COMPANY PROFILE OF THE WEEK

Maintaining strong corporate governance FILIC emerges as a dependable Insurer


A leading third generation company in the insurance sector, Fareast Islami Life Insurance Company Limited started its journey on May 29, 2000 and obtained Certificate of Incorporation and Certificate of Commencement of Business on May 29, 2000 as a Public Limited Company under the Companies Act, 1994 and subsequently listed with the Dhaka and Chittagong Stock Exchanges Limited in 2005. 

Since inception, Fareast Islami Life Insurance Company Limited has been working efficiently and achieved strong and prominent position in the insurance sector. By the passing of time the company has consolidated its strength manifold through extending its business rapidly while ensuring sustainable growth. 

The company has been rendering life insurance business and services through its Offices throughout Bangladesh. Fareast Islami Life Insurance Company Limited is focused on providing quality & quick services to its clients. 

We are always conscious to meet up our clients' needs. Over the years Fareast Islami Life has established a track record as a sound and dependable services and consistently enabled to comply with all commitments to the clients and the society. 

At present the authorized capital of the company is taka1000 million and paid up capital is taka 747.42 million. As on 31 December 2018 total number of shareholders were 8,066. 

The shares of the company are traded both in Dhaka and Chittagong Stock Exchanges Limited in the category "A" from the beginning. The total market value of the company's shares is taka 4,723.74 million as on 31 December 2018. 

Most of the Directors of the company are prominent figures in the society having ownership of many organizations. They are experienced with adequate knowledge about the relevant business fields and also bearing positive personality.  The company has effective and efficient workforce with a perfect combination of talent, youth and experience. At the end of 2018 the company had 4137 permanent employees and more than three lac development employees. 

These employees are amply trained and experienced on various phases of insurance activities and most importantly they are dedicated to their duty and responsibilities. The company always ensures better work environment for its employees and as a result, the employees become motivated to provide better services. Most of the senior employees are highly qualified and professional degree holders. 

They have been trained at home and abroad. Financial performance of the company is very strong and positive. Total assets of the company as at 31 December 2018 stood at taka 42,579.34 million and life fund taka 33,329.26 million. 

The company invested its fund in Shariah based banks and financial companies, wherefrom good income is generated and as a result attractive returns are available to give benefits to Shareholders as well as policyholders as dividend and bonus. The company always maintained strong corporate culture, corporate governance, code of conduct, ethical principles and corporate social responsibilities.