2019

Fareast Islami Life

Insurance Company Ltd.
LETTER OF
TRANSMITTAL

All Shareholders
Insurance Development and Regulatory Authority
Bangladesh Securities and Exchange Commission
Registrar of Joint Stock Companies & Firms
Dhaka Stock Exchange Limited
Chittagong Stock Exchange Limited
Central Depository Bangladesh Limited
All other Stakeholders.

Annual Report for the year ended on 31 December, 2019.

Dear Sir,

We are pleased to enclose a copy of the Annual Report 2019 together with the Audited Financial
Statements including consolidated Balance Sheet as at 31 December, 2019 and Life Revenue
Account, Cash Flow Statement for the year ended 31 December, 2019, a summary of significant
accounting policies and other explanatory notes thereto of Fareast Islami Life Insurance Company
Limited for your kind information and record.

Best regards,

(Mahamudhul Hasan FCS)

Company Secretary
CONT ENTS

01 28
Letter of Transmittal Corporate Social
Responsibilities (CSR)
04
Notice of the 29
20th Annual General Meeting Report on Human Resources

05 31
Vision & Mission Awards and Recognition

06
Objectives 32
Key Financial Indicators
07
Code of Conduct and Ethical Principles 36
Graphical Representation
08
Corporate Philosophy 38
Review of the Chairman
09
Core Values 41
Message from the
10 Chief Executive Officer
Profile of the Company
44
11 Directors’ Report
Corporate Chronicle
61
12 Some Memorable Events
Corporate Information
66
13 Risk Management
Board and its Committees
69
15 Information Technology
Directors' Profiles
72
23 Corporate Governance
Executives of Head Office
80
25 Report to the Shareholders on compliance
Management Committee of Corporte Governance Code

27 81
Our Products Corporate Governance Compliance Report
95 116
Certificate of BAPLC Statement of Consolidated
Changes in Shareholders’ Equity
96
Report of Board Audit Committee 117
Financial Statements
98
Report of Shariah Council 127
Notes to the Financial Statements
99
Responsibility Statement of 151
CEO & CFO Compliance of International Accounting
Standards (IAS) and International Financial
100 Reporting Standards (IFRS)
Directors' Responsibilities for
Financial Statements 152
Schedule of Fixed Assts
101
Auditos' Report and 154
Financial Statements Statement of Related Party Transctions

102 155
Independent Auditors' Report Directors' Certificate under
the Insurance Act 2010
107
Consolidated Financial Statements 156
Auditos' Report and Financial
108 Statements of Subsidiary Companies
Consolidated Balance Sheet
187
110 Acknowledgement
Consolidated Life Revenue Account
188
113 Divisional Incharges
Statement of Consolidated
Life Insurance Fund 190
Shareholders’ Note
114
Consolidated Form - AA 191
Proxy/ Attendance Form
115
Consolidated Cash Flow Statement
NOTICE OF THE
20TH ANNUAL GENERAL MEETING

Notice is hereby given to all the Shareholders of Fareast Islami Life Insurance Company Limited that the 20th
Annual General Meeting of the Company will be held on 15 December 2020, Tuesday at 10.30 AM Virtually
(using digital Platform) to transact the following business:

Agenda:
1. To receive, consider and adopt the Audited Financial Statements of the Company for the financial year ended
31 December 2019 together with the reports of Directors and Auditors thereon.
2. To declare Dividend for the year ended 31 December 2019 as recommended by the Board of Directors.
3. To elect/ re-elect Directors and approve the apointment of Independent Directors.
4. To appoint/ re-appoint Statutory Auditors for the year 2020 and fix up their remuneration.
5. To appoint Corporate Governance (CG) Auditors for the year 2020 and fix up their remuneration.
6. To transact any other business with the permission of the Chair.

By Order of the Board of Directors

(Mahamudhul Hasan FCS)

22 Novemebr 2020
Company Secretary
Dhaka

 The 'Record Date' was 22 November 2020. The Shareholders whose names appeared in the Depository
Register of the Company on the 'Record Date' will be entitled to attend the Meeting and to receive Dividend.
 The Board of Directors have recommended 10% Cash Dividend for the year 2019.
 A member entitled to attend and vote at the Annual General Meeting may appoint a proxy to attend and vote
on his/her behalf (such proxy shall be a member of the Company). The Proxy Form duly stamped must be
submitted at the Head Office of the Company not later than 48 hours before the time fixed for the Meeting.
 Pursuant to the BSEC’s Order, the AGM will be held Virtually (using digital platfrom). You will join the virtual
AGM through link (Link ID, Password, Full Login/ Participantion process for the Digital Platform meeting will
also be available at the Company’s website: www.fareastislamilife.com)
 We encourage the Shareholders to login into the system prior to the meeting. Shareholders may comunicate
for IT related guidance with e-mail: filic.agm1@fareastislamilife.com, filic.agm2@fareastislamilife.com
VISION
Our Vision is to have a poverty free Bangladesh in course of a
generation in the new millennium, reflecting the national dream and to
make a society where human dignity and rights get the highest
consideration to remove of poverty.

To become the best and premier islami life insurance comapany in the
country in terms of efficiency, capital adequacy, asset quantity, sound
management and profitability having strong liquidity.

MISSION
 Continue delivering attractive returns to our valued shareholder by
sustainable growth in business.
 Setting high standards of integrity.
 Become a most caring organization and employer of choice.
 Ensuring human resources development to meet the challenges
of the time by providing continued training and professionalism.
 Bring innovation in products and services.
OBJECTIVES
We believe in uncompromising commitment to fulfil our clients' needs and satisfaction to
become their first choice in islami life insurance. As a leading life insurance company in the
country, we are committed to provide the all out cooperation and services to our stakeholders.
Since inception of the company, we have set a number of long term strategic goals.

We have broadened our range of services over the years with a view to reaching out for
more clients and to meet their precise needs and demands.
CODE OF CONDUCT AND ETHICAL PRINCIPLES
We believe that business ethics practices provide a basis for the stability and sustainable
growth of the company. The company has established sophisticated processes and
structures exhaustive in employees conduct and ethical principles for a responsible and
values driven management and control. The Code of Conduct is designed to guide the
employees of the company to observe and comply with the prudential standards of conduct,
manner and behaviour. It is in alignment with the Company's Vision, Mission, Objectives,
corporate culture and aims at enhancing the ethical and transparent process in managing
the affairs of the Company. The employees of the company should strictly adhere to the
following code of conduct and ethical principles:

 Employees must be sincere and loyal to the Company.

 Maintain strict secrecy of the Company.

 Refrain from disclosing the confidential and sensitive information of the Company.

 Behaviour must be in such a manner that will enrich the image, dignity and reputation of
the Company.
 Perform the duties efficiently and faithfully.

 Ensure policyholders, other stakeholders’ needs and satisfaction in the best possible
manner within the guidelines of corporate ethics, honesty, sincerity, dignity and utmost
care.
 Build and consolidate corporate culture in the company.

 Ensure Corporate Social Responsibilities (CSR) through performing activities.

 Pay more importance in human resources as well as financial capital.

CORPORATE PHILOSOPHY
For Policyholders
 To provide the most courteous and efficient services in every aspect of its business.

 To be innovative in the development of new insurance products and services.

For Employees
 By promoting their well-being through attractive remuneration and fringe benefits.

 By promoting good staff moral through proper staff training and development and
provision of opportunities for career development.

For Shareholders
 By forging ahead and consolidating its position as a stable and progressive financial
institution.
 By generating profits and fair return on their investment.

For Community
 By assuming our role as a socially responsible corporate entity in a tangible manner.
 By adhering closely to national policies and objectives thereby contributing towards the
progress of the nation.
 By upholding ethical values and best practices.
 Integrity

Solidarity

Lawful

A'dal and Ehsan

CORE VALUES
Five key core values that dictate the manner through which we provide insurance services
to the nation.
Integrity
We are committed to upholding integrity as one of the core values of Islam in all of our
activities.

Solidarity
Solidarity of the nation is a must for peace, progress, prosperity and happiness. So, Islam
strongly inspires us for solidarity. Solidarity of our people is our dream and wishes to see
the dream turning into truth.

Lawful
Fareast Islami Life comes to establish everything lawful and destroys lawlessness. This
value taught us to be lawful in our all sphere of operations.

A'dal and Ehsan

Allah SubhanahuTa'ala dictates us to establish A'dal and Ehsan in all Muaamelat and
Muasharat. We are here to establish A'dal and Ehsan by ensuring riba free islamic economic
system.

Mutual benefits
Fareast Islami Life always concerned about mutual benefits. Our activities are nothing but
to make sure mutual benefits of all stakeholders.
PROFILE OF THE COMPANY
A leading third generation company in the insurance Most of the Directors of the company are prominent
sector, Fareast Islami Life Insurance Comapny figures in the society having ownership of many
Limited started its journey on May 29, 2000 and organisations. They are experienced with adequate
obtained Certificate of Incorporation and Certificate knowledge about the relevant business fields and
of Commencement of Business on May 29, 2000 as also bearing positive personality. The company has
a Public Limited Company under the Companies Act, effective and efficient workforce with a perfect
1994 and subseqently listed with the Dhaka and combination of talent, youth and experience. At the
Chittagong Stock Exchanges Limited in 2005. Since end of 2019 the company had 2,529 permanent
inception, Fareast Islami Life Insurance Company employees and more than 1,97,759 development
Limited has been working efficiently and achieved employees. These employees are amply trained and
strong and prominent position in the insurance experienced on various phases of insurance
sector. By the passing of time the company has activities and most importantly they are dedicatad
consolidated its strength manifold through to their duty and responsibilities. The company
extending its business rapidly while ensuring always ensures better work environment for its
sustanable growth. The company has been employees and as a result, the employees become
rendering life insurance business and services motivated to provide better services. Most of the
through its offices throughout Bangladesh. senior employees are highly qualified and
professional degree holders. They have been trained
Fareast Islami Life Insurance Comapny Limited is
at home and abroad.
focused on providing quality & quick services to its
clients. We are always conscious to meet up our Financial performance of the company is very strong
clients' needs. Over the yerars Fareast Islami Life and positive. Total assets of the company as at 31
has established a track record as a sound and December 2019 stood at taka 43,479 million and life
dependable services and consistently enabled to fund taka 33,690 million. The company invested its
comply with all commitments to the clients and the fund in Shariah based banks and financial
society. companies, wherefrom good income is generated
and as a result attractive returns are available to
At present the authorized capital of the company is
give benefits to shareholders as well as
taka1000 million and paid up capital is taka 747.42
policyholders as dividend and bonus. The company
million. As on 31 December 2019 total number of
always maintained strong corporate culture,
shareholders were 7,262. The shares of the company
corporate governance, code of conduct, ethical
are traded both in Dhaka and Chittagong Stock
principles and corporate social responsibilities.
Exchanges Limited in the catagory "A" from the
beginning. The total market value of the company's
shares is taka 3,707.24 million as on 31 December
2019.
CORPORATE CHRONICLE
Incorporation of the Company 29 May, 2000

