FROM THE DESK OF CHAIRMAN
Bismillahir Rahmanir Rahim.
(In the name of Allah, the most gracious, most merciful)
Assalamu Alikum Wa-rahmatullah.
It is with great pleasure that I welcome you all to the 18th Annual General Meeting (AGM) of Fareast Islami Life Insurance Company Limited and place before you the Company’s Financial Statements and performance of the financial year 2017. Stepping into the 18th year of business operation, Fareast Islami Life Insurance Company Limited can assert with proud that it has persistently strived to achieve optimum value index for its shareholders as well as stakeholders from the very outset of this organisation. Fostering superior corporate governance and balancing out growth, profitability and risk to maximize use of intrinsic value for the organisation. In line with accelerating economic growth of the country, the company maintained sustainable momentum with a 9.4% growth in business in 2017 with gross premium income taka 10,103 million. The insurance industry in the country is expected to grow in the coming years due to rising financial literacy and government initiatives. The lower level of penetration, favourable demography, initiatives for enhancing financial inclusion, rising financial literacy along with increase in domestic savings consequent upon rise in per capita income are expected to support the growth of insurance. Bangladeshi life insurance has been a highly underserved and under penetrated industry. The regulator IDRA is working hard to develop regulations which promote a simpler system for the policy owners and encouraging the insurers to design products which are more beneficial and attractive to the policy owners. These regulatory actions are enabling more transparent and consistent business practices to help build trust for insurance products among the public. It is important for the industry to create and communicate the value of insurance products so that more customers can be attracted resulting in development and sustainable growth of the industry. The regulator has released a number of guidelines, regulations and other exposure drafts during the current financial year. Insurance has a vital role to play in protecting public wealth, mobilising savings for efficient use and stabilising the financial markets.
It is beyond my idea to pay tribute to our customers whose continuous and ever increasing loyalty will always be reciprocated by this company in offering them innovative value added products combined with the highest form of service excellence particularly by the fast settlement of claims. I thank each and every member of our staff for their sincere commitment to fulfil their responsibilities even when faced with unanticipated stress and challenges. Their performance has resulted in another year of outstanding success. Our employees are not mere statistics in our payroll but they are members of Fareast Islami Life Insurance Co. Ltd. (FILIC) family and as such we respect them with taking care.
Whenever there will be any changes in future let me assure you that the brand “FILIC” will always stand for the protection and financial security of the highest quality to customers, the addition to the wealth of shareholders and the recognition, rewarding and evaluation of the dignity of our staff. Importance has been given to the contributions of the employees who exert in the organization and to adopt policy to reward them accordingly. Our company believes in ensuring healthy working environment for its employees. The company continues to be managed professionally by qualified personnel and development of proper human resources, because human resource is the first asset of the company. So, maintaining its ability to provide services of the highest quality to its clients and thus have edge over its competitors. Fareast wants to be an organisation where our clients, employees and people will tell us how well we have done on important measures of customer services, trust, accountability and good governance. In case of recruitment, educational qualification, honesty, professionalism are taken into consideration. For adopting these epoch-making steps the activities of FILIC have considerably been boosted up and leading towards achievements of its desired goal.
Dear Shareholders, reassured by our remarkable track record; we believe that the company is poised to surmount the challenges of the future and retain the momentum for business growth in years to come. We are most obliged and appreciative of the unrelenting support and patronage received from our clients and shareholders; as we look forward to the continuation of the same. In particular, I would like to thank the Banking authorities with whom we have extensive dealings along with the regulators, stock exchanges of Dhaka and Chittagong, BSEC and Government bodies for their incessant co-operation and support. I now thank all our field forces who have stead fastly continued to support us by bringing satisfactory business.
Our Company has always been maintained the highest governance standards and practices by adopting, as is the norm for all constituent companies of the group “the Fareast group- corporate governance policies and code of conduct.” These policies and code Prescribe a set of systems, processes and principles which conform to the highest international standards and are reviewed periodically to ensure their continuing relevance, effectiveness and responsiveness to the needs of investors and other stakeholders.
We have drawn up exciting growth plans and set mid term objective such as below:
- Increase our Customer base - from 10,00,000 to 50,00,000.
- Increase the distribution reach - from 2,000 to 3,000 points throughout Bangladesh.
Together, these initiatives will further accelerate our growth and lead to substantial value creation for all.
Carrying forward the lineage of FILIC, we at FILIC take the onus to further our customers’ interest, build a stronger relationship with them and be diligent in our conduct in the times to come. Fareast has remained a testimony of growth spread across almost two decades. In succession, the financial year 2017 denotes yet another triumphant year of operation. We remain thankful to you and all other stakeholders for extending their ceaseless support to the company. We believe our strategies will enable us to be in compliance with regulations, improve our performance in customer satisfaction and trust and allow us to create value for all the stakeholders. Our endeavour is to create a stronger digital connect, expand our product portfolio to meet the changing needs of our customers and add value to their association. I would like to thank all our stakeholders for their continued faith in this Company and in our strength and capabilities. I would like to thank our customers for their valuable trust, employees for their dedication and hard work towards achieving our goals and our shareholders and Board of Directors for their continued guidance and support. I once again congratulate everyone for the strong performance this year.
May Allah help us, Ameen.
Md. Nazrul Islam
22 October 2018