Message from Honorable

CHAIRMAN

 

In the name of Allah, the Most Gracious, the Most Merciful.

Dear shareholders, Assalamu Alaikum wa Rahmatullah. On behalf of the Board of Directors of Islami Insurance Bangladesh Limited, I welcome and greet you all to the 25th Annual General Meeting of the company. I thank Almighty Allah for allowing us to meet with you on this pleasant occasion today. I sincerely thank and express my gratitude to you for your spontaneous presence at today’s meeting. I hope you will cooperate so that today’s meeting can be conducted smoothly. I believe that, by the infinite mercy of Almighty Allah, with your support and the Board’s correct decisions, the company’s pace of development and progress has continued. I also hope that, in the future, you will continue your sincere support and active cooperation to further accelerate the company’s growth and advancement. Your cooperation, trust, confidence, and affection will make our future e൵orts even more successful, In shaa Allah.

Honorable shareholders, 46 non life insurance companies are licensed in our country. Despite intense competition among insurers, low interest rates on bank term deposits, a sluggish stock market, and a slowdown in domestic business due to the global economic downturn, Islami Insurance Bangladesh Limited has earned a total premium income of BDT 675.28 million and a net premium income of BDT 480.40 million. During the year under review, underwriting profit stood at BDT 139.07 million and profit before tax at BDT 168.00 million. In addition, claims amounting to BDT 102.20 million were settled. As of 31 December 2024, the company’s total assets stood at BDT 1,819.00 million. Thanks to timely and appropriate decisions by the Board, the sincere e൵orts of management, and the tireless work and efficiency of all officials and staff the company has been able to maintain its growth trajectory in a competitive market.

For your information, despite overcoming various adverse situations such as the COVID 19 pandemic and the Ukraine– Russia and Palestine–Israel wars, your beloved institution has managed to maintain its dividend record. The Board of Directors has recommended a 20 % cash dividend for shareholders. As you know, general (non life) insurance is a business of managing uncertain risks, so an insurance company must be mentally and financially prepared to pay claims. As Islami Insurance believes in standing transparently beside the affected policyholder, the Board and management are committed to settling claims quickly as soon as they are submitted. You will be pleased to know that Islami Insurance has already earned a good reputation in the insurance market for settling claims in the shortest possible time, Alhamdulillah. Islami Insurance Bangladesh Limited always maintains transparency in paying all dues to the government.

Finally, on the occasion of the 25th Annual General Meeting, I express my sincere gratitude and thanks for the cooperation of the Ministry of Finance, Finance Division, Insurance Division, Insurance Development and Regulatory Authority, Bangladesh Securities and Exchange Commission, Registrar of Joint Stock Companies and Firms, Dhaka and Chattogram Stock Exchanges PLC, Central Depository Bangladesh Limited, Sadharan Bima Corporation, Bangladesh Insurance Association, Bangladesh Bank, all commercial banks and financial institutions, the esteemed shareholders of the company, valued policyholders, all relevant government departments, electronic media, print media, journalists, well-wishers, and the Board of Directors of the company. I also sincerely thank and express my gratitude to the company’s Chief Executive Officer, other executive officers, branch managers, and officers and employees for their tireless efforts and cooperation.

Praying for everyone’s happiness, peace, prosperity, and good health, I conclude my speech. May Allah help us all.

 

Alhaj Mohammad Sayeed Khokan
Chairman