Commencement of Business 29 May, 2000

License issued by Chief Controller of Insurance 30 May, 2000

First Policy Issued 28 June, 2000

Land Acquisition for Fareast Tower 4 December, 2002

Publication of Prospectus for IPO 29 March, 2005

Subscription opened 7 May, 2005

Subscription closed 11 May, 2005

Lottery held for Allotment of Shares 13 June, 2005

Listed with Dhaka Stock Exchange Ltd. 18 July, 2005

Listed with Chittagong Stock Exchange Ltd. 18 July, 2005

Trading of shares on Dhaka Stock Exchange Ltd. 20 July, 2005

Trading of shares on Chittagong Stock Exchange Ltd. 20 July, 2005

First Observation of Service Month July 2006

Change in the denomination of Face value BDT 10.00 12 August, 2010

Re-valuation of Fareast Tower 27 December, 2011

Incorporation of Fareast Islami Securities Ltd. 6 March, 2012

Authorized capital increased to BDT 1000 million 5 May, 2013

Incorporation of Fareast Islami Properties Ltd. 24 June, 2014

CORPORATE INFORMATION
Name of the Company Fareast Islami Life Insurance Company Limited
A public limited company incorporated in Bangladesh on 29 May 2000
Legal Form under the Companies Act 1994 and subsequent listed with Dhaka Stock
Exchange Limited and Chittagong Stock Exchange Limited
Commencement of Business 29 May 2000
Registered Office Fareast Tower (Level-18), 35 Topkhana Road, Purana Paltan, Dhaka-1000.
Telephone No. 09613000123
Fax No. 88-02-9573077
Website www.fareastislamilife.com
E-mail info@fareastislamilife.com
Chairman Mr. Md. Nazrul Islam
Chief Executive Officer Mr. Md. Hemayet Ullah
Chief Consultant Mr. Md. Ali Hossain
Authorized Capital Tk. 1,000 million
Paid up Capital Tk. 747.42 million
Mahfel Huq & Co.
Auditors Chartered Accountants
BGIC Tower (4th Floor)
34, Topkhana Road, Dhaka-1000
Mr. Md. Enamul Kabir Howlader
Kabir Associates
Tax Advisor BGIC Tower (4th Floor)
34, Topkhana Road, Dhaka-1000
Credit Rating AA
Emerging Credit Rating Ltd.
Credit Rating Agency Shams Rangs, House-104 Park Road
Leve-A1, A2 & A5, Baridhara, Dhaka-1212
Subsidiary Company Fareast Islami Securities Ltd.
Fareast Islami Properties Ltd.
Zoha Zaman Kabir Rashid & Co.
Corporate Governance Auditor Chartered Accountants
Rupayan Karim Tower, Level-7, Suite # 7A, 80 Kakrail, Dhaka-1000
Mr. Mohammad Sohrab Uddin PhD, AIA
Actuarial Consultant House # 6 (4th floor), Road # 12
Sector # 13, Uttara Model Town Dhaka-1230.
Al-Arafah Islami Bank Ltd. NRB Bank Ltd.
Exim Bank of Bangladesh Ltd. Social Islami Bank Ltd.
Principal Bankers
First Security Islami Bank Ltd. Union Bank Ltd.
Islami Bank Bangladesh Ltd.
Dr. S. M. Mustafa Zaman Dr. Najnin Akter
Medical Consultant Professor, BSMMU, Dhaka. MBBS, Senior Medical Officer
Dr. Hridita Sarker Kheya Mirpur Holycrescent Hospital, Dhaka.
Boro Moghbazar, Ramna , Dhaka
BOARD AND ITS COMMITTEES

BOARD OF DIRECTORS EXECUTIVE COMMITTEE

BOARD AUDIT COMMITTEE

NOMINATION & REMUNERATION COMMITTEE

POLICY & CLAIMS COMMITTEE

INVESTMENT & REAL ESTATE
DEVELOPMENT COMMITTEE SHARIAH COUNCIL

PURCHASE COMMITTEE SHARIAH EXECUTIVE COMMITTEE

DIRECTORS' PROFILES

Mr. Md. Nazrul Islam

Chairman, Board of Directors
Mr. Md. Nazrul Islam is a Sponsor Director of Fareast Islami Life Insurance Company Limited and Chairman of the
Board of Directors. He engaged in business after graduation and near about in three decades he established a good
number of companies in the financial sector and NBFI. He contributes a lot to develop the country’s economy via
Bank, NBFI and Insurance Company. Mr. Nazrul Islam with his dynamic personality contributed a lot to contributes
the nation by developing the education sector.
His business affiliation is versatile and diversified. He earned notable fame in the business community for his
integrity and remarkable business performance. He proves himself as a successful Chairman in several companies
namely Fareast Islami Securities Limited, Fareast Islami Properties Limited, Primeasia University Board of Trustees,
Prime Multimedia Ltd, Prime Insurance Company Limited and Prime Islami Securities Limited. He is the Executive
Committee Chairman of Meghna Bank Limited and Vice Chairman of Bangladesh Institute for Professional
Development (BIPD). Apart from that he is the Managing Director of Apsara Holding Limited, Ramisha Cold Storage
Limited, Punot Cold Storage Limited, Fareast Cold Storage Limited, Fareast Securities Limited, Ramisha BD Limited,
Rimsha BD Limited and Ramisha Composite Textiles Mills Limited (proposed). He is also Sponsor of CVC Finance
Limited. Proprietor of M/s. Ramisha Enterprise and M/s. Rimsha Enterprise.
As a very prominent entrepreneur, he has received many prestigious awards from the institutions at home and
abroad for his remarkable contribution to the modern business. He is the Executive Committee member of
Bangladesh Insurance Association (BIA), Bangladesh Association of Publicly Listed Companies, member of
Australia Bangladesh Chamber of Commerce, Canada Bangladesh Chamber of Commerce & Industry, Bangladesh
Thai Chamber of Commerce & Industry (BTCCI) & Bangladesh German Chamber of Commerce & Industry (BGCCI).
He is also member of Kurmitola Golf Club and Army Golf Club. He contributes a lot among the various business
sectors and its development by setting the strategic plan to achieve the business goal.
Mr. Nazrul Islam’s contribution to the society through the Corporate Social Responsibility activities is remarkable.
As a very widely travelled person, he has the detailed idea of modern business and technologies through cross
country cultural activities. He has an amiable personality having the track record of making contributions in the
social and educational development activities of the country.
 Prof. Dr. Iffat Jahan Alhaj Md. Helal Miah
Director Director

Prof. Dr. Iffat Jahan is an Alternate Director of Ms. Al-Haj Mohammad Helal Miah is a Sponsor Director
and Chairman, Executive Committee of Fareast
Taslima Islam and she is Vice-Chairman of the
Islami Life Insurance Company Limited and the
Company. She is a business person and also an Founder Chairman of Amanat Shah Group. He is the
educationist. Dr. Iffat Jahan completed her BA man of vision. In the Last 35 years he has
(Hons), MA degree from Dhaka University in the year established himself as successful industrialist and
1980 & 1982 respectively. In the year 2002 she got renowned businessman, especially in the field of
her PhD. degree from Jadavpur University, Kolkata, spinning and textile. His business affiliation is
versatile and diversified in the capital market. He is
India. She started her career as a lecturer in
the founder President of Bangladesh Lungi
Goverment College of Music, Agargaon, Dhaka. Manufactures, Traders & Exporters Association. He
Lastly, she promoted to the rank of professor and is also earning foreign currency every year
retired from the same post in the year 2009. She is exporting his products. He is the member of Board
the Chairperson of TERTEX Ind. Ltd. an export of Trustee and Board of Governor of Southeast
oriented garments factory. Prof. Dr. Iffat Jahan is a University, Narsingdi Model School and contributing
director of Prime Insurance Company Limited and the nation with quality education. He is the life
member of Bangladesh Red Crescent Society,
member of Primeasia University Board of Trustess.
Bangladesh Diabetics Society, Narsingdi Club and
She has attachment with various social Narsingdi Foundation. Moreover, he is the life
development activities Advisor of Narsingdi Chamber of Commerce. At
present he belongs to the organizations such as
Chairman, Hazrat Amanat Shah Securities Ltd.,
Chairman & Managing Director of Amanat Shah
Weaving Processing Ltd., Standard Company Ltd.,
Managing Director, Hazrat Amanat Shah Spinning
Mills Ltd., Director, Midland Bank Ltd. and Proprietor
- M/s Helal & Brothers.
 Dr. Md. Mokaddes Hossain Ms. Ayesha Husne Jahan
Director Director

Dr. Md. Mokaddes Hossain is a Sponsor Director of Ms. Ayesha Husne Jahan is a Sponsor Director of
Fareast Islami Life Insurance Company Limited. He Fareast Islami Life Insurance Company Limited and
was born in 1956 in a respectable Muslim family in also Chairperson of the Policy & Claims
Barisal. He obtained his MBBS Degree from Sub-Committee. She was born in a respectable
Chittagong Medical College. He is engaged in Muslim family. She had her schooling in the local
business for last 25 years in different sectors like
educational institutions and obtained B.Com.
Construction, Real Estate and Medical Diagnostics
Degree. She is a subscriber member of Fareast
etc. His business affiliation is versatile and
Islami Life Insurance Company Limited. She is a
diversified. He was the Founder Chairman of the
Board of Directors of Fareast Islami Life Insurance director of Prime Insurance Company Limited and a
Co. Ltd. and Metro Living (Pvt.) Ltd. He is the member of Primeasia University Board of Trustess.
Chairman of Barisal CT Centre Ltd., North Bengal CT She has associated with many other socio-cultural
Scan Ltd., Rangpur CT Scan Ltd. and Diagnosis activities.
Centre Ltd., CT Imaging and Diagnostic Centre
Chittagong Ltd., CT Imaging and Diagnostic Centre
Khulna Ltd. His association with the above
mentioned well reputed organizations makes him a
forward looking and progressive industrialist who
has already reached a very desirable destiny with
enviable heights. Furthermore, he has also
attachment with various socio-cultural activities.
 Ms. Nazneen Hossain Dr. Md. Manowar Hossain
Director Director

Mrs. Nazneen Hossain is a Sponsor Director of Dr. Md. Manowar Hossain is an Alternate Director of
Fareast Islami Life Insurance Company Limited and Ms. Shaher Banu, Sponsor Director of Fareast Islami
also chairman of purchase sub-committee. She is a Life Insurance Company Limited. He completed his
reputed business person of the Country. She SSC from West End High School, Dhaka and HSC
established versatile and diversified business and from Notre Dame College, Dhaka. He obtained his
proved herself as a business icon in the country. MBBS degree from Sher-e-Bangla Medical College,
Mrs. Nazneen Hossain is the Director of Mosharaf Barisal and after that he started practice as a
Group and Chairperson of Mosharaf Composite physician. In 1992 he opened up a new venture of
Textile Mills Limited, Mosharaf Apparels Studio medical service oriented business named as
Limited, M.N. Dyeing Printing & Washing Mills "Medinova Medical Services Ltd". He is the founder
Limited, Natore Cold Storage Limited, Ekota Cold Director of Medinova Medical Services Ltd. and
Storage Limited and Asuchem Limited. By her carrying out his duties and responsibilities till now.
dynamic leadership and strong vision, she expanded He is also a Representative Director of Fareast
diversified business to its present level in Mosharaf Islami Securities Limited. He has attachment with
Group. She is the Director of Sonali Twisting & various educational and socio-cultural activities.
Netting Industries Limited, Silimpur Cold Storage
Limited. She is also a Member of FBCCI and Director
of Munshigonj Chamber of Commerce and
Industries. She is a Proprietor of M/S. Nazneen
Enterprise and M/S. N. H. Trade International.
She is also associated with various charity
organizations.
 Ms. Muslima Shireen Ms. Rabeya Begum
Director Director

Ms. Muslima Shireen is a Sponsor Director of Ms. Rabeya Begum is an Alternate Director (of Ms.
Fareast Islami Life Insurance Company Limited. Ms. Ramisha Islam) of Fareast Islami Life Insurance
Muslima Shireen is a dynamic and visionary lady. Company Limited. She was born in a respectable
She is the Chairperson of MAWSONS Ltd. and Muslim family. She has completed her
Sponsor of Prime Bank Ltd. She has also taken part post-graduation from Government Tularam
in establishing a good number of business entities University & College, Narayanggonj. Her qualities
including bank, non-banking financial institution and such as being holistic, collaborative, inclusive and
Insurance Company. She is also making a lot of consultative that helps her to make the decision in
contributions to the society. the business community. She included her
footsteps with the peer group to develope the
company’s vision and achieve the ultimate goals.
She has success in building the meaningful
business relationship via social networking. She is a
director of Prime Insurance Company Limited and a
member of Primeasia University Board of Trustess.
She is also associated with many socio-cultural
activities.
 Mr. Asif Iqbal Mr. Mohammad Sohel Arif
Director Director

