Directors’ report to shareholders
(Companies Act-1994, Finance Act-2015 and prepared as per the instruction of Bangladesh Securities and Exchange Commission)


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)










GDP is billions of Tk.









GDP is billions of dollars









Position in the world index










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:



Milion Tk.


Permanent deposits in Shariah-based Islamic banks



Short Term Deposits in Shariah Based Islamic Banks



Government of Bangladesh Islamic Investment Bond



Permanent deposits in conventional banks



Short term deposits in conventional banks



Government of Bangladesh Treasury Bond



Share investment






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:



Milion Tk.


Cash Dividend Payment (2019 Cash Dividend)



Funds reserved for unusual losses 2020 (7.8% of premium income)



Distributable Dividend Income (2020)






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.


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.

On behalf of the Board of Directors
(Al-haj Mohammad Sayeed)