Bismillahir Rahmanir Rahim
Assalamu Alaikum Wa-Rahmatullah.
I am most delighted to welcome you all once again on the auspicious august occasion of the 12th Annual General Meeting of your Company. Like every year, we sit here sharing the views to each other and converse the performance for the year 2011 with the new hopes for the coming year. I thank you all from my heart for the confidence you have placed on us in our best efforts to deliver our services.
The Annual Accounts of the Company for the year 2011 is being presented herewith, from which you will observe that the company has completed yet another successful year of operation, another milestone in its operations and in fulfilling the avowed corporate objectives as determined by the Board of Directors. It has not been an easy task, particularly in a highly competitive life insurance market environment in Bangladesh.
It is my pleasure to inform you that our constant attention to three key priorities: growth of business, Improvement of our financial health and investment in the future has brought about significant results in 2011. The company attained a gross premium income of taka 690.88 crore the highest among the Bangladeshi life insurance companies. The life fund increased to taka 1648.65 from taka 1352.95 crore. The growth of life fund in the year of 2011 is 21.86% which is satisfactory and financial health is very sound since the assets increased to taka 2192.38 crore from taka 1461.18 crore i.e. taka 731.20 crore which is 50.04%.
The company continues to be managed professionally by qualified personnel and development of proper human resources is one of the priorities of the company to maintain its ability to provide services of the highest quality to its clients and thus have edge over its competitors. In these days of information technology, the company is equally attentive to this area and has been upgrading its IT facilities.
We are very much confident that the company will maintain its momentum in achieving growth in business and profitability in the years to come. We are greatly appreciative of the continued support and patronage received from our clients and shareholders and would look forward to continuation of the same.
Structure of 20 storied Building with 3 basements "Fareast Tower" on our own land located beside of Bangladesh secretariat is completed which is a symbol of success and unique achievement in the history of life insurance industry of the country as well as in the sub-continent.
It is our motto to make the customer satisfied which is the driving force of our growth. You all are aware that success is not solely depending on strong financial position; it is also defined by the strength of business position and market network, the soundness of organizational structure, skilled and professional manpower also sharing relationship with participants (policyholders), the government and other stakeholders.
Fareast Islami Life Insurance Company Limited is an organization where every employee feels proud of association and knowledge based environment that leads in excellence. We want to be an organization where our participants (policyholders), employees and people will tell us how well we have done on important measures of customer services, trust, accountability and good governance.
With a view to preserving Islamic values, the company arranged Ifter Mahfil during the Holy Ramadan with due solemnity in the Head Office, Divisional and Zonal Offices. To extend our co-operation to the helpless and have notes, the company has established Fareast Islami Life Foundation by contributing from valuation surplus and fund generated from the sadaqa, donation etc. I expect and hope that our valued shareholders will have magnanimity and fellow feeling and would do their best in helping the Foundation through collective efforts. This appeal should be propagated to all the generous and well-up classes of the society for extending their benevolent hands to create a sound financial position of the foundation.
We have been working hard to achieve our goals and objectives in order to know how this organization can achieve those which are set to do, no matter how tough the goals and standards are. Thanks to the efficient team of committed, dedicated skill human resources who paved the long way of continuous success.
We consider Fareast Islami Life Insurance Company Limited as a gift from Almighty Allah for the people of Bangladesh. We value it and try to maintain this Amanah in spite of our all weaknesses, limitations having full confidence in Allah's Rahmat. We are grateful to Almighty Allah for his continued blessings on us.
May Allah be with all of us.
(Md. Nazrul Islam)
21 June 2012