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Jiban Bima Corporation
Jiban Bima Corporation (JBC) is the state-run life insurance corporation in Bangladesh under the provisions of the Insurance Act 1938, Insurance Rules 1958, and related other laws enforceable in Bangladesh in Bangladesh Corporation Act 1973. The JBC started on 14 May 1973 with assets and liabilities worth TK. 157 million of defunct 37 life Insurance companies. History Pakistan period (1947–1971) After partition of India three insurance companies were under Muslim ownership: The Eastern Federal Union Insurance Company Limited, Muslim Insurance Company Limited and Habib Insurance Company Limited. These three companies moved to Pakistan and registered to transact business there.Rashid, Harunur (2010). "An Image of an Insurer" in The total number of insurers (life plus life and general) registered in Pakistan in 1951, 1961 and 1971 were 13, 17 and 75 respectively. In 1971, out of 75, ten of the 40 Pakistani companies were exclusively engaged in life insurance business, 21 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bangladesh Jiban Bima Corporation
Bangladesh (}, ), officially the People's Republic of Bangladesh, is a country in South Asia. It is the eighth-most populous country in the world, with a population exceeding 165 million people in an area of . Bangladesh is among the most densely populated countries in the world, and shares land borders with India to the west, north, and east, and Myanmar to the southeast; to the south it has a coastline along the Bay of Bengal. It is narrowly separated from Bhutan and Nepal by the Siliguri Corridor; and from China by the Indian state of Sikkim in the north. Dhaka, the capital and largest city, is the nation's political, financial and cultural centre. Chittagong, the second-largest city, is the busiest port on the Bay of Bengal. The official language is Bengali, one of the easternmost branches of the Indo-European language family. Bangladesh forms the sovereign part of the historic and ethnolinguistic region of Bengal, which was divided during the Partition of India in 1 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Life Insurance
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person (often the policyholder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policyholder typically pays a premium, either regularly or as one lump sum. The benefits may include other expenses, such as funeral expenses. Life policies are legal contracts and the terms of each contract describe the limitations of the insured events. Often, specific exclusions written into the contract limit the liability of the insurer; common examples include claims relating to suicide, fraud, war, riot, and civil commotion. Difficulties may arise where an event is not clearly defined, for example, the insured knowingly incurred a risk by consenting to an experimental m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bangladesh
Bangladesh (}, ), officially the People's Republic of Bangladesh, is a country in South Asia. It is the eighth-most populous country in the world, with a population exceeding 165 million people in an area of . Bangladesh is among the most densely populated countries in the world, and shares land borders with India to the west, north, and east, and Myanmar to the southeast; to the south it has a coastline along the Bay of Bengal. It is narrowly separated from Bhutan and Nepal by the Siliguri Corridor; and from China by the Indian state of Sikkim in the north. Dhaka, the capital and largest city, is the nation's political, financial and cultural centre. Chittagong, the second-largest city, is the busiest port on the Bay of Bengal. The official language is Bengali, one of the easternmost branches of the Indo-European language family. Bangladesh forms the sovereign part of the historic and ethnolinguistic region of Bengal, which was divided during the Partition of India in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Partition Of India
The Partition of British India in 1947 was the Partition (politics), change of political borders and the division of other assets that accompanied the dissolution of the British Raj in South Asia and the creation of two independent dominions: Dominion of India, India and Dominion of Pakistan, Pakistan. The Dominion of India is today the India, Republic of India, and the Dominion of Pakistan—which at the time comprised two regions lying on either side of India—is now the Pakistan, Islamic Republic of Pakistan and the Bangladesh, People's Republic of Bangladesh. The partition was outlined in the Indian Independence Act 1947. The change of political borders notably included the division of two provinces of British India, Bengal Presidency, Bengal and Punjab Province (British India), Punjab. The majority Muslim districts in these provinces were awarded to Pakistan and the majority non-Muslim to India. The other assets that were divided included the British Indian Army, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Muslim
Muslims ( ar, المسلمون, , ) are people who adhere to Islam, a monotheistic religion belonging to the Abrahamic tradition. They consider the Quran, the foundational religious text of Islam, to be the verbatim word of the God of Abraham (or '' Allah'') as it was revealed to Muhammad, the main Islamic prophet. The majority of Muslims also follow the teachings and practices of Muhammad ('' sunnah'') as recorded in traditional accounts (''hadith''). With an estimated population of almost 1.9 billion followers as of 2020 year estimation, Muslims comprise more than 24.9% of the world's total population. In descending order, the percentage of people who identify as Muslims on each continental landmass stands at: 45% of Africa, 25% of Asia and Oceania (collectively), 6% of Europe, and 1% of the Americas. Additionally, in subdivided geographical regions, the figure stands at: 91% of the Middle East–North Africa, 90% of Central Asia, 65% of the Caucasus, 42% of Southeast As ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eastern Federal Union Insurance Company Limited
EFU Group, originally Eastern Federal Union Insurance Company Limited, () is a Pakistan based insurance company. It was the first insurance company in India founded in 1932, owned by the Muslims based in Calcutta. After the partition of India, the company moved to Pakistan and operated in East Pakistan and West Pakistan. The company ceased to exist in East Pakistan after it became Bangladesh in 1971. Pakistan subsequently reorganized the company to EFU Group which now comprises the following three companies: * EFU General Insurance Limited * EFU Life Assurance Limited * EFU Health Insurance Limited History It was the first insurance company in India owned and run by Muslims targeted for the Muslim populace. Abdur Rahman Siddiqui of Surat and Khonkar Fazle Haider of Murshidabad district were the company's founders. Siddiqui and Haider executed a “memorandum of understanding” in 1931 with one of leading British insurance companies, the “Atlas” and Messrs. B.M. Collins, L ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