Mr. Asif Iqbal obtained his Bachelor of Commerce Mr. Mohammad Sohel Arif is a Representative
degree from a reputed Public University of Dhaka. He Director representing South Green Limited. Mr.
is one of the Directors of Fareast Islami Life Mohammad Sohel Arif born in a respectable muslim
Insurance Company Limited, representing Fareast family. He completed his M.Com in Management
Securities Limited. He is also member of the Policy & from a public university. He is a reputed business
Claims Committee, Investment & Real Estate person. He is a young entrepreneur and established
Development Committee and Purchase Committee of versatile business organization. Mr. Mohammad
the Board of Directors of Fareast Islami Life Sohel Arif deals with import business of agricultural
Insurance Company Limited. Mr. Asif Iqbal ia a machineries and electrical motor pumps. He is
Director of Prime Insurance Company Limited, associated with a lot of socio-cultural activities.
representing Rimsha BD Limited. He has attachment
with various socio cultural activities.
 Mr. Abdul Awal ABM Hussain Ahmed FCA
Director Independent Director

Mr. Abdul Awal is a representative Director Mr. ABM Hussain Ahmed FCA is an Independent
representing Bangladesh Science House Limited. Director of Fareast Islami Life Insurance Company
He is an entrepreneur of various busniess of the Limited. He is the Chairman of Board Audit
country. His business affiliation is versatile and Committee and Nomination & Remuneration
diversified. Mr. Abdul Awal engaged in business of Committee. Mr. Ahmed is a Fellow of the Institute of
Import, Supply, Commissioning, Indenting, Chartered Accountants of Bangladesh (ICAB). He
Laboratory, Medical heavy equipment & production has a long Career in home and abroad with
chemical in Bangladesh. He is a Member of knowledge & integrity in the Financial & Others
Federation of Bangladesh Chamber of Commerce & Sector. From very beginning in career he joined M/s.
Industry, Member of Indentors Association and also Riaz Ahmed & Co. Chartered Accountants, Dubai,
Member of Bangladesh Knit Wear Association. He is UAE as Manager, than he joined as Chief
associated with a lot of socio-cultural activities. Accountant in Power & Electric Co. Abu Dabi, UAE.
Mr. Ahmed worked with the Central Bank of the UAE
from 1978 to 1988 and worked with ARBIT, Abu
Dhabi UAE, (Present Al-Maaraf Bank) as Financial
Analyst from 1988 to 2008. Mr. Ahmed is associate
with various training & Seminars in home and
abroad.
 Mr. Redwan Farid Sami Mr. Md. Hemayet Ullah
Independent Director Chief Executive Officer (CEO)

Mr. Redwan Farid Sami is an Independent Director Mr. Md. Hemayet Ullah joined Fareast Islami Life
of Fareast Islami Life Insurance Company Limited. Insurance Company Limited as the Additional
Mr Sami has completed Bachelor of Business Managing Director on 02 July 2010. Now he is
(Accounting) Sub Major in Finance law from Chief Executive Officer (CEO) of Fareast Islami Life
University of Western Sydney, Australia. He has also Insurance Company Limited. Prior to joining Fareast
completed Diploma in Business and Foundation Islami Life Insurance Company Limited he was the
studies from Western Sydney (College), Australia. Deputy Managing Director of Meghna Life Insurance
He has a long career in the field of auditing, Company Limited.
accounting. Mr. Sami is a Director of Freshcoast, After completing B.Com (Hon’s) and M.Com in
Singapore. Recently Mr. Sami joined as CEO, Accounting from Chittagong University in 1986, Mr.
Satellite Television, Khela, Dhaka. Mr. Sami Md. Hemayet Ullah joined Delta Life Insurance
associated with many other socio-cultural activities. Company Limited in 1993. In 2000 he joined
Meghna Life Insurance Company Limited as a
General Manager and he served in various positions
in Meghna Life Insurance Company Limited. He is a
Representative Director of Usmania Glass Sheet
Factory Ltd and Vice Chairman of Insurance Forum.
Apart from those he has attachment with various
educational and social organization of the country.
He is the member of the Trustee Board of Primeasia
University, Bangladesh Red Crescent Society. He is
also associated with many other social
organization.
EXECUTIVES OF HEAD OFFICE

Chief Executive Officer

Mr. Md. Hemayet Ullah

Chief Consultant
Mr. Md. Ali Hossain

Deputy Managing Director & CFO

Mr. Mohammed Alamgir Kabir FCA, FLMI, ARA

Asst. Managing Director

Mr. Md. Abdur Rahim Bhuiyan, ABIA
Mr. Md. Kamrul Hasan Khan
Mr. Md. Majedul Islam

Senior Executive Vice President Executive Vice President

Mr. Md. Farid Hossain Mr. Mahabubul Mowla Ripon
Mr. Abu Ahamed Mr. Md. Zakir Hossain
Mr. Md. Belayet Hosain Bhuiyan
Mr. Md. Firoz Shah Alam
Mr. Engr. Amir Mohammad Ibrahim
Mr. Mohammed Nazrul Islam
Mr. Sk. Abdur Razzaque
Mr. Md. Kamal Hosen Howlader

Joint Executive Vice President Senior Vice President

Mr. Muhammad Aminuzzaman Mr. Md. Lokman Faruque
Mr. K.M. Shamsuddin
Mr. Shahadat Hossain Hazary
Mr. Md. Shah Alam
Mr. Mohammod Shahinul Islam
Mr. Mamun or Rashid
Mr. Md. Nasir Uddin Khan
Mr. Mahamudhul Hasan FCS
MANAGEMENT COMMITTEE
Convenor
Mr. Md. Hemayet Ullah
Chief Executive Officer

Members
Mr. Md. Ali Hossain
Chief Consultant

Mr. Mohammed Alamgir Kabir FCA, FLMI, ARA

DMD & Chief Financial Officer (CFO)

Mr. Md. Majedul Islam

AMD & Head of IT

Mr. Sk. Abdur Razzaque

SEVP & Incharge, Banking & Investment and P.F

Mr. Md. Kamal Hosen Howlader

SEVP & Head of Internal Control & Compliance

Mr. Md. Zakir Hossain -Member Secretary

EVP & Incharge HRD

Mr. Mahamudhul Hasan FCS

SVP & Company Secretary

Mr. Muhammad Azaharul Islam

VP & PS to Chairman
OUR PRODUCTS
CORPORATE SOCIAL RESPONSIBILITIES (CSR)

Fareast Islami Life Insurance Company Limited is It is our business opportunity to get sustenance
one of the largest, best corporate cultured from the society where we live and operate. We want
companies in Bangladesh. It has been discharging to give some return to the society. Our area of
responsibilities to the society since its inception. The corporate social responsibility includes our clients,
Company’s CSR activities are largely focused in the employees, shareholders, business associates and
areas of education, health, skill development and the society as a whole. Our relationship with the
financial inclusion and other activities as the society is our understanding, trust and credibility.
Company may choose to select in fulfilling its CSR The company has spent Taka 16.40 million in the
objectives. Besides, it also Participates in the areas year 2019 for the purpose of CSR for distribution of
of disaster relief, environment and ethnicity, all Blankets among the poor people in cold hit area of
aimed at improving the quality of life of the the country, medical treatment for poor people,
communities. Corporate Social Responsibility (CSR) educational welfare and other sectors. The inbuilt
has been a long standing commitment of the rigor of the due diligence process has also led to the
Company and forms an integral part of its activities. recalibration of the CSR expenses in a few
instances. While this has also contributed to the
The Company’s objective is to pro-actively support reduction in spending, we are confident that we are
meaningful socio-economic development in the able to optimize impact on the target beneficiaries
country and enable a larger number of people to through these processes.
participate in and benefit from the country’s
economic progress. The principal aim and objective CSR Policy indicates the activities to be undertaken
of the society are to undertake, promote, sponsor, by the company and recommendation of the amount
assist or aid directly any activity in the promotion of the expenditure to be incurred on such activities;
and growth of the economy, welfare, socio-economic reviewing and recommending the annual CSR plan
development and upliftment of the people in to the Board, monitoring the CSR activities,
rural/urban areas. Our Company is committed to implementation of and compliance with the CSR
being a responsible corporate citizen. We offer Policy and reviewing and implementing, if required,
assistance and support magnanimously to all of our any other matter related to CSR initiatives.
communities around the society. We take numerous
initiatives in individual and organizational level for
the development of the society, particularly the less
fortunate part of the community. Corporate social
responsibility plan of Fareast Islami Life Insurance
Company Limited is mainly about the awareness of
actions in support of environmentally sustainable
social development. This is based on the belief that
growth and development are effective only when
they result in wider access to opportunities and
benefit a broader section of society. The CSR policy
of the Company sets the framework guiding the
Company’s CSR activities.
REPORT ON HUMAN RESOURCES
Human Capital are reflected in the performance evaluation of
FILIC is committed to being an employer of choice. managers, ensuring that the findings are met with
Our core values of integrity, initiative and appropriate remedies.
involvement
guide us as we create an engaging and dynamic Code Of Conduct
environment for our employees to realize and Code of conduct is a set of rules outlining the
maximize their potential. We recognise that an responsibilities of proper practices for an individual
engaged workforce is the key to our success. or organization. As per the “Code of Conduct and
Towards this end, our top priority is to develop our Ethical Guidelines” for FILIC employees, all have to
people and our leadership capabilities. At the same maintain and demonstrate highest ethical
time, we strive to foster a strongly collaborative standards. The basic premise of this code of
environment in which our people are able to deliver conduct is that each employee, while on the payroll
strong and sustainable performance. of FILIC, shall place FILIC ahead of his/her personal
interests. As our Company based on Shariah, our
Building A Strong Corporate Culture employees follow the ethical rules & regulations.
Our people are our most valuable assets, embodying
our commitment to maximizing wealth of the Developing Our People
company. We rely on them to communicate this We have been continuing to invest in our people and
value to our many stakeholders. A talented officer in their personal & professional development.
can win the heart of a customer by providing Opportunities were provided for them to cultivate
efficient services blended with personal care which core competencies and skills to be future-ready to
eventually builds a strong and ever-lasting business meet the rapidly changing demands of the industry.
relationship with that customer. At present, more On the job learning and workshops were organized
than 2,529 desk employees and 1,97,759 throughout the year to help our people in their career
development employees are actively working with development. Our esteem company has its own
FILIC. Among these, we proudly declare that a good training institute named FILITRA which is equipped
number of female workers with success in both desk with all modern study and course materials for
& business development level throughout the regular development of our employees.
country.
Policy Of Recruitment
Listening To Our Employees Our company has formulated Human Resources
FILIC conducts regular coordination meeting with Policy including a strategic imperative for recruiting
desk and development employees, also separately the best people from the society. FILIC recruits fresh
amongst Development Office In-charges and graduates from different academic backgrounds of
Department/ Section In-charges to gather employee renowned universities which act as a source of
feedback on jobs and processes, management and creativity. Fresh graduates are recruited through
leadership, and the workplace environment. The comprehensive written test and interview. FILIC also
importance of coordination meeting across the recruits experienced employees from the insurance
company amongst managers is to develop industry having sound life insurance knowledge and
appropriate action plans. Results of these meetings expertise.
  Annual increment
Employees’ Health, Safety & Well-being  Festival and incentive bonuses
We believe that our employees are the key to our  Earned leave encashment
success; as such we place great priority in ensuring  Group insurance facilities
the well-being of our employees through a positive  Fair promotion
working environment that enhance their quality of  Loan facilities at privileged rate
life. We aim to address the different needs of our  Career growth opportunities
employees. We regularly review and assess the  Training and workshop at home and abroad
requirements of our employees as we develop a  Favorable work environment
working environment that reflects the societal  Health care facilities
changes which shape the economy of the future. To  Attractive compensation package
ensure a healthy life of our people, our company has  Leave fare assistance
made contract with many hospitals such as LABAID,  Hajj & Foreign tour awards
IBNE SINA, SAMARITA, Central Hospital, Islami Bank  Hire purchase
Hospital etc. for getting health treatment at a  Home Loan
discounted rate. Such facility can be availed by our
employees and also by their family members. Apart from the above facilities, our company offers
the following benefits at resignation or retirement:
Safety Committee
 Provident fund
The Safety Committee of FILIC oversees the safety
 Gratuity
and well-being of all our employees in our head
 60 days earned leave encashment
office and branches. The Safety committee
organises annual Fire Safety and Emergency
trainings for our fire wardens at our locations Job Satisfaction
nationwide. This ensures that assigned wardens are FILIC seeks not only to attract the most qualified
well equipped with the required skills in the face of personnel but also to retain them by creating a
an emergency. superior working environment and addressing their
needs. To ensure success for the company as a
Rewards And Performance Management whole, employees are encouraged to engage in
energetic teamwork and effort is given to facilitate
To drive performance, remuneration and other
communication and the flow of information.
incentives are based on a total rewards view rather
Employees’ initiative and responsibility are
than individual compensation components. We
performed through challenging assignments where
remain committed to a fair and open performance
rewards are determined by results.
management process to reward performance and
support career development. The compensation
framework is also aligned to the Financial Stability We work hard to create high-quality work
Boards’ principles for sound compensation environment that will enable our people to fully
practices. support our Vision of being the country’s
pre-eminent life insurance provider while playing a
leadership role in driving economic and social
Employees’ Benefits
development across South East Asia. By doing this,
The company offers satisfactory financial and non-
we are better able to deliver our brand promise of
financial benefits for the employees of the company
helping our clients, our employees, our shareholders
to ensure a better lifestyle. These benefits include:
and members of our communities lead better lives.
AWARDS AND RECOGNITION
An award is appreciation of work and high inspiration. Fareast Islami Life Insurance Company
Limited is Proud of its effort to make the company best run Insurance company in the country.
It is a testament to our good governance, compliance and transparency that we won a number
of prestigious awards over the years. A few notable awards achieved are shown below:
 Taka in Million
Gross Premium
10,588 10,560
10,120
9,255
8,511

