Message from the Chief Executive Officer


Bismillahir Rahmanir Rahim.

Dear Shareholders,

Assalamu Alaikum Wa-rahmatullah.

On behalf of the corporate Management of Fareast Islami Life Insurance Company Limited, I am Pleased to announce that FILIC has emerged to stronger than ever this year, with solid business performance and a strong balance sheet, which was achieved through hard work , prudent resource management as well as the ability to adapt to a changing business environment. Our total business earned in the year 2015 is 851 crore which exceeded the all time records.

It gives me emense Pleasure to connect with you once again. Last financial year has been significant for Fareast Islami Life Insurance Company Limited. A year that will be known in the history of FILIC as the year of transformation, not just for FILIC but the life insurance industry at large. This change is reflective of our endeavour to build a Trust surplus organization that will epitomize a culture of customer centricity at FILIC shaping the organisation into a successful business model for the future.

Over the last few years, the Insurance Industry has been at the helm of transformational changes. These changes came into being primarily in response to the key challenge the life Insurance industry faces, which is lack of customer confidence. And, if it this very issue that is at the heart of our change initiative “The secret of change is to focus all your energy not on fighting the old, but on building the new.” – Socrates.

We embarked on a unique journey towards building this trust surplus and empowering the lives of customer’s advisers and employees by reimagining the way we conduct business. To achieve this vision, we have relooked at our business models and business practices, in the way we approach and provide solutions to our customers towards proactively addressing the key challenges faced by the Industry today.

We embarked on a unique journey towards building this trust surplus and empowering the lives of customer’s advisers and employees by reimagining the way we conduct business. To achieve this vision, we have relooked at our business models and business practices, in the way we approach and provide solutions to our customers towards proactively addressing the key challenges faced by the Industry today.

Money as you know is a commodity that is intrinsic to the well-being of every person. It plays a significant role in safeguarding the financial future of families. And, it is at the very core of every person’s sense of security and well-being. A commitment to provide our customers with the means to protect loved ones against life’s uncertainties is thus our primary goal. This, in turn empowers us with a responsibility to shape up the financial well-being of our customers with their hard earned savings that they have bestowed with trust upon us.

At FILIC, we have taken concrete steps in re-orienting ourselves completely to meet the changing needs of our customers to their satisfaction. As an organisation, we have made a conscious effort and have moved towards co-creation through the process of solutions counselling. We have focused on unique customers solutions based on exclusive needs and counselling as a method to deliver our solutions. In this initiative, we lay emphasis on investing time and resources in understanding customer needs better and counselling them in every step. Our business model is to build a sustainable business to meet customer outcomes. These are very simple, yet powerful principles.

We have taken several strides in our journey towards providing complete customised services. These would not be possible without the help of our advisers, strong in-house cross functional teams, a committed management, absolute shareholders’ support and overall economic recovery.

We remain committed to our promise of ensuring the best solution to every customer. Each one of you is a valued customer and I thank you for accompanying us on our journey and placing you betters in FILIC over the years. I would like to reinforce our commitment in serving you in the best way possible.

It is a Pleasure for me to inform you that from the inception to date our total premium income is taka 49845.30 million. In the financial year 2015 the growth rate of premium income is 10.49% which is very satisfactory. The five years growth trend is shown hereunder through diagram:

We express our heartfelt thanks and gratefulness to our distinguished shareholders, hon’ble chairman and members of our august Board, Executive Committee, Audit Committee, Shariah Council Committee for their kind support and valuable guidance towards achieving the optimum growth and development of the company.

Sincere thanks and heartfelt gratitude are due to our respected Shareholders, valued Policyholders, patrons and well-wishers for their continued wholehearted supports and advices in all our development programs. We should like to pay our special thanks and gratitude to the Government Agencies, Insurance Development and Registrar of Joint Stock Companies and Firms, Dhaka and Chittagong Stock Exchanges for their co-operation and support for the development of the Company. The Management is expressing its sincere thanks and gratitude to the honorable Members of the Board of Directors for their prudent policy guidelines in achieving the Company’s cherished goals. Thanks to my colleagues of all levels for their sincere efforts in uplifting the Company’s image by rendering distinctive services to our valued clients.

Looking forward, ensuring highest policyholders’ care, Shariah compliance and maintaining competitive premium rates will be the thrust of future. I believe the gains made over the past years will be instrumental for superior positioning of the Company in the future. Our strategy will add to our strength by focusing on areas where we have an advantage today and where we can grow faster than our competitors in the days ahead.

Finally, on behalf of the management, I express my gratitude and thanks to the honorable Chairman and to all honourable members of the Board of Directors, our employees, regulatory agencies, valued customers and shareholders for their guidance, counselling and continued support.

We believe, we will continue to impress upon our stakeholders by achieving our goals for the coming years.

May Allah help us, Ameen.

Ma-Assalam,

 

Md. Hemayet Ullah

Chief Executive Officer (CEO)

28 June 2016

Dhaka