| Takaful Islami Insurance Limited
42, Dilkusha C.A (7th Floor),Dhaka-1000, Bangladesh.
|Saturday||9:00 AM-5:00 PM|
|Sunday||9:00 AM-5:00 PM|
|Monday||9:00 AM-5:00 PM|
|Tuesday||9:00 AM-5:00 PM|
|Wednesday||9:00 AM-5:00 PM|
|Thursday||9:00 AM-5:00 PM|
Takaful Islami Insurance Limited was established in 2002. A group of Businessmen who had earlier launched a Islami Bank in the private sector sponsored the company with 60 million taka capital. Sponsors included shipping magnets, Doctors, Engineers, Bankers, Top Garment exporters and Importers. Market size of Bangladesh in the non-life sector was Tk. 1,050 million in 1986. It has grown to Tk. 7975.70 million in 2006. The growth of private sector non-life insurance business was primarily due to the drive given and initiative taken by the private insurers in exploring new avenues while to some extent it was due to increase in project value and commodity prices in the international market. The premium income of non-life private insurers would have been much more had the term “Public Property” been redefined to give its exact detonations through exclusion from its orbit those undertakings which had been setup with foreign loan in the private sector and insurance premium thereon was fully paid by the private entrepreneurs. This provision has been hindering the growth of the private insurance companies, as only the Govt. owned Sadharan Bima Corporation is allowed to insure such “Public Property” with its present denotation. We insure all traditional lines of non-life insurance businesses viz. – Fire & allied risks including flood, cyclone, earthquake, Typhoon, malicious damage, burglary, riot, strike, damage, house breaking, industrial all risks, DOS, machinery break-down, loss of profit, business interruption, CAR/EAR, personal accident including workmen compensation, motor insurance of all descriptions & value, Travel medical & medical insurance including treatment abroad to name a few broad lines.
Paid-up capital of the company is Tk.60.00 million and Reserves including capital reserves stood at Tk.64.39 million as 31st December 2007. Total Asset as of 31st December, 2007 stood at over Tk. 2026.86 million.
Investment : Company’s investment portfolio is well balanced. Position in brief, as of December, 2007, stood as below:
Shares (at cost)
Claim Settlement: Client's service and prompt settlement of claims are the key to the success and growth of the company. Claims are settled immediately on completion of the required formalities by the insured and the surveyors. The company has settled claims of over Tk. 1307.52 lac since it started operation in 2001 till 2007. The gross premium earned and gross claims settled during the last 5 (five) years stood as under:
(Taka in lac)
Gross Premium Earned
Gross Claim Settled
Re-Insurance arrangement: Company's portfolio is adequately reinsured both at home and abroad. Fire and allied risks are covered by surplus tsreaties and facultatively, Marine Cargo risks are also covered by surplus treaties and facultatively, Motor risks are covered by 1st layer XL treaties. Engineering and Misc. risks are covered by surplus treaties and facultatively. The company has also cover for fire and marine cargo own retained portfolio. Company's gross premium income, reinsurance cession and net premium retention for the year 2007 were as under: (Taka in lac):