2015 2016 2017 2018 2019

Taka in Million
Investment Income

1,612
1,503 1,483

1,023

720

2015 2016 2017 2018 2019

Taka in Million
Claims Paid
7,554 7,167

5,808
5,426

3,575

2015 2016 2017 2018 2019

Taka in Million
Net Premium

10,560 10,540
10,103
9,237
8,496

2015 2016 2017 2018 2019

 Taka in Million
Assets
43,282

42,397 42,406

41,141
40,697

2015 2016 2017 2018 2019

Taka in Million
Life Fund
33,726
33,447 33,388

32,166

31,298

2015 2016 2017 2018 2019

Taka in Million
Total Investment
27,507
26,937
26,232 26,089

25,129

2015 2016 2017 2018 2019

Taka in Million
Paid Up Capital

747 747 747

623 623

2015 2016 2017 2018 2019

 ‘Dear Shareholders, with great pleasure, I present to you the
highlights of your Company’s performance during the year 2019.
As detailed in the annual report, your Company continues to
tread the path of sustained growth. Your Company has
completed a successful year in terms of operational excellence
and financial growth. It has performed well, compared to
industry, despite challenges and competition. This result could
only be achieved because of dedicated efforts, thoughtful
strategies and technological intervention. Our approach towards
enhancing customer experience and adapting to changing
market dynamics has added to the resilience of the Company.
We are proud of our achievements and I would like to thank and
congratulate all the stakeholders who have played a part in this
journey. I am confident that we will continue to perform well in
coming years.’

Bismillahir Rahmanir Rahim. stakeholders from the very outset of this

organisation. The insurance industry in the country
(In the name of Allah, the most gracious, most
is expected to face a challenge in the coming years
merciful)
due to COVID-19. In line with the direction of prime
Dear Shareholders, minister and continuing economic growth of the
Ladies and Gentlemen, country, the company maintained sustainable
momentum in 2019 with gross premium income
Assalamu Alikum Wa-rahmatullah.
taka 10,539 million. The regulator has released a
I am very pleased to welcome you all to the 20th number of guidelines, regulations and other
Annual General Meeting (AGM) of Fareast Islami Life exposure drafts during the current financial year.
Insurance Company Limited and place before you Insurance has a vital role to play in protecting public
the Company’s Financial Statements and wealth, mobilizing savings for efficient use and
performance of the financial year 2019. Stepping stabilizing the financial markets. It is your kind
into the 20th year of business operation, Fareast patronage and relentless support that have always
Islami Life Insurance Company Limited can assert resulted in achieving rip-roaring success for the
with proud that it has persistently strived to achieve entity.
optimum value index for its shareholders as well as
Fareast Islami Life Insurance Co. Ltd. (FILIC) took up and to ensure that Bangladesh’s not tapped life
various confident and customer centric insurance population also receive the profound
process-overhaul initiatives, tech infrastructure benefits from the insurance sector.
upgrades and HR up-skilling projects. Taking into
It is beyond my idea to pay tribute to our customers
account the emergence of digital market, upgrading
whose continuous and ever increasing loyalty will
our IT infrastructure and core policy administration
always be reciprocated by this company in offering
systems is a key focus of the bank’s continual
them innovative value added products combined
efforts to transform and improve. To further enrich
with the highest form of service excellence
our customer service, we embarked on a remodeling
particularly by the fast settlement of maturity
of distribution channel and our field force network to
claims. I thank each and every member of our staff
guarantee greater synergy as a one-stop life
for their sincere commitment to fulfil their
insurance provider, thus catering to the varying
responsibilities even when faced with unanticipated
financial needs of our wide-ranging customer base.
stress and challenges. Their performance has
In addition, we focused on generating new product
resulted in another year of outstanding success.
in trade, and the emerging corporate and local
corporate segments all over the countries. This was Our Company has always been maintained the
done in an attempt to bridge the urban-rural divide highest governance standards and practices by
adopting, as is the norm for all constituent unrelenting support and patronage received from
companies of the group “the Fareast group- our clients and shareholders; as we look forward to
corporate governance policies and code of conduct.” the continuation of the same. In particular, I like to
These policies and code Prescribe a set of systems, thank with whom we have extensive dealings along
processes and principles which conform to the with the regulators, stock exchanges of Dhaka and
highest international standards and are reviewed Chittagong, BSEC and Government bodies for their
periodically to ensure their continuing relevance, incessant co-operation and support. I would also like
effectiveness and responsiveness to the needs of to thank all our field forces who have steadfastly
investors, and other stakeholders. continued to support us by bringing satisfactory
sustainable business growth, customers for their
We have drawn up exciting growth plans and set
valuable trust, and employees for their dedication
midterm objective such as below:
and hard work towards achieving our goals and our
 Increase our Customer base - to 5 million; shareholders and Board of Directors for their
 To payout all sort of policy holders’ benefit in continued guidance and support. I also express my
timely manner; gratitude to Ministry of Finance, IDRA, BSEC, DSE,
 To retain the customer level to increase First Year CSE, CDBL and Bangladesh Bank for their
(FY) & Renewal (RW) premium growth; co-operation and support.
 Increase the distribution reach – to minimize
customer points throughout Bangladesh;
May Allah help us, Ameen.
Together, these initiatives will further accelerate our
growth and lead to substantial value creation for all. Ma-Assalam,
Fareast has remained a testimony of growth spread
across almost two decades. In succession, the
financial year 2019 denotes yet another triumphant
year of operation.
Dear Shareholders, reassured by our remarkable Md. Nazrul Islam
track record; we believe that the company is poised
Chairman
to surmount the challenges of the future and retain
the momentum for business growth in years to 01 November 2020
come. We are most obliged and appreciative of the
Dhaka
 “Mobility has transformed the way our field teams operate and
has created a robust backbone for future sales innovation. As
you are well aware, the basic premise of a life insurance
business is customers and insurers entering into long duration
contracts based on mutual trust and the principle of utmost
good faith. Every time a life insurer acquires a new customer, it
incurs substantial upfront costs which can typically be
recovered only several years later at a policy level. Hence, to be
successful it is important that a life insurer build the right
customer value proposition to grow consistently and back it with
a financial strength to fund growth especially in the market
development phase.”

