Fareast Islami Life Insurance Limited , was founded in
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 mos ...
as a public life
insurance company
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...
in 2000. Currently the company has 23 Divisional Offices, 103 Service Center Offices, 252 Zonal Offices and 635 Premium collection centers throughout Bangladesh.
Sheikh Kabir Hossain is the chairman of the company.
History
Fareast Islami Life Insurance Company Limited was established on 29 May 2000.
It then listed with the
Dhaka Stock Exchange
The Dhaka Stock Exchange (DSE) ( bn, ঢাকা স্টক এক্সচেঞ্জ ''Dhaka stôk ekschenj''), located in Nikunja, Dhaka, is one of the two stock exchanges of Bangladesh, the other being the Chittagong Stock Exchange. In ...
and
Chittagong Stock Exchange
The Chittagong Stock Exchange ( bn, চট্টগ্রাম স্টক এক্সচেঞ্জ) is a stock exchange based in the port city Chittagong, Bangladesh. It is one of the twin financial hubs of the country, alongside the Dh ...
.
MA Khaleque, director of Fareast Islami Life Insurance Company Limited, was appointed chairman of
Fareast Finance and Investment Limited on 18 September 2007.
Md Nazrul Islam was appointed chairman of the Fareast Islami Life Insurance Company Limited in February 2010.
Islam was a founding director of the insurance company and managing director of Surmi Cold Storage Limited.
The
Bangladesh Securities and Exchange Commission
The Bangladesh Securities and Exchange Commission (BSEC) is the regulator of the capital market of Bangladesh, comprising Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE). The commission is a statutory body and attached to the Mini ...
has removed the board of directors of Fareast Islamic Life Insurance and appointed 10 new independent directors on 1 September 2021 to protect investors, policyholders and the overall capital market.
Insurance Development and Regulatory Authority removed the chief executive officer of Fareast Islami Life Insurance Company Limited, Md Hemayet Ullah, after its investigation had found evidence of financial irregularities. It also banned him from joining any insurance company. According to an audit report by A Wahab & Co. Chartered Accountants, commissioned by Bangladesh Securities and Exchange Commission, 21 billion taka was stolen from Fareast Islami Life Insurance Company Limited from 2010 to 2020.
On 22 February 2022, Bangladesh Securities and Exchange Commission reformed the board again and appointed Sheikh Kabir Hossain chairman of the board. Beximco Group had taken control of Fareast Islami Life Insurance Company Limited. The insurance company decided to sell assets to pay insurance claims. It shares declined in the Dhaka Stock Exchange. Sheikh Kabir Hossain claimed the company paid to taxes from 2014 to 2021 to the
National Board of Revenue
The National Board of Revenue (NBR) ( bn, জাতীয় রাজস্ব বোর্ড) is the Central Authority for Tax Administration in Bangladesh. It is a Statutory Authority attached with the Internal Resources Division of Ministry ...
.
Financial performance
As on 31 December 2017 the authorized capital of the company is taka 1000 million and paid up capital is taka 747.42 million.
Insurance services
* Ekok Bima
* Sarbojonon Bima
* Group Bima
Board of directors
Subsidiaries
*
Fareast Islami Securities Limited
* Fareast Islami Properties Limited
Notes
{{reflist
Financial services companies established in 2000
Insurance companies of Bangladesh
2000 establishments in Bangladesh