Introduction
It is beyond doubt that insurance plays a crucial role in the national economy. As Bangladesh advances towards greater industrialization, the need to safeguard property, trade, and commerce from various risks becomes increasingly vital.
Islami Commercial Insurance PLC (ICIPLC) was incorporated on October 18, 1999 and commenced business on December 29, 1999, under the Companies Act, 1994, and the Insurance Act, 1938 (later aligned with the Insurance Act, 2010). It is licensed to carry out all classes of non-life (general) insurance business including Fire, Marine, Motor, Engineering, and Miscellaneous insurance.
The company was listed with Dhaka Stock Exchange on 08 December 2022 and Chittagong Stock Exchange on 12 December 2022.
Vision & Mission
Vision
To be the nation’s leading quality insurance and risk management service provider with a high level of customer service.
Mission
Providing quick and reliable insurance services to esteemed customers, ensuring maximum protection of their assets.
Board of Directors:
– Mrs. Shahida Anowar – Chairman
– Touseef Mashrurul Karim – Vice Chairman
– Md. Ashik Hossain – Director
– Abu Bakkar Siddique – Director
– Shirin Akhter – Director
– Nusrat Jahan (Tania) – Director
– Nigar Sultana – Director
– Mohammad Yahya – Director
– AZM Shamsul Alam – Independent Director
– Mohammed Ayub Hossain – Independent Director
Management Team:
– Chief Executive Officer: Qazi Mukarram Dastagir
– Chief Financial Officer: AKM Mostaque Ahmed Khan
– Company Secretary: Md. Akhtaruzzaman
Capital – Authorized and Paid Up
The capital structure of the company is as follows:-
Authorized Capital: BDT 1,000,000,000 (One hundred crore)
Paid-up Capital: BDT 506,527,660 (Fifty crore sixty-six lac approx.)
The Company was incorporated with an initial paid-up capital of BDT 6.00 crore. Over the years, the capital was increased from internal earnings and reserves by issuing stock dividends, raising the paid-up capital to BDT 30.39 crore.
Subsequently, through its Initial Public Offering (IPO) in December 2022, the company raised its capital further to reach the current paid-up capital of BDT 50.65 crore.
Financial Highlights at a Glance
all BDT. amount in Million
Credit Rating
Rating: “AA+” (pronounced as Double A Plus)
By: Argus Credit Rating Services Ltd.
| Particulars | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Gross Premium | 631.30 | 536.06 | 533.88 | 521.56 | 551.97 |
| Net Premium | 447.07 | 361.18 | 363.47 | 335.12 | 360.73 |
| Gross Claim Paid | 127.67 | 88.22 | 47.21 | 216.04 | 224.98 |
| Investment& Other Income | 41.84 | 47.46 | 24.12 | 32.57 | 5.91 |
| Underwriting Profit | 62.66 | 55.46 | 83.18 | 69.97 | 57.13 |
| Net Profit Before Tax | 87.81 | 87.96 | 89.61 | 78 | 46.34 |
| Net Profit After Tax | 58.64 | 59.46 | 59.69 | 57.87 | 31.25 |
| Paid up Capital | 506.53 | 506.53 | 506.53 | 303.92 | 303.92 |
| Shareholders' Equity | 873.22 | 867.23 | 861.35 | 636.99 | 591.14 |
| Total Investment | 748.41 | 774.92 | 559.26 | 498.74 | 454.07 |
| Total Reserves | 366.7 | 360.71 | 354.82 | 333.08 | 287.23 |
| Total Assets | 1,508.94 | 1,465.33 | 1,364.96 | 1,087.01 | 969.64 |
| Cash and Bank Balance | 49.95 | 76.39 | 280.61 | 91.21 | 56.61 |
| Total Assets | 1,364.96 | 1,087.01 | 969.64 | 954.93 | 959.88 |
| Face Value Per Share (In Taka) | 10 | 10 | 10 | 10 | 10 |
| Earnings Per Share (In Taka) | 1.12 | 1.12 | 1.03 | 1.82 | 1.03 |
| Dividend Track | 10% | 10% | 10% | 10% | 7% |
Address
City Center (Level-16), 90/1, Motijheel C/A, Dhaka-1000.