Company Profile

Introduction

It is beyond doubt that insurance plays a crucial role in the national economy. As Bangladesh advances towards greater industrialization, the need to safeguard property, trade, and commerce from various risks becomes increasingly vital.
Islami Commercial Insurance PLC (ICIPLC) was incorporated on October 18, 1999 and commenced business on December 29, 1999, under the Companies Act, 1994, and the Insurance Act, 1938 (later aligned with the Insurance Act, 2010). It is licensed to carry out all classes of non-life (general) insurance business including Fire, Marine, Motor, Engineering, and Miscellaneous insurance.
The company was listed with Dhaka Stock Exchange on 08 December 2022 and Chittagong Stock Exchange on 12 December 2022.

Vision & Mission

To be the nation’s leading quality insurance and risk management service provider with a high level of customer service.
Mission
Providing quick and reliable insurance services to esteemed customers, ensuring maximum protection of their assets.

Board of Directors:

Mrs. Shahida Anowar – Chairman
Touseef Mashrurul Karim – Vice Chairman
Md. Ashik Hossain – Director
Abu Bakkar Siddique – Director
Shirin Akhter – Director
Nusrat Jahan Tania – Director
Negar Sultana – Director
Mohammad Yahya – Director
Mohammed Ayub Hossain – Independent Director

Management Team:

Capital – Authorized and Paid Up

The capital structure of the company is as follows:

Authorized Capital : BDT 100,00,00,000/- (Taka one hundred crore only)
Paid-up Capital : BDT 50,65,27,660/- (Taka fifty crore sixty five lac twenty seven thousand six hundred sixty only)

The initial paid-up capital of the company was only Tk. 6.00 crore which was raised to Tk 30.39 crore by issuing stock dividend from its profit. Then the paid-up capital has been raised to Tk 50.65 crore through the initial public offer (IPO) in December 2022.

Financial Highlights at a Glance

The Credit Rating of our Company is “AA+”. The capital base of the company is very strong having a sizable amount as Statutory Deposit with Bangladesh Bank as required under the provision of the Insurance Act, 2010.

Particulars	2024	2023	2022	2021	2020
Gross Premium	631.30	536.06	533.88	521.56	551.97
Net Premium	447.07	361.18	363.47	335.12	360.73
Gross Claim Paid	127.67	88.22	47.21	216.04	224.98
Investment & Other Income	41.84	47.46	24.12	32.57	5.91
Underwriting Profit	62.66	55.46	83.18	69.97	57.13
Net Profit Before Tax	87.81	87.96	89.61	78	46.34
Net Profit After Tax	58.64	59.46	59.69	57.87	31.25
Paid up Capital	506.53	506.53	506.53	303.92	303.92
Shareholders' Equity	873.22	867.23	861.35	636.99	591.14
Total Investment	748.41	774.92	559.26	498.74	454.07
Total Reserves	366.70	360.71	354.82	333.08	287.23
Total Assets	1,508.94	1,465.33	1,364.96	1,087.01	969.64
Cash and Bank Balance	49.95	76.39	280.61	91.21	56.61
Total Assets	1,364.96	1,087.01	969.64	954.93	959.88
Face Value Per Share (In Taka)	10	10	10	10	10
Earnings Per Share (In Taka)	1.12	1.12	1.03	1.82	1.03
Dividend Track	10%	10%	10%	10%	7%

Mission

To provide non-parallel service, protect our policyholders interest and contribute to the stability of national economy.
To promote Human Resource development and professionalism in insurance business.
To maintain a cohesive and professional team in order to achieve service excellence to all of our customers.
To provide the financial security to our clients with utmost good faith, sincerity and dedication.
To conduct business fairly, honestly and with transparency.

Vision

To provide non-parallel service, protect our policyholders interest and contribute to the stability of national economy.
To provide expeditious courteous services to all of our clients that promotes integrity, performance and personal growth and to main our leading edge in the industry by striving to boost our financial strength and profitability.
To play meaningful role in the development of insurance industry in Bangladesh and to safeguard the legitimate interest of shareholders and all stakeholders.

Our Belief

We believe that customer must stand at the center of our all activities. We provide highest standard service in a friendly and compassionate environment.

Commitment

To conduct business on ethical practices with fairly, honestly and with transparency and demonstrating continuous improvement confirm all laws, rules, norms, sentiments and values of the land.

Objectives

Best & perfonalized services to our customer and welfare of our employees, shareholders and all stakeholders.

Re-Insurance Protection

We have obtained adequate re-insurance coverage from state owned Sadharan Bima Corporation through surplus treaty agreement. Besides, we are in close liaison with foreign insurance technical experts and can obtain any expert opinion within a very short period of time. We are, therefore, in a position to underwrite any amount of risk in view of time above arrangement. At present, we are offering the following risk coverage to our valued clients

Settlement of Claims

Settlement of claims is the sine qua non for any insurer. Prompt settlement of claims is our avowed motto which we deem to be the prime service rendered to the insured. We can humbly say that we settle claims as and when arise very promptly to the full satisfaction of our valued clients and thus have built up a reputation in this regard. Our Directors are very much eager to settle up the genuine claims as they are businessmen and industrialist.

In the year from 2010 to 2015 i.e. within 6 years, we paid total numbers of claim 1589 which amounting to Tk.29,22,79,474.00 (Taka twenty nine crore twenty two lac seventy nine thousand four hundred & seventy four).

Shariah Council

As an Islami Insurance Company, there must be a Shariah Council generally composed of renowned Ulemas, Shariah experts and Insurance experts and eminent Islami thinker on the model of Syarikat Takaful Malaysia Company and planning to establish business, technical investment wings accordingly.

Land and Building

Company has purchased a floor space at about 6900 sft. with two car parking in City Center, Level-16, 90/1, Motijheel C/A., Dhaka and has a intention to purchase a land for 10 Katha in Tejgaon, Gulshan & Banani area for future Head Office building.