Swadesh Life Insurance Company Limited, a private insurance company, is being transformed into an Islamic insurance company. The Insurance Development and Regulatory Authority (IDRA) has approved it on 8 conditions after reviewing the required information and documents in the light of the insurance company’s application. The approval was given at the 130th meeting of the authority on September 28.

According to the information, Swadesh Life Insurance Company got the approval to conduct business in the insurance sector of the country on January 13, 2014. It started with some other insurance products including single insurance, micro insurance, group insurance and health insurance. The paid up capital of the company is Tk 18 crore. However, after 8 long years of starting the business, Swadesh Life could not be listed in the capital market.

According to the latest estimates for 2020, the company currently has a deficit of Tk 28 million in its life fund. The total assets of the company amount to 15 crore 5 lakh rupees. And the number of current policies is 5 thousand 955. Last year, the company’s gross premium collection was 6 crore 36 lakh rupees. At present, the company has 1,059 development officers and 46 administrative officers. It is the headquarters of Purana Paltan in the capital.

According to IDRA sources, Swadesh Life will be renamed as Swadesh Islami Life Insurance Company Limited by transforming it into an Islamic Sharia based insurance company. The conditions that the company has to abide by in this case are – to follow the prevailing rules of BSEC. As per the proposal of the company, the memorandum of association and the rules of association should be amended and the authority should apply for the registration certificate in the new name.

In addition, all immovable and movable property, cash and bank deposits, shares, all debts, liabilities and obligations of Swadesh Life Insurance Company Limited, all contracts executed by or on behalf of it and all claims and rights related to it are Swadesh Islami. Life Insurance Company Limited.

Before getting the approval of Islamic insurance, all the transactions and liabilities have to be borne against the insurance policy already issued, including the interests of the insurance customers. The company has to market all types of insurance policies based on Islamic Shariah instead of the traditional insurance policies of all classes currently in operation.

All investments of the company must be made in accordance with Islamic Shariah and the activities currently conducted by the company for the purpose of conducting Islamic insurance business must be carried out in accordance with Islamic Shariah. Swadesh Life Insurance Company will be transformed into an Islamic Shariah based life insurance company only if these conditions of the regulatory body are met.

In this regard, the Chief Executive Officer (CC) of Swadesh Life Ikhtiyar Uddin Shahin said, most of the people in Bangladesh are Muslims. These devout people evaluate Islamic institutions. Considering the people who love Islam, it has been decided to transform our organization on the basis of Islamic Sharia. The regulatory body has also approved the matter. Necessary documents are being prepared at present. Sharia-based activities of the company will be officially launched soon.

Chairman of the Insurance Development and Control Authority to know about the statement. An attempt was made to contact M Musharraf Hossain on his mobile phone but he did not receive the call.