Bismillahir Rahmanir Rahim. employees and partners, and the trust our
customers place on us. With this trust comes the
Dear Shareholders & Patrons,
responsibility of delivering on the promises made to
Assalamu Alikum Wa-rahmatullah them and protect their future through our services.
Fareast Islami Life Insurance Co. Ltd. (FILIC) has We believe that year 2019 has been positive for the
recently completed 20 years of operations. The Company. We have entered the 20th successful year
closing of 2019 has been on a high note, with the of operation. Keeping the tradition of sustainable
Company gaining on various industry parameters. growth, in First year and Renewal Premium during
Your Company has achieved a Gross Written the year. In our endeavor to expand our business and
Premium (GWP) of Tk. 10,539 million out of which build a larger customer base, we have expanded our
New Business Premium (NBP) was recorded at reach, increased our employee strength and
3,151 million. It gives me immense pleasure to share continue to develop a stronger sales network. This
with you the highlights of our performance in 2019 has helped us to connect well with our customers
under the contents of Key Financial Indicators. We and serve them better. We have achieved our
believe that this performance has only been possible business target through our distribution channel,
due to the dedication and commitment of all our this was possible due to our focus on enhancing
distribution efficiency. We have continued our Claim The Company has continued to remain committed to
Settlement Ratio related with the last year. The the cause of providing innovative products to our
performance is the result of our sustained efforts to customers. 2019 was a year of renewed focus on
improve the quality of business and customer focus. customer service, delivery, process automation and
While achieving business excellence, our focus has enhancements in business process and quality. We
always been towards placing our customers at the expect that our dedicated efforts should help us in
heart of everything we do and we continuously strive sustained development in the coming years. We are
to serve them better. also working towards increasing our geographical
reach by opening new avenue except but reducing
It gives me immense happiness to inform you that FILIC
the branch offices. This reinforces our commitment
was recognized among the Most Trusted Brands in Life
to invest in growing regions which will support the
Insurance business in the country. This continuous
overall premium growth of the Company. We shall
recognition has only reinforced our faith and belief in
undertake the process of digitizing operations from
ourselves, pushing us to perform even better. These
making the sales process automation and paperless
achievement are a testimony to the company’s
to launching mobile learning Apps solution for
value-driven commitment towards its customers and
internal and external customers and employees.
stakeholders and our professional excellence.
This year Company’s technological initiatives have
accelerated our achievements and scale of I take this opportunity to express my sincere
business. We continue to build on our existing gratitude for your continued trust and support in this
corporate culture and strengthen our image as a Company. I would also like to thank all our
socially responsible insurance company through customers for giving us the opportunity to serve
various corporate social responsibility initiatives them and appreciate the efforts of our partners and
including social issues. We are also focusing on other stakeholders for their hard work and
customer education initiatives to improve the overall dedication to take this Company forward. The IDRA
understanding and importance of insurance in has been very supportive of our efforts and we thank
customer’s minds. We feel this will help them choose them for their continuous guidance and support. Our
the right products for their insurance needs and also commitment to deliver only the best to our
secure their family’s future in case of an exigency. customers, employees, partners, regulator and each
and every stakeholder remains ever the same. We
The life insurance industry is entering a new growth
wholeheartedly thank each one of you for your
phase with the help of positive regulatory initiatives.
support, which has helped the company live up to its
Government is working hard to provide simple and
people’s expectations. We look forward to serving
cheap insurance schemes so as to improve financial
and working closely with all of you in our onward
inclusion and encourage the low income earners to
journey to set newer benchmarks and bigger
enter the formal financial system with an aim to
milestones.
increase insurance penetration in the coming years.
Demographic situation in the country gives us a May Allah help us, Ameen.
strong insurable market with a large young working
Ma-Assalam,
population. Our regulator Insurance Development
and Regulatory Authority (IDRA) plays a crucial role
in developing the insurance industry and we are
working with them in their endeavor. Our growth has
been achieved by the hard work, commitment and Md. Hemayet Ullah
dedication of our employees which is why we believe Chief Executive Officer (CEO)
that this growth will be sustained in future as well.
01 November 2020
Dhaka.
Bismillahir Rahmanir Rahim. contraction. Therefore, although easing lockdowns
Respected Shareholders, can lead to a partial recovery, economic activity is
Assalamu Alikum Wa-rahmatullah. likely to remain subdued until health risks abate.
Without further action to reduce greenhouse gas
The Board of Directors take the privilege to welcome emissions, the planet is on course to reach
you all for participating in the 20th Annual General temperatures not seen in millions of years, with
Meeting (virtual) of the Fareast Islami Life Insurance potentially catastrophic implications. The analysis in
Company Ltd, together with the Directors' Report this chapter suggests that an initial green
along with the Audited Financial Statements and the investment push combined with steadily rising
Auditors' Report for the year ended December 31, carbon prices would deliver the needed emission
2019 for your approval and consideration. Despite reductions at reasonable transitional global output
various challenges, by the grace of Almighty Allah, effects, putting the global economy on a stronger
we have completed another successful year 2019. and more sustainable footing over the medium term.
The Annual Report of the Company has been
prepared in accordance with the Company's Act, Bangladesh Economic Scenario
1994, Bangladesh Securities & Exchange Growth plunged to an over 10-year low in FY 2020
Commissions (BSEC) notification, Listing Rules of (July 2019–June 2020), amid unprecedented
Dhaka Stock Exchange Ltd. (DSE) and Chittagong contractions in merchandise exports, industrial
Stock Exchange Ltd. (CSE) and others applicable production and remittances due to Covid-19 in Q4.
Rules & Regulations. The report of the Shariah Turning to FY 2021, economic conditions seem to
Council for the year ended has also been placed. The have been gradually improving after the easing of
Annual Report also reflects the overall performance restrictions in May, supported by expansionary fiscal
of the company for the year ended 2019. and monetary policies. Merchandise exports
rebounded in Q1 2021 (July–September) as the
Global Economy Outlook easing of lockdown measures globally boosted
World Economic Outlook have offered a glimpse of demand for clothing. Moreover, remittances—a key
how difficult rekindling economic activity will be source for consumer spending—soared 48.5% in the
while the pandemic surges. During mid of 2020, as same period. In turn, the spike in remittances and
many economies tentatively reopened from the lower trade deficit led to a marked improvement in
Great Lockdown, the global economy started to the current account balance in Q1 2021. That said,
climb from the depths to which it had plunged in although authorities ruled out strict lockdown
April. But with the pandemic spreading and restrictions at home, the recent surge in Covid-19
accelerating in places, many countries slowed infections globally could reduce foreign demand,
reopening, and some are reinstating partial boding ill for the economic recovery.
lockdowns. While the swift recovery in China has
surprised on the upside, the global economy’s long Growth is expected to regain momentum this fiscal
ascent back to pre-pandemic levels of activity year (July 2020–June 2021) as the external sector
remains prone to setbacks. strengthens, while supportive fiscal and monetary
stimulus measures bolster domestic demand. That
To contain the coronavirus (COVID-19) pandemic said, uncertainty over the course of pandemic, the
and protect susceptible populations, most countries country’s poor health infrastructure and a fragile
imposed stringent lockdown measures in the first global economy cloud the outlook. Focus Economics
half of 2020. Meanwhile, economic activity panelists project GDP to expand 5.9% in FY 2021,
contracted dramatically on a global scale. This and forecast 7.1% in FY 2022.
chapter aims to dissect the nature of the economic
crisis in the first seven months of the pandemic. It Industry Outlook and Prospects
finds that the adoption of lockdowns was an The development objective of the Insurance Sector
important factor in the recession, but voluntary Development Project for Bangladesh is to strengthen
social distancing in response to rising infections the institutional capacity of the regulator and state
also contributed very substantially to the economic owned insurance corporations and increase the
coverage of insurance in Bangladesh. The project
comprises of three components. The first the situation.
component aims at strengthening the capacity of
insurance development and regulatory authority Business Performance 2019
(IDRA) to regulate and supervise the insurance as Defying odds amid the Covid-19 pandemic,
well as the reinsurance markets with the support of Bangladesh’s economy performed well during
Bangladesh Insurance Academy (BIA). It consists of July-September period of 2020. The Company
two sub-components: (i) strengthening the capacity continues to retain its market leadership among the
of the regulator IDRA; and (ii) strengthening the private local players and achieved the highest
capacity of BIA. The second component, market share amongst private players in 2019 under
modernization, strengthening, and increasing the the Islamic Shariah platform. The Company focused
efficiency of the state-owned insurance on improving its protection business. Our continued
corporation’s objective is to assist the two focus on customer retention has resulted in increase
state-owned insurance corporations, Jiban Bima in retail renewal premium 7,390 million in 2019. Total
Corporation (JBC) and Shadharan Bima Corporation management expenses reduced to 7% i.e. 3,683
(SBC) improve their systems and business practices. million in 2019 as compared to 3,968 million in 2018.
The third component, project implementation, However total cost to total gross premium (TGP)
management, and monitoring will help develop a ratio reduced from 38% in 2018 to 35% in 2019. It’s
strong monitoring and evaluation system to be used an immense pleasure to note that in continued
by the project implementation unit at IDRA and other unstable economic condition prevailing in the
stakeholders to assess progress on implementation. country and stiff competition among different
insurers the year 2019 was another successful year
World Bank sanctioned a loan of USD 65 Million, out of the company. We all achieved the result due to
of the project cost is USD 80 Million for the our dedicated field forces, soundness of our
development of Insurance Industry in Bangladesh. organizational structure and our constant endeavor
The project closing date set on as 31 August 2022. to review our business strategies wherever
Bangladesh Government already prepared a draft necessary keeping in view of the quality of business,
paper for the project entitled “Bangladesh Insurance improved customer services and reduction of
Development Project”. The main objective of the procuration cost in all spheres of business. In
project are organizational development, skilled ness, addition, a declining interest rate has encouraged
monitoring capability enhancement of Insurance investors to pour funds into the insurance market
Development & Regulatory Authority (IDRA), Two instead of depositing them with the banks.
public Life & Non-Life Insurance Corporation and to
increase the number of policy holders. To reform Our Reach
Bangladesh Insurance Academy to enhance the The Company reaches its customers through
quality of insurance education and training would be different offices (i.e. Zonal Offices, Service cell and
done relatedly. Divisional offices) mostly in Thana/UpaZilla level all
over the country. On December 31, 2019, the
In recent years except 5-6 most of the Life Insurance Company had 2,500 employees and development
companies are in solvency crisis and management staffs to cater to the needs of customers. We follow
expenses limit is beyond allowable management a diversified distribution strategy across our regions
expenses limit. As a result companies are fail to to acquire new customers, using a variety of
settle maturity claims in due time, Bonus of policies channels including captive agents, corporate agents,
are less year after year and above all the public banking channels, direct sales and digital mediums.
interest hampered seriously. Because most of the We continue to focus on strengthening our
Life insurance companies do not have sufficient distribution channel and increase our reach within
reserve to meet up the liability and the Insurance their customer base.
Development and Regulatory Authority (IDRA) is still
to develop the solvency guideline. By the Insurance Product and Services
Act 2010 already adopted instead of Insurance Act We continuously focus on developing, updating and
1938 and many reforms are going on to overcome innovative products tailoring to ever changing needs
of our customers. We offer customized and experienced and trained professionals working on
competitive products to meet the demand of all maintaining and developing the company's IT
types of customers. We have introduced diverse infrastructure. Information and Communication
range of products and services to provide to the Technology (ICT) has become indispensable for
needs of all our valued clients from the inception of insurance companies in ensuring smooth
the company. A comprehensive range of Life operational activities and providing efficient
insurance products and services are awaiting services. FILIC has recognized this fact and the
launching very soon with the approval of regulatory Board of Directors have adopted a comprehensive
authority, such as Health Care Group Insurance ICT policy for the company. Here it is especially
Scheme, Monthly Premium Endowment Assurance mentionable that the Company has recently
Plan and Endowment Assurance Plan etc. Most of implemented online services through its ICT
the products are participating traditional while few Department for getting prompt services throughout
products under Group Life and individual life are the Bangladesh. Apart from this, steps have been
nonparticipating traditional. To enhance the benefits taken to provide access to information technology to
of the plans accidental and disability riders are also all offices and keep the data secured with effective
offered. The Company provides quality service to the and efficient manner without any sort of
policyholders and checks to minimize miss-selling malfunction. Mobile phone has a very important role
and avoid poor persistency. It is expected that the to play in spreading information technology enabled
upcoming products will contribute towards the services. FILIC’s IT department will develop Mobile
growth of good business for the company in near Apps for the best interest of the customers and its
future. staff based. FILIC also invested in a world class Data
Center with offsite data backup facility to prevent
Dividend to Shareholders and Bonus to loss of data under any catastrophe incidents.
Policyholders
The Actuarial Valuation resulted divisible surplus of Investment
Taka 181.72 million for the year ended 2019. The An investment in knowledge pays the best interest.
Board in the Meeting held on November 01, 2020 The general principle of investing, however, suggests
recommended to pay 10% Cash dividend i.e. taka that investment should mirror life goals with
1.00 per Share for the year 2019 as approved in the short-term goals met through liquid and fixed
Annual General Meeting. Based on the actuarial income assets while medium/long term goals are
valuation report the Board also approved the highest better met through varying combination of debts
Bonuses to its Policy Holders’. and equities. Customers who believe in this
philosophy would prefer to have some equity
Preceding Five Years Key Operating and exposure to meet their long-term needs. The primary
