle insurance premium income from
miscellaneous insurance business has been Tk. 48.21 million. Expenses for
reinsurance, claims, management expenses, and unexpired risk reserves the Misc Insurance
has incurred a loss of Tk. 59.93 million which was Tk. 74.04 million last year.
Due to the high risk in this sector, it has become difficult to make a profit
due to high expenditure in the reinsurance sector. Kindly note that various
insurance risks have to be taken in the interest of holding other classes of
the same insured.
Insurance claim settlement
We are always
committed to our customers to provide fast customer service and settle
insurance claims. Our main goal is to provide fast customer service at all
times and settle insurance claims. Alhamdulillah, we have been able to earn a
good reputation in the market by providing fast customer service and speedy
settlement of insurance claims in line with our goals. For this, we are
grateful to the Almighty Allah. We convey sincere thanks to the Claims
Committee of the company, whose tireless work has made it possible to settle
insurance claims quickly. In 2020, Tk. 32.46 million has been paid for fire, Marine
Cargo & Hull Insurance, motor vehicle, and other classes of business.
Investment activities:
A) Investment in
fixed assets: 65/2/2, Purana Paltan, Box Culvert Road, Dhaka. It was registered
on 22/12/2020, its purchase price including registry cost is Tk. 23,10,60,159/‑.
Besides 1,1/1 Naya Paltan, a floor space was purchased at a cost of Tk.
7,68,62,000/- and the registration of the same is under process. The office
space has been rented.
B) Other
investments: Tk. 88.35 million in fixed deposits in Shariah-based Islamic
banks, Tk. 53.90 million in fixed deposits in Conventional Bank, Tk. 19.00
million in Treasury Bonds of Government of Bangladesh and 8.8 million in shares
of Dhaka Stock Exchange in 2020. In total, new fixed investment has increased
by Tk. 189.92 million. The figure of sector wise investment on 31/12/2020 is
given:
|
Sector |
Milion Tk. |
1. |
Permanent
deposits in Shariah-based Islamic banks |
323.75 |
2. |
Short Term
Deposits in Shariah Based Islamic Banks |
22.75 |
3. |
Government of
Bangladesh Islamic Investment Bond |
1.00 |
4. |
Permanent
deposits in conventional banks |
314.20 |
5. |
Short term
deposits in conventional banks |
4.18 |
6. |
Government of
Bangladesh Treasury Bond |
53.00 |
7. |
Share
investment |
10.75 |
|
Total |
629.83 |
Profit-Loss Account:
In 2020, the
bank's investment profit, office rent, dividends, and miscellaneous income has
been 36.06 million. Despite the decline in the bank's profit margin, the amount
of fixed deposits has increased and the profit has increased this year as
compared to last year. The underwritten profit from the insurance business was
Tk. 105.98 million. After deducting unallocated management expenses from this
income, the net profit stands at Tk. 106.20 million. In 2019, the pre-tax net
profit was Tk. 84.6 million. Compared to last year, net profit has increased by
Tk. 23.43 million or 26.84% in 2020.
Profit Distribution Account:
The profit
distribution after last year's deduction stands as under:
|
Sector |
Milion Tk. |
1. |
Cash Dividend
Payment (2019 Cash Dividend) |
35.64 |
2. |
Funds reserved
for unusual losses 2020 (7.8% of premium income) |
45.00 |
3. |
Distributable Dividend
Income (2020) |
40.40 |
|
Total |
121.04 |
Profits and dividends
In 2020, the
company's pre-tax net profit was 10.72 million. The Board of Directors recommended
10% stock dividend on the paid-up capital to the shareholders from the said
profit and 5.54% incentive bonus of the pre-tax net profit for the desk
officers and employees in 2020. In 2020, earnings per share (EPS) is Tk. 2.18
and net assets per share is Tk. 15.69. In 2019, EPS per share was Tk. 1.75 and
net assets per share was Tk. 14.14.
Reserves and surpluses
In order to
strengthen the financial base of the company and increase its ability to pay
claims, reserves of Tk. 45.00 million have been set aside for the
non-performing sector in 2020. The total reserves and surplus of the company
stood at Tk. 180.10 million.
