Amir Khasru Mahmud Chowdhury has called for the restoration of accountability in Bangladesh’s banking and insurance sectors, which, he claims, have been significantly influenced by political party affiliations over the past 15-16 years.
Speaking as the chief guest at a discussion event on Wednesday to mark the 25th anniversary of Popular Life Insurance Company Limited, Khasru stated that the ownership of banks and insurance companies during this period had been granted based on party affiliations. He argued that this practice has led to significant mismanagement and corruption.
“In the last 15-16 years, the ownership of banks and insurance companies has been granted based on political connections. As a result, there has been widespread plundering during this time. Therefore, it is crucial to bring accountability back to these sectors,” he said, adding, “No country can function without accountability.”
Call for Accountability in the Insurance Sector
Khasru also called on all insurance companies to focus on improving accountability for the benefit of both policyholders and employees. He stressed that this accountability is vital for the long-term security and success of the companies.
“Accountability is essential for the safety of your policyholders and the welfare of your employees. To advance the company, everyone involved must remain vigilant and committed to these principles,” he said.
He further emphasised that responsibility in the sector should be shared by all stakeholders. “Just as everyone in a family must take responsibility, everyone in this sector must do the same,” Khasru explained. “The company’s management, employees, agents, and even the regulators must all be responsible for their actions,” he added, also noting that the ministry overseeing the insurance sector must be held accountable.
Criticism of Recent Mismanagement
Khasru did not hold back in his criticism of the current state of the banking and insurance sectors under the leadership of the ruling Awami League government, calling it a “grand festival of plunder.” He referred to the widespread mismanagement and corruption that has led to the bankruptcy of several institutions.
“Many institutions have gone bankrupt due to this looting,” he stated, lamenting the fact that only those who took money from the banks and insurance companies benefited, while the institutions themselves were left in ruins. “As a result, all the concerned individuals, including the employees and stakeholders, have suffered,” he concluded.
The remarks underline a growing call for greater oversight and reform in the country’s financial and insurance sectors, which are seen as key to ensuring long-term stability and trust.