Financial Data aim while investing is to generate adequate return
Preceding five years key operating, financial while minimizing risk. The investment is also made
summarized data and graphical representation as keeping in mind the asset liability requirement of the
shown in the contents under ‘‘Key Financial respective funds.
Indicators’’ and ‘‘Graphical Representation’’ in the
said annual report. The Company seeks to manage its investment risk
by ensuring investments are made in high quality
Information Technology assets, which matches its liabilities both by nature
Fareast Islami Life Insurance Co. Ltd. (FILIC) has and term to the extent that is necessary and
developed Policy Administration System to provide possible. The Company has Banking and Investment
better services to its internal and external Department, which acts as the policy making and
customers. The Policy Administration System is implementation for the investment operations
integrated with the Financial Accounting System subject to approval. The Banking and Investment
based on Oracle Application. This integrated System Department periodically discusses the investment
will support the strategic partner to achieve the strategy, portfolio structures, performance of the
consequence of the business. FILIC has highly portfolio and related issues and ensure that the
company has well defined investment policies &
processes to manage all the investment risks. All over liabilities has been determined under the valued
Regulatory and Internal norms are built in the policies.
Investment system, which monitors the Investment
limits and exposure norms on real-time basis by the Credit Rating
respective department. The market risk is mitigated During the latest credit rating, Fareast Islami Life
by maintaining a desired mix between debt and Insurance Company Ltd, rated as AA (Double A). The
equity subject to follow investment regulations by Credit Rating Company has been given
IDRA, active asset management based on the ALM concentration on the following key points:
(Asset Liability Management) output along with  Strong and sound solvency.
asset and liability duration matching which limits  Satisfactory Payment Position of Claims.
impact of interest rate changes and actions taken to  Satisfactory return on Investment Portfolio.
manage guarantee risk. Credit risk or the risk of  Well Experienced management team.
default of counter parties is sought to be mitigated  Sound liquidity position.
by investing in securities with highest credit rating  Low management expenses.
(i.e. lowest risks) in line with IDRA guidelines as well  Surplus assets over liabilities etc.
as internal norms and reviewing changes in credit
ratings. The Company also seeks to deal with Auditors
financially sound reinsurers. Liquidity risk is As per section 210 of Companies Act, 1994, every
monitored on a regular basis to ensure sufficient company shall, at each Annual General Meeting
liquidity is maintained to meet short-term appoint an auditor or auditors to hold the office from
obligations by timing the cash inflows and outflows the conclusion of that meeting until the next Annual
through cash flow matching and by maintaining an General Meeting. Mahfel Huq & Co. a prominent
adequate mix of liquid assets. Audit Firm, was appointed as Auditors of the
Company for the year 2019 at the Nineteen Annual
The year gone by posed multiple challenges from an General Meeting to hold office up to the conclusion
investment management perspective to pay policy of the ensuing Annual General Meeting. This year
holders’ maturity benefit. The Investment guidelines they will eligible to re-appoint for the year 2020 ref,
for the Company outlines the principles and process with the BSEC Notification 20 June 2019 (No. BSEC/
for the investment and management of the assets CMRRCD/ 2006-158/ 208/ Admin/ 81).
under different fund categories of Policyholders' and
Shareholders' funds. The said Policy inter alia Re-Insurance
defines the investment objectives and processes The Board of Directors recognized the importance of
across funds, and covers all the aspects related to sound risk management practices and internal
investments, as defined by the IDRA Regulations controls to safeguard the Policyholders’ Fund and
S.R.O. No.-360 LAW/2019 dated November 19, 2019. the Company’s Assets. Besides, Insurance
The said regulations also required the related development and Regulatory Authority (IDRA)
certification as need to conform from the concern circulated an S.R.O No.-349 Law/2015 Dated 16
department to certify the same as per prescribed March 2016 related to reinsurance. It is a mandatory
format. provision for a life insurance company to diverse
Co.’s risk through a reinsurance contract. Although,
Actuarial Valuation Fareast Islami Life Insurance Co. Ltd. (FILIC) was
A senior and renowned Actuary Mr. Mohammad already under coverage with reinsurer-Trust Re
Sohrab Uddin PhD, AIA was appointed by the Board (Reinsurer), Manama, Bahrain.
of Directors to complete the actuarial valuation for
the year ended 31 December, 2019. In accordance Financial Reporting Standard
with Insurance Act, Actuarial Valuation of the The company prepared the financial statements in
company as on 31 December, 2019 has been done accordance with Bangladesh Accounting Standards
and the divisible surplus with the Life Fund of the (BAS), Bangladesh Financial Reporting Standards
company have been determined. It appears from the (BFRS), the Companies Act, 1994 and other
valuation report that a remarkable excess of life fund applicable rules and regulations. The Board of
Directors of the company have ensured the reporting on its policies and procedures.
responsibility that the company keeps accounting
records with reasonable accuracy. The financial Compliance: The Company formulated various
estimates and judgments relating to the financial internal policies/procedures and an employee code
statements have been made on prudent and of conduct, which governs day-to-day activities to
reasonable basis, in order to reflect the financial ensure compliance. The Compliance function
operations of the company in a true and fair view. disseminates relevant laws, regulations and circulars
related to insurance, anti-money laundering and
Related Party Transactions other regulatory requirements, to various functions.
The particulars of contracts or arrangements It also serves as a reference pointed out for the staff
entered into by the Company with related parties of various functions for seeking clarifications on
during 2019 referred to in the ‘details of related applicable laws, regulations and circulars issued by
parties and transactions with related parties’ the regulatory authorities. The team also monitors
including certain arm’s length transactions are the adequacy of the compliance framework within
disclosed in Notes 3.13 to the Accounts forming part the Company. Key issues observed as part of this
of the financial statements. monitoring are reported to the Board through Audit
Committee, and implementation of the
Going Concern recommendations is actively monitored. A
The Board of Directors have reviewed the Company’s compliance certificate signed by competent
business plan and is satisfied that the Company has authority based on the certification from respective
adequate resources to continue its operations in the functional heads, is placed at the Board in a timely
foreseeable future. Accordingly, the Financial manner.
Statements are prepared based on the basis of
going concern concept. Auditors’ Report
There is qualification, emphasis of matters but no
Internal audit and compliance framework reservation, adverse remark or disclaimer passed by
The Company has institutionalized a robust and the statutory auditors for the year ended 31
comprehensive internal control mechanism in December 2019.
respect of all the major processes. The internal
Control & Compliance Department (ICCD), in addition Risks and concerns
to ensuring compliance to policies, regulations, Fareast Islami Life Insurance Company has a
processes etc., also test and report adequacy of defined Risk Management Strategy and Framework
internal financial controls with reference to financial designed to identify, manage, monitor and to
reporting/statements by Company’s Audit mitigate various risks. As part of this, a Risk
Committee. Management Policy has been put in place. The
Company recognizes that risk is an integral part of
Internal Control: The internal Control the business and managed acceptance of risk is
framework/mechanism with all the processes, to essential for the generation of shareholders’ value.
ensure reliability of financial reporting, timely Life Insurance Companies are exposed to a number
feedback on achievement of operational and of risks such as Investment Risks, Insurance Risks,
strategic goals and, compliance with applicable Market Risks, Operational Risks and Reputational
policies, procedures, laws, and regulations. Review Risks etc. In order to manage these Risks properly,
of control is undertaken by Internal Control & Insurance Development and Regulatory Authority
Compliance Department (ICCD) through execution of (IDRA) has issued guidelines which are being
internal audits as per risk based audit plan. The followed by the company with utmost-care. The
internal control covers auditing of processes, standard operating procedure has strengthened
transactions and systems. The internal control internal control system and facilitated the risk
function is capable of reviewing and assessing the management process of our company. Internal
adequacy and effectiveness of, and the Company’s control system which is being made effective by
adherence to its internal controls as well as increasing the internal audit, both comprehensive
and others, of the various affiliated offices as well as has been performing its social responsibilities by
Head office of the company. helping the distressed people affected by natural
calamities, education welfare, medical treatment
Corporate Governance and donation to poor people of the society. In the
The corporate governance‘s framework of the year 2019 company expended 16.40 million taka in
Company is based on an effective independent Corporate Social Responsibilities sector.
Board. The separation of Board’s supervisory role
from the executive management and the Human Resources and Training
constitution of Board Committees. Fairness, We believe that one of the greatest strengths that an
transparency, accountability and the responsibilities organisation can have is the human capital.
are the standard of acceptable corporate behavior. Encouraging employees to innovate, think out of the
As sound corporate governance practice has box challenge conventions and push boundaries
consistently been followed in carrying out the overall while not letting hierarchy interference with
operation of Fareast Islami Life Insurance Co. Ltd. capability, has been a constant effort. At FILIC the
(FILIC). The company have been smoothly running employees have a passion for learning and adapting
the day to day activities of FILIC within the policy to changes. "People are the Key of success".
guidelines of the Board of Directors and in Technology can be purchased and copied, neither
accordance with the legal and regulatory framework people can be copied nor their ideas, personalities,
of different regulatory bodies of the country. motivation and cultural values be copied.
Awareness of corporate governance has grown Recognizing people as "human and intellectual
rapidly worldwide in recent years due to increased capital" is very important for any organization.
legislative and regulatory activities as well as Company has to invest in building that capital and
evolving best practice recommendations. FILIC as a manage that resource wisely and deftly for
leading Life Insurance company in Bangladesh led organizational unity of purpose to create and
by highly professional people is committed in maintain competitive advantages now and all the
adopting the highest governance standard and time to be successful and profitable.
adjusting them as required in protecting the interest
of policyholders and shareholders. A comprehensive We all aware that a healthy environment has been
report about corporate governance scenario of our there, employees enjoy working with pride. To face
company has shown in the contents under the challenge and to meet the demand of required
‘‘Certificate on Compliance with Conditions of manpower normally, we recruit fresh at the entry
Corporate Governance Guidelines’’. level as well as experienced officers in mid and top
levels. Extensive training programs both centrally,
Corporate Social Responsibilities (CSR) regionally through the company's training
Fareast Islami Life Insurance Company Ltd being department and development professional cadre of
one of the best corporate companies in the country human resources. We are also sending our
has been discharging responsibilities to the society personnel to Bangladesh Insurance Academy,
since its inception. As we get our business from the Bangladesh Insurance Association and other
society in which we live and operate. The Company training institutions at home and abroad. Research
always acknowledges its responsibilities for the for improvement of operational activities and quality
well-being of the society and takes part in such services are going on. Finally, we have in our
activities whenever it becomes necessary. We company dedicated and highly professional pool of
pursue a strong policy in respect of Corporate Social workforce voicing our corporate slogan, 'Efficiency is
Responsibility. Our corporate social responsibility our strength.
includes our clients, employees, shareholders,
business associates and the society as a whole. Our Staff Welfare
relationship with the society is one of understanding, Staff welfare has always been uppermost in the
trust and credibility. In reciprocation, the citizens feel Company. The very word staff welfare indicates the
and acknowledge the significance and reasons for financial benefits given to officers and staffs of the
our existence as a corporate citizen. The company company in addition to the salary & allowances. The
company has always been given the uppermost the Company, or which can potentially impact the
preference regarding staff welfare which includes Company’s future operations.
contributory Recognized Provident Fund, Gratuity
Schemes and Group Insurance facility towards Pattern of Shareholdings
welfare of members of the staff including field as We hereby confirm that the shareholding pattern of
well as desk officers of the company. Recently the Company and any transfer of shares during the
Company has introduced of house Investment year are in accordance with statutory requirements.
scheme, Car loan scheme and Benevolent Fund for There was no capital infusion by the promoters
the Officers and Staffs of the company. during the year. The total quantity of shares of the
company are 7,47,42,751. The pattern of
We have been striving for developing a sustainable shareholdings has shown under the contents of
institutional infrastructure for the company. It has ‘‘Shareholding Structure’’.
been built and put into place a dynamic and growth
oriented organizational structure by reshuffling the Relation and Communication with Shareholders
overall activities. We have also been preparing We always give priority to our shareholders. The
ourselves to face the challenges of globalization shareholders of the Company are able to collect all
with strategies such as capacity building, using required information from our Share Department.
modern technologies, decentralization of operations Company is able to provide required services to the
and training of both desk and development work shareholders through modern technology based on
force at home and abroad with a view to providing share management software. The Company has
excellent services to our valued stakeholders. been arranging regularly Annual General Meetings
(AGM) as per rules of Companies Act, 1994 from the
Contribution to the National Exchequer inception, where discuss about Company's progress,
Fareast Islami Life Insurance Company Limited important activities and developments. The minority
made significant contribution to the government in shareholders have been protected from abusive
boosting up its revenue collection. According to actions by, or in the interest of, controlling
prevailing law of the land, the company being a shareholders acting either directly or indirectly and
corporate citizen pays Tax on its own income. have effective means of redress there on. As a result,
Besides, the company complies to deduct or paid on the shareholders get various information about the
account of service tax, stamp duty, tax deducted at Company in due time.
source, VAT, dividend distribution tax and other
duties and deposited the same to the National Remuneration of Directors
Exchequer. During the year 2019 under review the The company only pays meeting fee to its Directors
company contributed taka 345.67 million to National as per rules and regulation. Details are shown in
Exchequer. Annexure - 1, ‘‘Attendance of the Meeting-2019’’.

