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Bismillahir Rahmanir Rahim.

Dear shareholders,

Assalamu Alaikum wa Rahmatullah.

I am very happy to welcome all of you on behalf of the Board of Directors of Islami Insurance Bangladesh Limited on the auspicious moment of the 21st anniversary of the Company. I am thankful to the Almighty Allah for being able to meet you in this beautiful and pleasant event today. Expressing your sincere support, love, and trust in us resulted in the continuation of the company's progress and hope that your sincere support and active cooperation will continue to accelerate the company's progress in the future. Your love and trust will make our future endeavors more successful, InshaAllah. I extend my condolences to all the directors, officers, employees and shareholders of Islamic Insurance Bangladesh Limited and to the people of Bangladesh and all the people of the world who have been infected with the corona virus. 

Islami Insurance tackled unfavorable conditions such as fierce competition of 45 private insurance companies in general insurance (non-life) business, low rate of return on fixed deposits of banks, slump in stock market and increase in management costs due to in positing new VAT on various heads of management expenses. As a result of the prudent decisions of our Board of Directors, the sincere efforts of the management and the skillful sales style and efficient work ethic of the enterprising development workers, your organization has been able to maintain the continuity of this prosperity and dividend. We are hopeful that the current year credit rating of Islami Insurance Bangladesh Limited is ‘AA’ in Long Term and ST-2 in Short Term which will go one step further in the future. For your kind information, the business picture of the last 5 years is presented:

Topic

2020

2019

2018

2017

2016

Total premium income

604802392

556941480

415759169

428271764

387710985

Net premium income

497482732

380500462

301570785

268257037

276879916

Underwriting profit

105979041

69306824

69816403

69512851

64898617

Disposal of insurance claims

32457023

56103504

62287030

59914610

35132277

Next profit before tax

108206547

84772583

74587403

71074642

65266953

Total assets

1378626286

1119546231

1026471277

961946513

875073891

Dividend declaration

10%

10%

10%

10%

10%

 As you are aware, general insurance (non-life insurance) business is an uncertain risk management business and the insurance company has to be mentally and financially ready to pay the claim. As Islamic Insurance, we believe in standing by the aggrieved policyholder with transparency, the Board of Directors and the management authorities are committed to expedite our policyholders’ claims. You will be happy to know that Islamic Insurance Bangladesh Limited has already earned a reputation for paying claims in the fastest time in the insurance market, Al-Hamdulillah.

Despite being a third generation company, Islami Insurance is blessed to be able to participate in the national economy in 2019 by paying Tk. 48.69 million in income tax, Tk. 58.29 million in VAT and Tk. 25.11 million in insurance Stamp fees to help the government to mobilize internal resources.

In fine we express our gratitude to the Ministry of Finance of the Government of the People's Republic of Bangladesh, Insurance Development and Regulatory Authority, Bangladesh Securities and Exchange Commission, Bangladesh Bank, Dhaka and Chittagong Stock Exchange Ltd., Central Depository of Bangladesh Ltd., all commercial banks and financial institutions and companies. I would like to express my sincere thanks and appreciation to the esteemed shareholders, esteemed policyholders and well-wishers for their cooperation. I would also like to thank the CEO, other executives, branch managers and officers and employees of the company for their hard work and cooperation. I am wishing happiness, prosperity and healthy life to all, may Allah help us.

Mohammad Sayeed Khokon
Chairman