Credit rating and solvency margin
Argus Credit
Rating Services Ltd. completed the credit rating work of our company on
September 20, 2020 as directed by the regulatory authority. According to their
report, the company has achieved long-term AA and short-term ST-2 ratings,
indicating that the company has "satisfactory ability to pay insurance
claims, financial success, improved solvency, experienced management, financial
well-being, and regulatory internal control."
Development of information technology:
The current era
is the era of information technology. Information technology has spread
everywhere in Bangladesh under the auspices of the present government. The
company is currently providing online services through its own servers to
provide faster and more efficient services to the insurance customers and all
other parties by utilizing this vast advantage of information technology as per
the demand of the time. This has made it easier for the Branches of the Company
to maintain round-the-clock networking communication with the Head Office. Our
insurance-related information is being provided as per their demand through the
UMP Portal provided by the Insurance Development and Regulation Authority. In
order to increase public awareness about insurance, insurance-related
information has been provided on the company's website in consultation with the
Insurance Development and Regulation Authority. From the time the company is
listed on the stock exchange, all the information related to the company's
shares is linked to the website along with the stock exchange.
Retirement and re-appointment of directors
Pursuant to
Section 95 of the Companies Rules of the Company, one-third of the Group-A,
i.e. Entrepreneurial Directors, will retire at the Annual General Meeting and
the retired Directors will be eligible for re-election. As such, the following
directors will retire at the 21st Annual General Meeting this year and will be
eligible for re-election and nomination.
(1) Mr. M Tajul Islam
(2) Alhaj Mohammad Abdul Hannan
(3) Mr. Nur Mohammad
(4) Mrs. Shayla Parbin
(5) Alhaj Md. Abdul Halim
In addition,
Section 6 of the Insurance Act 2010 mentions that the maximum number of
directors of a company should be 20 (twenty). Of these, 12 (twelve)
entrepreneurial directors, 06 (six) public shareholder directors, and 02 (two)
independent directors should be appointed, in response to notification in two
newspapers for the election of directors from public shareholders at the 20th
Annual General Meeting of the company 4 applications were submitted. As there
was no other candidate in this situation, 2 (two) out of the following 4 (four)
people were re-elected without contest and the other 2 (two) people were
elected.
(1) Mrs. Shahana Hanif (Re-elected)
(2) Rifa Nanzeeba Sayeed (Re-elected)
(3) Mr. Nurul Absar
(4) Mr. Usama Fida
Appointment of Independent Director
According to the
Insurance Act 2010, there is a provision to have two independent directors in
the company & in light of which Mr. Javed Ahmed, 32 BC Das Street, Lalbagh,
Dhaka was appointed as an independent director subject to approval at the 18th
Annual General Meeting of the company. On the completion of 3 years after his
appointment, the 199th meeting of the Board of Directors held on 16 February
2019 decided to re-appoint him for 3 years and to appoint Mr. Imran Ahmed,
104/1, Kazi Alauddin Road, Dhaka as Independent Director which was approved at
the 19th Annual General Meeting.
Nomination and Remuneration Committee:
In accordance
with the notification number BSEC / CMRRCD / 2006-158-2007 / ADMIN / 80
published by the Bangladesh Securities Exchange Commission on June 3, 2017, the
Board appointed Mr. Javed Ahmed, Independent Director, as its Chairman to
assist in the recruitment and remuneration of the officers and employees. A
four-member Nomination and Remuneration Committee (NRC) was formed at the 197th
meeting of the Board and it was reconstituted at the 210th meeting of the Board
of Directors held on 19 February 2020. Since the inception of this committee,
the company has been assisting the Board in the recruitment and remuneration of
officers and employees, evaluation, promotion, demotion, transfer, and staff
development. The committee held two meetings in 2020. The meeting also reviewed
the service rules, promotions, and salaries of the officers and employees.
The number of
board meetings in 2020, number of attendance of directors, fees of directors has
been displayed in the annual report.
Appointment of Auditor:
With the
approval of the 20th Annual General Meeting of the Company, Messrs. Mahfel Huq
& Co., Chartered Accountants, BGIC Tower, 34 Artillery Road, Dhaka were
appointed as Statutory Auditors of the Company for a remuneration of Tk.
3,00,000/- (Three Lakh). They applied for the appointment this year, i.e. for
the year 2020. After reviewing the matter at the Board of Directors meeting,
Messrs. Mahfel recommended the appointment of M/S Mahfil Huq & Co.
