It needs hardly any emphasis that insurance plays a vital role to the economy of a country. As the pace of industrialization is getting momentum in the country, the need for providing protection against various perils which may cause loss to properties trade and commerce is increasing simultaneously. In order to extend efficient services to the clients in the context of globalization, Islami Commercial Insurance Co. Ltd. started in its operation of business from 1st day of January, 2000. Accordingly, as required under the law of the country, the company is duly registered and established under the Company’s Act, 1994 and the Insurance Act, 1938 with a view to transacting all types of General Insurance business viz. Fire, Marine, Motor & Miscellaneous insurance business etc.
Capital – Authorized and Paid Up
The capital structure of the company is as follows:-
- Authorised Capital : 75,00,00,000/= (Taka seventy five crore)
- Paid-up-Capital : The initial paid-up-capital of the company was
Tk.6,00,00,000/= (Taka six crore) which raised to Tk.24,38,55,300/= (Taka twenty four crore thirty eight lac fifty five thousand three hundred) by issuing Stock Dividend from its profit.
The company is preparing to float shares for Tk.16,00,00,000/= (Taka sixteen crore) through Initial Public Offering (IPO).
The Credit Rating of our Company is “A”. The capital base of the company is very strong having a sizable amount as Statutory Deposit with Bangladesh Bank as required under the provision of the Insurance Act, 2010.
Board of Directors
In consonance with globalization and free market economy, Islami Commercial Insurance Co. Ltd. was launched by a cross section of entrepreneurs comprising Bankers, Investors in Hospital,
Businessmen and Industrialists. The Board of Directors of the company thus comprised of well-known and reputed personalities drawn from different professions and vocations of the country.
Our Directors are involved in different business heads like as
- Banking Sector:
Al-Arafah Islami Bank Limited, Midland Bank Limited, Modhumoti Bank Limited, Islami Bank Bangladesh Limited and Shahjalal Islami Bank Limited.
- Food & Food Grains:
Reedisha Food & Beverage Limited, Rahmania Banaspati Ghee, Golden Oil Mill, Blue Grass Catering, Spit Fire Restaurant, Saltz Seafood Restaurant, Fardin Fish, Biscuits Factory, Reedisha.
- Cosmetics & Toiletries:
Kohinoor Chemical Co. (BD) Ltd.
- Textile Industry:
Tania Textiles Ltd., Tania Spinning Mills Ltd., A. G. Textile Mills Ltd., Reedisha Knitex Ltd., Reedisha Spinning Ltd., Reedisha Blended Ltd., Reedisha Textrip Ltd., P.A. Knit Composite Ltd.
Dubai Bangla Cement Mills Ltd., National Cement, Dubai Bangla Bag Factory Ltd.
Dubai Bangla LP Gas Ltd.
Dubai Bangla Refineries and Petro Chemicals.
Islami Commercial Insurance Co. Ltd. (General), Chartered Life Insurance Ltd and Rupali Life Insurance Co. Ltd.
The company has good number of dedicated and highly professional employees supported by qualified, experienced & technically sound executives.
The company is also fully equipped to provide prompt and efficient service by rendering expert advice to its client in planning their insurance programs in most economic and competitive terms consisted with safety and security.
Janab Mir Nazim Uddin Ahmed, B.Com.(Hons), M.Com. (Management), C.A. (C.C.), Associate of Bangladesh Insurance Academy is the Managing Director & Chief Executive Officer of the company. He has in his credit more than 31 years experience in general insurance line i.e. non-life insurance in different departments/categories/positions.
Human Resource Development
Service is our business. The company being a service provider operates on the basis of professional expertise relevant to insurance industry. Its product is service and its raw materials are human resources. The Non-Life insurance industry has since developed and expanded fast in order to meet the growing need of the economy. The company has procured the services of experienced professional personnel from the existing insurance operators including Sadharan Bima Corporation. The company also organizes training programs regularly for training fresh graduates as well as existing manpower for development of their faculties and thus to meet the growing need of human resources.
Performance of the Company
The company has started functioning since January 2000 and by this time 35 Branches have been opened in almost all the renowned business areas in Dhaka City, Narayangonj, Chittagong, Khulna, Rajshahi, Barisal, Rangpur and other important business centers of Bangladesh. We
have a plan to open a few more branches in different business centers in response to the demand of our valued clients. We have accordingly established a network of branches to the needs of our valued clients throughout the country.
- To provide non-parallel service, protect our policyholders interest and contribute to the stability of national economy.
- To promote Human Resource development and professionalism in insurance business.
- To maintain a cohesive and professional team in order to achieve service excellence to all of our customers.
- To provide the financial security to our clients with utmost good faith, sincerity and dedication.
- To conduct business fairly, honestly and with transparency.
- To make the company a sound reputation for dependability, professionalism, most confident and reliable insurer to the customer.
- To provide expeditious courteous services to all of our clients that promotes integrity, performance and personal growth and to main our leading edge in the industry by striving to boost our financial strength and profitability.
- To play meaningful role in the development of insurance industry in Bangladesh and to safeguard the legitimate interest of shareholders and all stakeholders.
We believe that customer must stand at the center of our all activities. We provide highest standard service in a friendly and compassionate environment.
To conduct business on ethical practices with fairly, honestly and with transparency and
demonstrating continuous improvement confirm all laws, rules, norms, sentiments and values of the land.
Best & perfonalized services to our customer and welfare of our employees, shareholders and all stakeholders.
We have obtained adequate re-insurance coverage from state owned Sadharan Bima Corporation through surplus treaty agreement. Besides, we are in close liaison with foreign insurance technical experts and can obtain any expert opinion within a very short period of time. We are, therefore, in a position to underwrite any amount of risk in view of time above arrangement. At present, we are offering the following risk coverage to our valued clients
- Fire Insurance Scheme
- Marine Insurance Scheme
- Motor Vehicle Insurance Scheme
- Engineering Insurance Scheme
- Miscellaneous Insurance Scheme
Settlement of Claims
Settlement of claims is the sine qua non for any insurer. Prompt settlement of claims is our avowed motto which we deem to be the prime service rendered to the insured. We can humbly say that we settle claims as and when arise very promptly to the full satisfaction of our valued clients and thus have built up a reputation in this regard. Our Directors are very much eager to settle up the genuine claims as they are businessmen and industrialist.
In the year from 2010 to 2015 i.e. within 6 years, we paid total numbers of claim 1589 which amounting to Tk.29,22,79,474.00 (Taka twenty nine crore twenty two lac seventy nine thousand four hundred & seventy four).
As an Islami Insurance Company, there must be a Shariah Council generally composed of renowned Ulemas, Shariah experts and Insurance experts and eminent Islami thinker on the model of Syarikat Takaful Malaysia Company and planning to establish business, technical investment wings accordingly.
Land and Building
Company has purchased a floor space at about 6900 sft. with two car parking in City Center, Level-16, 90/1, Motijheel C/A., Dhaka and has a intention to purchase a land for 10 Katha in Tejgaon, Gulshan & Banani area for future Head Office building.
(Mir Nazim Uddin Ahmed)
Managing Director & CEO