Eastern Bank PLC (EBL), in partnership with Akij Takaful Life Insurance PLC, has launched Shariah-compliant Takaful insurance solutions through its bancassurance channel. The initiative was formally introduced at a ceremony held on Thursday, 30 April, at the EBL Head Office in Dhaka, according to a press release.
The arrangement enables EBL customers to access Islamic Takaful insurance products directly through the bank’s branch network. By integrating insurance services into its banking platform, EBL aims to offer customers a combined financial service experience covering both banking and insurance needs.
The newly introduced Takaful products are based on Islamic principles of mutual assistance and shared responsibility. Under this framework, participants contribute to a pooled fund that is used to provide financial support to members in case of loss or specified need, in accordance with Shariah guidelines.
The bancassurance model adopted in this partnership allows insurance services to be distributed through banking channels, improving accessibility and simplifying the customer experience. The initiative is intended to enhance financial inclusion and respond to increasing demand for Shariah-compliant financial solutions in Bangladesh.
At the launch event, M. Khorshed Anowar, Deputy Managing Director and Head of Retail and SME Banking at EBL, said:
“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.”
Senior officials from both organisations were present at the ceremony, highlighting the growing cooperation between the banking and insurance sectors in the country.
Officials present at the event
| Institution | Name | Position |
|---|---|---|
| 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 |
The collaboration reflects a broader trend of increasing integration between banking and insurance services in Bangladesh. Bancassurance arrangements are being adopted by financial institutions to expand product reach, improve operational efficiency, and offer customers more streamlined access to financial protection products.
Through this partnership, EBL and Akij Takaful Life Insurance aim to strengthen the availability of Shariah-compliant insurance solutions while contributing to the development of integrated financial services in the country’s banking sector.