Islami Insurance Bangladesh Limited

Company Profile

Islami Insurance Bangladesh Limited (IIBL), the first General Insurance (Takaful) Company based on the Islami Shariah was registered and established under the Bangladesh Company Act, 1994 and the Bangladesh Insurance Act, 1938 on 29th December, 1999 to transact all sorts of general Takaful business. The Company started functioning from 1st January, 2000.

Board of Directors
The Board of Directors of the Company comprises well-known industrialists and reputed personalities drawn from different walks of professions and vocations. The members are dedicated to the cause of Islam and are committed to build up an Islamic Insurance Institution worth of its name. 

Management
The Company is staffed by very experienced and technically qualified personnel poised to offer the best of protection and services to its valued clients. The Company is also fully equipped to provide prompt and efficient service by rendering expert advice to its clients in planning their insurance programmes on most economic and competitive terms consistent with safety and security.

The Managing Director of the Company is an expert in the Insurance Sector having vast working experience in the line. 

Shariah Council
In an Islamic Insurance Company, there must be a Shariah Council/Committee generally composed of renowned Ulemas, Shariah experts and insurance experts.

IIBL has an eight-member Shariah Council (Shariah Advisory Board) constituted with eminent Islamic scholars, Shariah experts and Legal experts for supervising the affairs/functions of the company in the light of Shariah. 

Collaboration with Takaful Malaysia
The Company has adopted the model of Syarikat Takaful Malaysia and is planning to establish business, technical and investment collaboration with this biggest Islamic Insurance Company in the world.

Capital
Capital formation of the Company is as follows:
Authorised Capital : Tk. 1000 million
Paid-up Capital : Tk. 339.44 million.

Business Performance
Business performance of the Company is quite satisfactory having increasing trend.

Settlement of Claims
The motto of the Company is to settle the claims as promptly as possible. During the last five years from 2013 to 2017 the Company settled claims of the clients amounting over Tk. 316.25 million.

Credit Rating
The Credit Rating Agency of Bangladesh (CRAB) has graded our Company to A2 (Single A Two) in the long tern rating and "ST-3" rating in the short term rating. 

Key and Corporate Information
Details on key and corporation information.