Takaful Islami Holds 24th Annual General Meeting Virtually

Takaful Islami Insurance Ltd hosted its 24th Annual General Meeting (AGM) through an innovative virtual platform, starting at 11:00 am. This digital approach underscored the company’s commitment to leveraging technology to facilitate effective and inclusive shareholder engagement. The meeting, led by Chairman Mrs. Tahmina Afroz, was a pivotal event for the company, bringing together a diverse group of stakeholders, including board members, executives, and 125 shareholders.

Key Attendees and Leadership

The AGM saw the participation of several prominent figures within Takaful Islami Insurance Ltd:

• Mrs. Tahmina Afroz, Chairman
• Mr. Emdadul Haque Chowdhury, Vice Chairman
• Mr. Md Mahedi Hasan, Chairman of the Audit Committee
• Mr. Md Azizul Hossain, Chairman of the Nomination and Remuneration Committee
• Engr. Khondaker Mesbahuddin Ahmed, Chairman of the Investment Committee
• Mr. Md Humayun Kabir Patwary, Chairman of the Risk Management Committee
• Mr. Md Khorshed Alam Khan, Chairman of the Policyholder Protection & Compliance Committee

The executive team, which played a crucial role in the AGM, included:

• Mr. Abul Kalam Azad, Chief Executive Officer
• Mr. Mohammad Selim, Additional Managing Director
• Mr. Mohammad Mamunul Islam, Chief Financial Officer

Their presence highlighted the importance of leadership and transparency in guiding the company’s strategic and operational decisions.

Financial Highlights and Approvals

Much of the AGM was dedicated to reviewing and approving key financial resolutions. The following highlights were among the most notable:

1. 10% Cash Dividend for 2023: Shareholders will benefit from a 10% cash dividend for the fiscal year 2023. This decision reflects Takaful Islami Insurance Ltd’s robust financial performance and commitment to returning value to its investors. Such dividends are a testament to the company’s strong operational results and dedication to shareholder satisfaction.
2. Directors’ Report and Audited Financial Statements: The AGM ratified the Directors’ Report and the audited financial statements for the year ending December 31, 2023. This included the Auditor’s Report, which independently assesses the company’s financial health. Approval of these documents is crucial for maintaining transparency and ensuring that stakeholders are informed of the company’s financial status.
3. Auditor Appointments:
   • M/s. ARTISAN, Chartered Accountants were appointed as the Statutory Auditor for the upcoming year. Their role will be to provide an independent review of the company’s financial practices, ensuring compliance with regulatory standards and enhancing credibility.
   • M/s. Huda Hossain & Co., Chartered Accountants were designated as the Corporate Governance and Insurers Corporate Governance Guidelines Compliance Auditor for 2024. Their appointment underscores the company’s commitment to upholding high standards of corporate governance and ensuring compliance with industry guidelines.

Board Re-Elections and Appointments

The AGM also focused on board governance, with several key re-elections and appointments:

• Engr. Khondaker Mesbahuddin Ahmed (Representative of The Eventus) was re-elected as a Sponsor Director. His continued presence on the board is expected to bolster the company’s strategic investment decisions.
• Mrs. Shahanaz Parvin was re-elected, bringing her valuable experience and insight to the board.
• Mr. Md Iqbal Hossain (Representative of Eastern Diagnostic OPMS) and Mr. Redwan Kabir were also re-elected as Sponsor Directors, reinforcing the board’s depth and expertise.

Additionally, Mr. Khorshed Alam Khan and Mr. Mahmud Ali Khan (Representative of Daffodils Sign Media) were re-elected as Public Shareholder Directors. Their reappointment highlights the company’s ongoing commitment to diverse shareholder representation and the integration of various perspectives into its governance.

These appointments and re-elections ensure continuity in leadership and governance, essential for maintaining stability and driving the company’s strategic initiatives forward

During the meeting, Mr. Abul Kalam Azad, the Chief Executive Officer of Takaful Islami Insurance Ltd, expressed his heartfelt appreciation for the active involvement of shareholders. He acknowledged their constructive feedback and assured them that the management team would thoroughly consider their suggestions and recommendations.

Mr. Azad highlighted several key points in his address:

1. Commitment to Shareholder Engagement: Mr. Azad emphasized the importance of engaging with shareholders to understand their concerns and expectations. He reassured them that their feedback would play a vital role in shaping the company’s strategies and operational practices.
2. Strategic Vision: He outlined the company’s strategic vision for the upcoming year, focusing on enhancing operational efficiencies, expanding market reach, and pursuing innovative solutions to meet the evolving needs of policyholders.
3. Commitment to Excellence: Mr. Azad reiterated the company’s commitment to maintaining high standards of corporate governance, financial transparency, and customer service.

The CEO’s address was a reflection of Takaful Islami Insurance Ltd’s dedication to aligning its operations with stakeholder interests and pursuing continuous improvement.

Efficient Management of the AGM

Mr. Mohammad Shaheen Miah, the Company Secretary, played a pivotal role in conducting the AGM. His efficient management ensured that the meeting proceeded smoothly and that all agenda items were addressed promptly.

Looking ahead, Takaful Islami Insurance Ltd is set to focus on several strategic areas:

• Expansion of Product Offerings: The company plans to diversify its insurance products to cater to a broader range of customer needs, enhancing its market competitiveness.
• Technological Innovation: Embracing new technologies to improve operational efficiency and customer service is a key priority. This includes investing in digital platforms and data analytics to offer more personalized and efficient services.
• Strengthening Corporate Governance: Upholding high standards of corporate governance remains a top priority. The company will continue to work closely with its auditors and governance committees to ensure compliance and transparency.

By addressing these areas, Takaful Islami Insurance Ltd aims to reinforce its position as a leading provider of Takaful insurance solutions and deliver long-term value to its stakeholders.

The 24th Annual General Meeting of Takaful Islami Insurance Ltd was a significant event that underscored the company’s commitment to transparency, shareholder engagement, and strategic growth. Through a well-organized virtual meeting, the company effectively communicated its financial health, governance practices, and strategic goals. As Takaful Islami Insurance Ltd moves forward, its focus on innovation, customer satisfaction, and robust governance will play a crucial role in shaping its future success and maintaining its leadership in the Takaful insurance sector.

With these developments and a clear strategic vision, Takaful Islami Insurance Ltd is well-positioned for continued growth and success in the evolving insurance landscape.