Eastern Bank PLC (EBL), in collaboration with Akij Takaful Life Insurance PLC, has formally introduced Shariah-compliant Takaful insurance solutions through its bancassurance channel. The launch event took place on Thursday, 30 April, at the EBL Head Office in Dhaka, according to a press release.
Under this partnership-based bancassurance arrangement, customers of EBL will now be able to access Islamic Takaful insurance products directly through EBL’s branch network. The initiative integrates banking and insurance services within a unified platform, enabling customers to obtain financial protection products alongside conventional banking services.
Takaful is an Islamic insurance model based on mutual cooperation, shared responsibility, and ethical investment principles compliant with Shariah guidelines. Unlike conventional insurance, Takaful operates on a risk-sharing system where participants contribute to a pooled fund used to support members in times of need.
The collaboration is expected to enhance customer convenience, broaden access to financial protection services, and support financial inclusion in Bangladesh. It also aligns with the growing demand for Shariah-compliant financial products in the country’s expanding Islamic finance sector.
Speaking at the event, M. Khorshed Anowar, Deputy Managing Director and Head of Retail and SME Banking at EBL, stated:
“This partnership reflects our commitment to delivering inclusive and value-driven financial solutions. By incorporating Shariah-compliant Takaful products into our banking ecosystem, we are expanding customer choice while advancing ethical finance and financial inclusion in Bangladesh.”
Officials from both organisations attended the ceremony, highlighting the strategic importance of strengthening cooperation between the banking and insurance sectors. The initiative is seen as part of a broader trend towards integrated financial services in Bangladesh’s financial industry.
Key officials present
| Organisation | Name | Designation |
|---|---|---|
| EBL | M. Khorshed Anowar | Deputy Managing Director, Head of Retail and SME Banking |
| EBL | A. K. M. Mizanur Rahman | Deputy Chief, Islamic Banking |
| EBL | Sarmin Atik | Head of Liability and Wealth Management |
| Akij Takaful Life Insurance PLC | Mohammad Shazzadul Karim | Managing Director and CEO |
| Akij Takaful Life Insurance PLC | Asifur Rahman | Vice Chairman and Independent Director |
| Akij Takaful Life Insurance PLC | Mir Mahfuzur Rahman | Director |
| Akij Takaful Life Insurance PLC | Muhammad Fuad Hussain | Director |
| Akij Takaful Life Insurance PLC | Mohammad Masuduzzaman Khan | Additional Managing Director, Chief Corporate Business Officer |
| Akij Takaful Life Insurance PLC | Md. Kamruzzaman | Vice President, Head of Sales (Bancassurance) |
Industry observers note that bancassurance models, where insurance products are distributed through banking networks, are increasingly being adopted to improve accessibility and operational efficiency in financial services. This development between EBL and Akij Takaful Life Insurance represents a continuation of that trend within Bangladesh’s Islamic finance landscape.
The initiative is expected to further strengthen cooperation between banking and insurance institutions while expanding the availability of Shariah-compliant financial solutions to customers across the country.