Form the Desk of the Chief Executive Officer


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Bismillahir Rahmanir Rahim

Assalamu Alikum Wa-Rahmatullah,

All praises to the Almighty Allah (Al-hamdulillah)

I am alighted to welcome you all in the 18th Annual General Meeting of Prime Islami Life Insurance Limited. By the grace of Almighty Allah, we have passed the year-2017 almost through tranquil environment politically and also gentle natured.

You know that life insurance in our country has not been explored up to the mark due to lack of confidence and consciousness of the general mass. We are now hopeful that situation is being improved for diversified efforts of the Life Insurance Companies in private sector.

Prime Islami Life Insurance Limited has laid importance to earn confidence of the people and awake them establishing transparency, accountability, responsibility which reflect in our Mission, Vision, Objectives and Goal.

We are committed to ensure maximum interest of all stakeholder of which we have kept testament through satisfactory bonus rate to the policyholders and dividend to the shareholders in the days we have passed.

You will not be dissident with me that customer service is the key to the success of Life Insurance Company. We are not lagging behind in this respect and to ensure one stop service to the valued customers, we have opened a Help Desk in the Head Office and Service Centres.

Training is an important factor to build up a professional management team and also field force. We have a training cell of our own and have been providing with training to the Desk employees and field force on regular basis.Beside this, we provide with training to our Desk and Development employees through BIPD & Insurance Academy.

Hon’ble Shareholders, you will be glad to know that as a result of strenuous efforts of the management, field force and guidelines of the Board of Directors, we have been able to hold positive growth in business and all other financialheads.

You know that Our Life Insurance market is very turbulent and facing this market obstacle, we have continued our forward march to procure business. A competitive business picture of last two years is given below:

(Figure in Crore Taka)
20162017Growth(%)
First year Premium106.02115.0008.47
Renewal Premium200.73230.1214.64
Group Insurance Premium05.3702.0062.76
312.12347.1211.21

We earlier told that lack of confidence and continuousnessis vital reason not to explore the life insurance industry up to the market and the following major drawbacks are responsible for distrusts and unconsciousness of the people:

1. Lack of professionalism.
2. Failure to identify the needs of the customers.
3. Failure to ensure prompt, honest and sincere service to the customers.
4. Lack of knowledge to make the people understand about necessity and benefits of life Insurance.

In order to remove the above drawbacks, we need to ensure transparency in all of our activities and we are increasing its area day by day. As ours is an Islamic Company, we are regard in Shariah compliance. In order to make the people understand insurance, we have published leaflets, booklets, brochures, customer’s guidelines explaining information of insurance in details. It is an admitted fact that growth of insurance lies in the people’s confidence and consciousness.We have been working to achieve the success by the grace of the Almighty Allah and people’s cooperation.

We are thankful to our valued clients, patrons, well-wishers and honorable shareholders for their confidence and trust reposed upon us. This has always been a great source of strength and inspiration. We express our sincere gratitude and thanks to Insurance Development and Regulatory Authority (IDRA) for providing us with valuable guidance and continuous support. We are also grateful to the Board of Directors, Shariah Council for their visionary role and continuous encouragement. We thank the Management team for their dedication and hard work.

May Allah bless you all!

Allah Hafiz

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Muhammed Shah Alam, FCA
Chief Executive Officer

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