The New Nation - Internet Edition

BUSINESS REPORT

The 8th Annual General Meeting of Islami Insurance Bangladesh Limited was held recently at the Head Office of the company at Motijheel C/A in the city.

Alhaj Mohammad Sayeed, Chairman of the company presided over the meeting. The meeting was attended, among others, by Alhaj M Tajul Islam, Vice Chairman, Alhaj Md Ismail Nawab, Vice Chairman, Tofazzal Hossain, Chairman, Executive Committee, Noor Mohammad Mamun, Directors Alhaj Md Abdul Hannan, Abul Kalam, Abdul Halim, Nur Mohammad, as well as, Managing Director of the company Md Zainul Huda, Additional Managing Director Md Mujibur Rahman and Company Secretary Md Nurul Alam Chowdhury.

Mohammad Sayeed informed the meeting that during the year 2007 the company earned premium of Tk 21.27 crore, exceptional loss reserve of Tk 2.20 crore and 24.55 per cent increase in total asset. During this period the company secured good position among the existing general insurance companies by earning a net profit of more than Tk 2.64 crore.

Executive Committee Chairman Tofazzal Hossain, Vice Chairman, Board Alhaj M Tajul Islam and Alhaj Md Ismail Nawab and other Directors discussed at the AGM in a very cordial atmosphere on the overall progress and achievement attained by the company.

The shareholders expressed satisfaction over the performance of the company and also reiterated their confidence in the board, and approved the Annual Accounts and Balance Sheet for the year ended on December 31, 2007 assuring their support for the betterment of the company augmenting new business in the years to come.

The company has already planned to go for Initial Public Offering (IPO) and relevant groundwork in this connection is under process. The company has also declared 5 per cent cash dividend for the year 2007.