Subsidiary Companies Retirement & Election of Directors

Fareast Islami Life Insurance Company has formed According to the Companies Act, 1994 and Article 94
two Subsidiary Companies namely “Fareast Islami of the Articles of Association of the Company one
Securities Ltd.” and “Fareast Islami Properties Ltd.” third directors will be retired from their office by
In the year of 2012 Fareast Islami Securities Ltd. and rotation in 20th Annual General Meeting. Where
in the year of 2014 Fareast Islami Properties Ltd. eligible Director’s offer themselves re-election
both of the companies got the Certificate of Independent Directors will be appointed by the
Incorporation from the Registrar of Joint Stock Board of Directors and approved by the shareholders
Companies & Firms. in the Annual General Meeting.

Legal Update Independent Directors

During the year 2019, no significant and material The Company has two Independent Directors on the
orders were passed by the regulators, courts or Board. In compliance with the latest corporate
tribunals, that impacted the going concern status of governance notification guidelines of BSEC, were
appointed as independent Directors by the Board of
Directors of the Company. The Independent
Directors enjoy full independence in terms of
carrying out their coveted responsibilities. Both of
them are well conversant in the field of business and
professional areas.

Appreciation and Acknowledgement

We would like to convey our immense gratitude for
the confidence you have shown in us. Your
unwavering backing has helped the company to
grow. We thoroughly appreciate the efforts of the
employees, whose commitment and hard work are
the cornerstones of our success. At the same time,
we are dearly grateful to our customers,
shareholders, clients, IDRA, BIA, Bangladesh Bank,
relevant government agencies, regulatory bodies,
Finance ministry and any others doing business with
us. Thank you all for your continuous support and
co-operation. It is our priority to consistently show
that we are deserving of your trust.

May Allah with all of us.

Ameen.
Ma-Assalam.
For and on behalf of the Board of Directors,

(Md. Nazrul Islam) 01 November 2020

Chairman Dhaka
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SOME MEMORABLE EVENTS

Creast handed over to Mr. Sheikh Kabir Hossain, President BIA by honorabale chief guest Mr. Shafiqur Rahman Patwari,
Chairman IDRA and Mr. Nazrul Islam, Chairman Fareast Islami Life

Death claim cheque handed over by honorable Member of IDRA Dr. M. Mosharraf Hossain FCA in Bima Mela at Khulna

Inauguration of Fareast Apps, Composit Service Center & TVC by honorabale Chief Guest Mr. Shafiqur Rahman Patwari, Chairman IDRA
Honorable Chairman Mr. Md. Nazrul Islam is delivering speech in Inauguration of Fareast Apps, Composit Service Center & TVC

Mr. Shafiqur Rahman Patwari, Chairman IDRA, Mr. Sheikh Kabir Hossain, President BIA, Mr. Nazrul Islam, Chairman Fareast Islami Life
with senior executives are visiting Hardware Section, IT Departmant

Honorable Chairman Mr. Md. Nazrul Islam is delivering speech in training program on composite service center at Fareast Tower
National Mourning Day 15 August 2019 at Dhanmondi 32

Distributing food among poor people of National Mourning Day 15 August 2019 at Fareast Tower

Honorable Chairman Mr. Md. Nazrul Islam is delivering speech in monthly Divisional Co-orditnaion meeting at Fareast Tower
Birthday Celebration of Honorabal Prime Minister Sheikh Hasina, MP

Inauguration of Sheba Mash 2019

Honorable Chairman Mr. Md. Nazrul Islam is delivering speech in senior officer’s Co-orditnaion meeting
19th Annual General Meeting at Fareast Tower

Honorable Chairman Mr. Md. Nazrul Islam is delivering speech in monthly Divisional Co-orditnaion meeting

Inauguration of Zonal Conference-2019

Board Meeting at Fareast Tower

Development Office Incharge Conference-2019

Honorable Chairman Mr. Md. Nazrul Islam is delivering speech in Development Office Incharge Conference-2019
RISK MANAGEMENT “In line with its quest for
implementation of Risk Management,
Fareast Islami Life Insurance
Company Limited (FILIC) has
developed a robust Risk Management
Framework. It describes the overall
Risk Management methodology at
Fareast Islami Life Insurance
Company Limited. As a step forward
in this direction, the Company has
also taken up an initiative to establish
a Risk Appetite Framework to
integrate the risk management with
strategic business objectives and
define the overall risk appetite for the
Company.”

Risk Management  Limiting the Company’s exposure to adverse

The Company recognizes that risk is an integral outcomes through risk limits.
element of the business and managed acceptance of  Ensuring compliance with regulatory requirements.
risk is essential for generation of shareholder value.  Focusing on ensuring that it possesses the
The Company’s acceptance of risk is dependent on appropriate capabilities and experience in
the return on risk-adjusted capital and consistency managing and transferring risks.
with its strategic objectives. Having accepted a risk,  Minimizing reputational risk.
the Company may cede or hedge it where this is cost
effective. In general therefore, the Company’s control Risk Governance Framework
procedures and systems are designed to manage risk, In line with its quest for implementation of Risk
rather than eliminate it. However, at certain times, Management, our Company has developed a robust
there may also exist some risks for which the Risk Management Framework. It describes the overall
Company has no tolerance and which are actively Risk Management methodology at Fareast Islami Life
avoided. The Company has in place a risk Insurance Company Limited. As a step forward in this
management framework with the following aims: direction, the Company has also taken up an initiative
 Determining the risk profile of the Company i.e. the to establish a Risk Appetite Framework to integrate
aggregate level of risks that the Company has the risk management with strategic business
undertaken in pursuit of profitable business. objectives and define the overall risk appetite for the
 Identification, measurement, monitoring and control Company. At Fareast Islami Life Insurance, Risk
of risk for the purpose of protecting the interests of Management vertical is responsible for development
key stakeholders. & implementation of Enterprise Risk Management in
 Enhancing the Company’s ability to identify and a phased manner. The Board approved risk policy
pursue opportunities that offer attractive (‘the Policy’) details identification, measurement,
risk-adjusted returns by providing transparent, monitoring and control standards relating to the
accurate and timely risk information. various individual risks. The Policy covers aspects
 Embedding risk-based decision-making in key related to:
management processes and fostering a culture of
risk awareness.
1. Risk identification marking to market the assets on the regulatory
The Company identifies its risk exposures through a balance sheet. The liabilities are determined with
variety of techniques and processes, including: reference to the market value of assets and by
 Stress testing of the current financial condition of preserving the margins for adverse deviation in
the Company. Risk may be identified by reference accordance with applicable regulation and
to the statutory position of the Company. professional guidance. The quasi-regulatory
 Product development process by way of analysis of Balance Sheet is subjected to economic shocks
the sensitivity of profit margins and of profit and the solvency ratios and free assets under the
signatures to market and insurance risks. Any stress scenarios are monitored.
liquidity or operational risk arising out of the new  Key Risk Indicators and loss data for operational
product or modification of existing product is risk.
assessed prior to product launch.  Liquidity Ratio of its highly liquid assets to its near
 Business planning process by way of analysis of term liabilities, after allowing for any constraint on
the sensitivity of the projected solvency and the fungibility of its assets.
emergence of profit to market and insurance risks.
 Risk and Control Self-Assessment to identify and 3. Risk monitoring
assess operational risks in terms of their likelihood The Company is committed to recognizing and
and impact by each business unit within the managing its risks in a proactive, ongoing and
Company. positive manner. The Risk Management Policy
 Risk due to uncorrelated/ unmatched movement in outlines the strategy for risk management and
the asset and liability cash flows on existing determines the processes and identifies tools for
business and risk of future premiums being realizing its objectives. The management reviews all
invested at low interest rates. the risk and present a risk report to the Board on a
quarterly basis. The management may inform the
2. Risk measurement Board of the key findings at its discretion. Based on
The Company uses the following approaches to the Board reports, representatives of promoter
measure its risk exposure: shareholders may consider the risks to their
 Risk to the Evaluation : Value at Risk of the respective operations.
Evolution is an appropriate measure of risk
exposure for market, credit and insurance risks. 4. Risk control
The value at risk is measured by calculating the Identified risks are managed by one or more of the
reduction in the evolution under extreme economic following techniques:
and noneconomic scenarios. The stresses are  Retention (acceptance)
benchmarked to European Insurance and  Avoidance
Occupational Pensions Authority standards as they  Transfer or
develop, subject to appropriate adjustments for  Reduction (mitigation)
local conditions and the Company's stage of The nature of the controls implemented and the level
development. of control exercised are based upon the :
 Risk to the growth of the Evaluation: In addition to  Potential severity of the risk
the risk to the current evaluation, the Company  Frequency of the risk occurring
also considers risks that impede future growth of  Cost of implementing controls relative to the
the evaluation like insufficient new business profit significance of the risk and
growth and over-run in acquisition or renewal  Risk Appetite
expenses, caused by adverse deviation of actual
unit costs from planned unit costs. Risk Management
 Risk to the statutory position: The Company The Risk Management team is responsible for
considers the impact of market risk on its statutory development of overall risk management framework
position and assesses the quality of its performing at Fareast Islami Life. The framework encompasses
a resilience test periodically on the risk management activities integrated with the
quasi-regulatory balance sheet. The Business Objectives of Fareast Islami Life and forms
quasi-regulatory balance sheet is obtained by the base for compliance, monitoring & reporting of
those activities.
 Chartered Accountants

Report to the Shareholders of Fareast Islami Life Insurance Company Limited

on compliance of Corporate Governance Code

We have examined the compliance with Corporate Governance of Fareast Islami Life Insurance
Company Limited for the year ended 31 December 2019. This code relates to the No fica on
No. BSEC/CMRRCD/2006-158/207/Admin/80 dated 03 June 2018 of Bangladesh Securi es and
Commission (BSEC).

Such compliance with Corporate Governance Code is the responsibility of the Company. Our
examina on is limited to the review of procedures and implementa on thereof as adopted by the
management of the Company for ensuring the compliance with the condi ons of the corporate
Governance Code.

This is a security and verifica on and an independent audit on compliance with the condi ons of
Corporate Governance Code as well as the provisions of Bangladesh Secretarial Standards as
adopted by Ins tute of Chartered Secretaries of Bangladesh in so far as those standards are not
inconsistent with any condi on of this Corporate Governance Code.

We state that we have obtained all the informa on and explana ons which we have required and
a er due scru ny and verifica on thereof, we report that, in our opinion:

(a) The Company has complied with the condi ons of Corporate Governance Code as
s pulated in the above men oned Corporate Governance Code issued by the
Commission;

(b) The Company has complied with the provisions of the relevant Bangladesh Secretarial
Standards as adopted by the Ins tute of Chartered Secretaries of Bangladesh as required
by this Code;

(c) Proper books and records have been kept by the Company as required by the Companies
Act 1994, laws and regula ons of Bangladesh Securi es and Exchange Commission and
other relevant authori es; and

(d) The Governance of the Company is sa sfactory.

For Zoha Zaman Kabir Rashid & Co.

