Company Profile

Islami Insurance Bangladesh Limited

Islami

Insurance Bangladesh Limited (IIBL), the first General Insurance (Takaful)

Company based on the Islami Shariah was registered and established under the Bangladesh Company Act, 1994 and the Bangladesh Insurance Act, 1938 on 29th December, 1999 to transact all sorts of general Takaful business. The Company started functioning from 1st January, 2000. Board of Directors:

The 17 Member Board of Directors of the Company comprises well-known industrialists

and reputed personalities drawn from different walks of professions and vocations. The members are dedicated to the cause of Islam and are committed to build up an Islamic Insurance Institution worthy of its name. Management:

The Company is also staffed by very experienced and technically qualified personnel
poised to offer the best of protection and services to its valued clients. The Company is also fully equipped to provide prompt and efficient service by rendering expert advice to its clients in planning their insurance programs on most economic and competitive terms consistent with safety and security.

Capital: Capital formation of the Company is as follows:

Authorized Capital: Tk. 250 million Paid-up Capital: Tk. 150 million (40 per cent i.e. Tk. 60 million subscribed by the Sponsor Directors and the rest 60 per cent i.e. Tk. 90 million collected from the public share).

Business Performance: Business performance of the Company is quite satisfactory having increasing trend. Settlement of Claims: The motto of the Company is to settle the claims as promptly as possible. During the past years up to 2008 the Company settled claims of the clients amounting over Tk. 182 million. Behavior of a specific position: To get valid information we have met MD. Shameem Ahmed a Senior Officer & Assistant Manager at IIBL to have an interview and he has agreed to give us an interview and provide information. Through our interview we have come to know about his responsibilities and his managerial tasks. He has said that he oversees a number of branches that basically deal with Business Development, Complaint Handling &a Resolution, Retail Operations Management, Customer Service Management, Relationship Management, Training & Development, and Operational Process Design. He works under the chief of sales department and some subordinates around 3 to 4 are monitored by him. Reinforcement program: The company uses extra features to motivate and inspire employee to work more. They follow fixed interval schedule of reinforcement process. Company offers free life insurance policy for employees. On the basis of their performance, company gives the promotion of employees. They also try to make the employees self-motivated to control the turnover rate. They provide a good environment for their employees, so that they can easily concentrate on their work. Every year the company organizes a program for the Best Employee of the Year rewarded with cash bonuses and promotion due to their achievement. Besides, they also have the

transportation system for their employees; it helps their employees to reach their office in time. Company authority also checks the percentage of attendance of their employees to decrease the absenteeism rate. Analysis: From the interview with the senior manager of the company we have come to know many things about the reinforcement program of their company. From the discussion with the assistance manager of the company we found that, the reinforcement program conducted by them is very effective to motivate their employees. The percentage of work, attendance, turnover rate is always being evaluated to ensure the better performance of the company and on the basis of these performance stated above they give rewards to their employees. These things make them motivated and satisfied with the job. The top management of the company is always concerned about the quality of the service provided by them to survive in the competing market and for this reason if anything is found wrong or disturbing situation made by any employee then they take effective steps to control it by giving punishment, demotion, over-time etc. By following these principles they are always trying to make their employees more productive for the company and in this way they are running their business effectively and performing well consistently.