East Pakistan
East Pakistan was a Pakistani province established in 1955 by the One Unit Scheme, One Unit Policy, renaming the province as such from East Bengal, which, in modern times, is split between India and Bangladesh. Its land borders were with India and Myanmar, with a coastline on the Bay of Bengal. East Pakistanis were popularly known as "Pakistani Bengalis"; to distinguish this region from India's state West Bengal (which is also known as "Indian Bengal"), East Pakistan was known as "Pakistani Bengal". In 1971, East Pakistan became the newly independent state Bangladesh, which means "country of Bengal" in Bengali. East Pakistan was renamed from East Bengal by the One Unit Scheme of Pakistani Prime Minister Mohammad Ali of Bogra. The Constitution of Pakistan of 1956 replaced the Pakistani monarchy with an Islamic republic. Bengali politician H. S. Suhrawardy served as the Prime Minister of Pakistan between 1956 and 1957 and a Bengali bureaucrat Iskander Mirza became the first Presid ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Asiatic Society Of Bangladesh
The Asiatic Society of Bangladesh is a non political and non profit research organisation registered under both Society Act of 1864 and NGO Bureau, Government of Bangladesh. The Asiatic Society of Bangladesh was established as the Asiatic Society of East Pakistan in Dhaka in 1952 by a number of Muslim leaders, and renamed in 1972. Ahmed Hasan Dani, a noted Muslim historian and archaeologist of Pakistan played an important role in founding this society. He was assisted by Muhammad Shahidullah, a Bengali linguist. The society is housed in Nimtali, walking distance from the Curzon Hall of Dhaka University, locality of Old Dhaka. Publications The society's publications include: * ''Banglapedia, the National Encyclopedia of Bangladesh'' (edition 2, 2012) * ''Encyclopedia of Flora and Fauna of Bangladesh'' (2010, 28 volumes) * ''Cultural Survey of Bangladesh, a documentation of the country's cultural history, tradition and heritage'' (2008, 12 volumes) * ''Children’s Banglapedia'', a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Khuda Buksh
Khuda Buksh (1 February 1912 – 13 May 1974) was an eminent Bengali life insurance salesman and humanitarian from the Indian subcontinent. For four decades he represented the "life and soul of the insurance industry" throughout the region, leaving his indelible mark on the business in three separate countries: British India (specifically in East India), Pakistan, and Bangladesh. Buksh, or "Insurance Giant," as he became known, gained fame in the 1940s, specifically for his salesmanship in East India. From the 1950s to 1960s, he helped build one of Pakistan's top insurance companies from scratch, placing it on the world map. He was the pioneer of life insurance industry growth and development in Bangladesh; his name became " synonymous with the life insurance industry," and he is even referred to, in Bangladesh, as the "Father of Insurance." Early life and education (1912–1935) Buksh was born in Damodya, a remote village in the Shariatpur District of East Bengal und ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bangladesh Sadharan Bima Corporation
Sadharan Bima Corporation (popularly known as SBC) is the one and only state-owned non-life insurer and reinsurer in Bangladesh under the Ministry of Finance, Government of the People's Republic of Bangladesh. Both Sadharan Bima Corporation, the non-life insurer, and Jiban Bima Corporation, the life insurer, were created under the Insurance Corporation Act (Act No. VI) of 1973 of Bangladesh. Thereafter, SBC was acting as the sole insurer of general insurance till 1984. In the year 1984 Bangladesh Government allowed insurance companies in the private sector and to that effect promulgated the Insurance Corporations (Amendment) Ordinance 1984. Sayed Bealal Hossain is the Managing Director of Sadharan Bima Corporation. History For underwriting the non-life insurance business of Bangladesh, Sadharan Bima Corporation was formed by the government in the year 1973. Up until 1984, SBC was the sole insurer of non-life insurance business in the country. In the same year, some private ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insurance Development & Regulatory Authority Of Bangladesh
Insurance Development and Regulatory Authority of Bangladesh (IDRA) is the only government body for regulating and developing the insurance sector of Bangladesh since 2010. History The Parliament of Bangladesh on 3 March 2010 has passed two insurance laws in a bid to further strengthen the regulatory framework for the insurance industry. The new laws came into effect on 18 March 2010, are the Insurance Act 2010 and IDRA Act 2010. A total of 81 insurance companies have been operating in the country. The companies are to be regulated under comprehensive laws and guidelines and to be supervised by IDRA. The IDRA Act 2010 has paved the way for better regulation of the sector by reducing business risks, and by harmonizing local and international insurance laws for the Economy of Bangladesh. IDRA attempts to protect the interest of insurance policyholders, beneficiaries and ensuring stability of the insurance sector. Two state-owned insurers -Sadharan Bima Corporation (SBC) and Jib ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Services Companies Established In 1973
Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of financial economics bridges the two). Finance activities take place in financial systems at various scopes, thus the field can be roughly divided into personal, corporate, and public finance. In a financial system, assets are bought, sold, or traded as financial instruments, such as currencies, loans, bonds, shares, stocks, options, futures, etc. Assets can also be banked, invested, and insured to maximize value and minimize loss. In practice, risks are always present in any financial action and entities. A broad range of subfields within finance exist due to its wide scope. Asset, money, risk and investment management aim to maximize value and minimize volatility. Financial analysis is viability, stability, and profitability assessmen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