Chartered Accountants as Statutory Auditor with a remuneration of Tk. 350,000/-
(Three Hundred and Fifty Thousand) for the year 2020.
Report on Shariah Council:
Islami Insurance
Bangladesh Limited is a Shariah-based company. Although Islamic insurance
companies have been recognized in the Insurance Act, 2010, as no regulation has
so far been issued in this regard, there are obstacles in conducting the
overall activities of the company in accordance with Islamic Shariah. It is
hoped that the Islamic Insurance Regulations will be issued soon which will
make it easier for Islamic insurance companies to operate in accordance with
Shariah & advice. However, the activities of our company are being
conducted under the leadership & advice of Principal Maulana Kamaluddin
Jafri the country's eminent ulama and in spite of various obligations, Islamic
Shariah is being observed in all the activities of the company as much as possible.
Islamic Insurance Foundation:
The
"Islamic Insurance Foundation" was formed in accordance with Section
34 of the Memorandum of Association of the Company. The foundation is helping
the helpless and needy people and contributing as much as possible in social
development work. Strong funds need to be formed to further strengthen the
activities of the Foundation. The company has not been able to contribute in
various fields despite having the will due to lack of adequate funds. The
company is always striving to implement the goals and objectives of the Islamic
Insurance Foundation. In the meantime, the registration process of the
foundation has already been started & until the approval of the Foundation the
company is under Corporate Social Responsibility (CSR) an amount of Tk.
3,39,270/- has been distributed.
Corporate good governance
Corporate
governance is essential to ensure transparency and accountability in the
activities of the organization. Corporate Governance consist relates with the
Board of Directors & the various committees. The Management Committees, the
decision-making bodies, etc. In addition, the role of regulatory bodies in the
process of corporate good governance is important. Islami Insurance is ensuring
transparency and accountability in the activities of the organization by
implementing all the plans and policy decisions directed by the Board for the
practice of corporate good governance under the leadership of the Chief
Executive Officer. The Corporate Governance Guidelines introduced by the
Bangladesh Securities and Exchange Commission are being followed.
Company plans for 2022:
The authorities
have set a target for the company to achieve more premium income and business
success in 2022 than in previous years. Officers and employees including all
branch heads, department heads have been instructed to implement this goal. In
addition, all concerned are instructed to ensure prompt customer service in the
implementation of the business plan and to cooperate in all matters. Our Board
of Directors will continue to strive to achieve the goals through overall
guidance and we hope that this company will be established as a model in the
field of insurance in this country. I also believe that the hard work, honesty,
and sincere cooperation of the management and the officers and employees will
speed up the future of the company, InshaAllah.
Gratitude
Finally, on
behalf of the Board of Directors and myself, I would like to thank all the
esteemed customers, shareholders, and well-wishers for their continued support
and overall cooperation. It is undeniable that the active cooperation of all,
constructive and valuable advice has been helpful enough to take the activities
of the company forward.
At the same
time, I would like to express my sincere gratitude to the Ministry of Finance,
Insurance Development and Regulatory Authority, Bangladesh Securities and
Exchange Commission, Dhaka Stock Exchange Ltd., Chittagong Stock Exchange Ltd.,
Registrar of Joint Stock Companies and Firms, Central Depository of Bangladesh
Ltd., Bangladesh Insurance Association, Sadharan Bina Corporation, Bangladesh
Insurance Academy, National Board of Revenue, Bangladesh Bank, all commercial
banks, financial institutions and auditors for all kinds of cooperation and I
look forward to your continued cooperation.
On behalf of the Board of Directors, I would like to congratulate my dear colleagues, the Chairman of the Executive Committee, the Chairman of the Claims Committee, the Chairman of the Audit Committee, and the esteemed members of the Shariah Council for their continued cooperation in implementing the Company's objectives. At the same time, I would like to thank the Chief Executive Officer, Additional Managing Director, Deputy Managing Director, Company Secretary, Branch Head, Divisional Heads, and officers and employees for their hard work, sincerity, and diligence in maintaining the continuity of the company's success. At the same time, we hope that the cooperation, sincerity, and dedication of all of us will increase the overall development of the company in the days to come, which will help the company and itself to build. In conclusion, I would like to express my sincere gratitude to the Almighty Allah and wish everyone a healthy and peaceful life. May Allah Almighty help us.