Chartered Accountants

Dhaka Tarek Rashid

25 November, 2020 Partner

Zoha Zaman Kabir Rashid & Co., a partnership firm registered in Bangladesh and a member firm of MSI Global
Alliance, a leading international association of independent legal and accounting firms.
Rupayan Karim Tower, Level # 7, Suite # 7A, 80, Kakrail, Dhaka- 1000, Bangladesh
Phone: +880 2 9339732, +880 2 9339725, +880 2 48313128, Fax: 880 2 831 3128,
E-mail: info@zzkrca.com, Web: www.zzkrca.com
COMPLIANCE REPORT Annexure-A
[As per condition No. 1(5) (xxvii)
Status of compliance with the conditions imposed by the Commission’s Notification
No.SEC/CMRRCD/2006158/207/Admin/80 dated 3 June 2018 issued under section 2CC of the Securities and
Exchange Ordinance, 1969:
(Report under Condition No. 9)
Compliance status
Condition (Put  in the Remarks
No. Title appropriate column)
Not (if any)
Complied complied
1.1 BOARD OF DIRECTORS:
Size of the Board of Directors:
Board comprises of 14
1(1) The total number of members of the company’s Board of  members including 2
Directors shall not be less than 5 (five) and more than 20 (twenty) independent directors
1(2) INDEPENDENT DIRECTORS:
Two independent directors
At least one fifth (1/5) of the total number of Directors shall be
1(2) (a)  appointed as per sec. 76
Independent Directors
of Insurance Act 2010
1(2)(b) Independent Director means a Director
who either does not hold share in the company or holds less than
1(2)(b)(i) one per cent (1%) shares of the total paid-up shares of the 
company;
who is not a sponsor of the company or is not connected with the
company’s any sponsor or director or nominated director or share
holder of the company or any of its associates, sister concerns,
subsidiaries and parents or holding entities who holds one per
1(2)(b)(ii)
cent (1%) or more shares of the total paid-up shares of the 
company on the basis of family relationship and his or her family
members also shall not hold above mentioned shares in the
company;
who has not been an executive of the company in immediately
1(2)(b)(iii) preceding 2 (two) financial years; 

who does not have any other relationship, whether pecuniary or


1(2)(b)(iv) otherwise, with the company or its subsidiary or associated
companies
who is not a member of TREC (Trading Right Entitlement
1(2)(b)(v) Certificate) holder, director or officer of any stock exchange; 

who is not a shareholder, director excepting independent director

1(2)(b)(vi) or officer of any member or TREC holder of stock exchange or an 
intermediary of the capital market;
who is not a partner or an executive or was not a partner or an
executive during the preceding 3 (three) years of the concerned
1(2)(b)(vii) company’s statutory audit firm or audit firm engaged in internal 
audit services or audit firm conducting special audit or
professional certifying compliance of this code;

1(2)(b)(viii) who is not independent director in more than 5 (five) listed 

companies
 Compliance status
Condition (Put  in the Remarks
No. Title appropriate column)
Not (if any)
Complied complied
who has not been convicted by a court of competent jurisdiction
1(2)(b)(ix) as defaulter in payment of any loan or any advance to a bank or a 
Non-Bank Financial Institution (NBFI); and

1(2)(b)(x) who has not been convicted for a criminal offence involving
moral turpitude; 

The independent director(s) shall be appointed by the Board and

1(2)(c ) approved by the shareholders in the Annual General Meeting 
(AGM);
The post of independent director(s) cannot remain vacant for the
1(2)(d) 
more than 90 (ninety) days; and
The tenure of office of an independent director shall be for a
1(2)(e) period of 3 (three) years, which may be extended for 1 (one) 
tenure only;

1(3) Qualification of Independent Director:

Independent director shall be a knowledgeable individual with One of the independent

integrity who is able to ensure compliance with financial laws, directors do not meet the
1(3)(a) regulatory requirements and corporate laws and can make qualification
meaningful contribution to the business;
1(3)(b) Independent Director shall have following Qualifications:
Business Leader who is or was a promoter or director of an
unlisted company having minimum paid-up capital of Tk.100.00
1(3)(b)(i) million or any listed company or a member of any national or DO
international chamber of commerce or business association; or
Corporate Leader who is or was a top level executive not lower
than Chief Executive Officer of Managing Director or Deputy
Managing Director or Chief Financial Officer or Head of Finance
1(3)(b)(ii) or Accounts or Company Secretary or Head of Internal Audit and DO
Compliance or Head of Legal Service or a candidate with
equivalent position of an unlisted company having minimum paid
up capital of Tk. 100.00 million or of a listed company; or
Former official of government or statutory or autonomous or
regulatory body in the position not below 5th Grade of the national
1(3)(b)(iii) pay scale, who has at least educational background of bachelor DO
degree in economics or commerce or business or law; or
University Teacher who has educational background in Economics
1(3)(b)(iv) DO
or Commerce or Business Studies or Law; or
Professional who is or was anadvocate practicing at least in the
High Court Division of Bangladesh Supreme Court or a Chartered
Accountant or Cost and Management Accountant or Chartered
1(3)(b)(v) Financial Analyst or Chartered Certified Accountant or Certified DO
Public Accountant or Chartered Management Accountant or
Chartered Secretary or equivalent qualification;

The independent director shall have at least 10 (ten) years of

1(3)(c) DO
experiences in any filed mentioned in clause (b);
 Compliance status
Condition (Put  in the Remarks
No. Title appropriate column)
Not (if any)
Complied complied
In special cases, the above qualifications or experiences may be
1(3)(d) relaxed subject to prior approval of the Commission, N/A

1(4) Duality of Chairperson of the Board of Directors and Managing Director or Chief Executive Officer

The positions of the Chairperson of the Board and the Managing

1(4)(a) Director (MD) and /or Chief Executive Officer (CEO) of the 
company shall be filled by different individuals;
The Managing Directors (MD) and/or Chief Executive Officer
1(4)(b) (CEO) of a listed company shall not hold the same position in 
another listed company;
The Chairperson of the Board shall be elected from among the
1(4)(c) non-executive directors of the company;


The Board shall clearly define respective roles and

1(4)(d) responsibilities of the Chairperson and the Managing Director 
and/or Chief Executive Officer;
In the absence of the Chairperson of the Board, the remaining
members may elect one of themselves from nonexecutive
1(4)(e) directors as chairperson for that particular Board meeting; the 
reason of absence of the regular Chairperson shall be duly
recorded in the minutes.
1(5) The Directors’ Report to Shareholders
An industry out look and possible future developments in the
1(5)(i) 
industry;

1(5)(ii) The segment-wise or product-wise performance; 

Risk and concerns including internal and external risk factors,

1(5)(iii) threat to sustainability and negative impact on environment, if 
any;

A discussion on Cost of Goods sold, Gross Profit Margin and Net

1(5)(iv) Profit Margin, where applicable; 

A discussion on continuity of any extraordinary activities and

1(5)(v) their implications (gain or loss);
 No such gain/ loss occurred

A detailed discussion on related party transactions along with a

1(5)(vi) statement showing amount, nature of related party, nature of 
transactions and basis of transactions of all related party
transactions;
A statement of utilization of proceeds raised through public
1(5)(vii) N/A
issues, rights issues and/or any other instruments;
An explanation if the financial results deteriorate after the
1(5)(viii) company goes for Initial Public Offering (IPO), Repeat Public 
Offering (RPO), Rights Share Offer, Direct Listing, etc;
An explanation on any significant variance that occurs between
1(5)(ix) No significant variance
Quarterly Financial performance and Annual Financial
during the year
Statements;
 Compliance status
Condition (Put  in the Remarks
No. Title appropriate column)
Not (if any)
Complied complied
A statement of remuneration paid to the directors including
1(5)(x) independent director;


A statement that the Financial statements prepared by the

1(5)(xi) management of the issuer company present fairly its state of affairs, 
the result of its operations, cash flows and changes in equity;

1(5)(xii) A statement that proper books of account of the issuer company 

have been maintained;
A statement that appropriate accounting policies have been
consistently applied in preparation of the financial statements
1(5)(xiii) and that the accounting estimates are based on reasonable and 
prudent judgment;
A statement that International Accounting Standards (IAS) or
International Financial Reporting Standards (IFRS), as applicable
1(5)(xiv) in Bangladesh, have been followed in preparation of the financial 
statements and any departure there from has been adequately
disclosed;
A statement that the system of internal control is sound in design
1(5)(xv) and has been effectively implemented and monitored; 

A statement that minority shareholders have been protected from

abusive actions by, or in the interest of, controlling shareholders
1(5)(xvi) acting either directly or indirectly and have effective means of

redress;
A statement that there is no significant doubt upon the issuer
company’s ability to continue as a going concern, if the issuer
1(5)(xvii) company is not considered to be a going concern, the fact along

with reasons there of shall be disclosed;
An explanation that significant deviations from the last year’s
1(5)(xviii) operating results of the issuer company shall be highlighted and 
the reasons there of shall be explained;
A statement where key operating and financial data of at least
1(5)(xix) 
preceding 5 (five) years shall be summarized;
An explanation of the reasons if the issuer company has not
1(5)(xx) N/A
declared dividend (cash or stock) for the years;
Board’s statement to the effect that no bonus share or stock
1(5)(xxi) N/A
dividend has been or shall be declared as interim dividend;
The total number of Board meetings held during the year and
1(5)(xxii)  Annexure-I, Page No. 98
attendance by each director;
A report on the pattern of shareholding disclosing the aggregate number of shares (alongwith name-wise
1(5)(xxiii)
details where stated below) held by :
Parent or Subsidiary or Associated Companies and other related
1(5)(xxiii)(a)  Annexure-II, Page No. 99
parties (name-wise details);
Directors, Chief Executive Officer, Company Secretary, Chief
1(5)(xxiii)(b) Financial Officer, Head of Internal Audit and Compliance and their 
spouses and minor children (name-wise details); ’
 Compliance status
Condition (Put  in the Remarks
No. Title appropriate column)
Not (if any)
Complied complied

1(5)(xxiii)(c Executives; and  Annexure-II, Page No. 99

1(5)(xxiii)(d) Shareholders holding ten percent (10%) or more voting interest in 

the company (name-wise details); ’
1(5)(xxiv) In case of the appointment or reappointment of a director, a disclosure on the following
information of the shareholders :
1(5)(xxiv)(a) A brief resume of the director; 

1(5)(xxiv)(b) Nature of his or her expertise in specific functional areas; an 

Names of companies in which the person also holds the

1(5)(xxiv)(c) 
directorship and the membership of committees of the Board;
A Management’s Discussion and Analysis signed by CEO or MD presenting detailed analysis of the company’s position
1(5)(xxv) and operations along with brief discussion of changes in the financial statements, among others, focusing on :
accounting policies and estimation for preparation of financial
1(5)(xxv)(a) 
statements;
changes in accounting policies and estimation, if any, clearly
describing the effect on financial performance or results and
1(5)(xxv)(b) financial position as well as cash flows in absolute figure for such 
changes;
comparative analysis (including effects of inflation) of financial
performance or results and financial position as well as cash flows
1(5)(xxv)(c) 
for current financial year with immediate precedingfive years
explaining reasons thereof;
compare such financial performance or results and financial
1(5)(xxv)(d) 
position as well as cash flows with the peer industry scenario;
briefly explain the financial and economic scenario of the country
1(5)(xxv)(e) 
and the globe;
risks and concerns issues related to the financial statements,
1(5)(xxv)(f) explaining such risk and concerns mitigation plan of the company; and 
future plan or projection or forecast for company’s operation,
1(5)(xxv)(g) performance and financial position, with justification thereof, i.e., 
actual position shall be explained to the shareholders in the next AGM;
1(5)(xxvi) Declaration or certification by the CEO and the CFO to the as per 
Annexure-A; and
1(5)(xxvii) The report as well as certificate regarding compliance of conditions 
of this Code as required under condition No. 9 shall be disclosed as
per Annexure-B and Annexure-C.
Meetings of the Board of Directors
The company shall conduct its Board meetings and record the
minutes of the meetings as well as keep required books and records
in line with the provisions of the relevant Bangladesh Secretarial
1(6) provisions of the relevant Bangladesh Secretarial Standards (BSS) 
as adopted by the Institute of Chartered Secretaries of Bangladesh
(ICSB) in so far as those standards are not inconsistent with any
condition of this Code.
 Compliance status
Condition (Put  in the Remarks
No. Title appropriate column)
Not (if any)
Complied complied

1(7) Code of Conduct for the Chairperson, other Board members and Chief Executive Officer

The Board shall lay down a code of conduct, based on the

recommendation of the Nomination and Remuneration
1(7)(a) Committee (NRC) at condition No. 6, for the Chairperson of the 
Board, other board members and Chief Executive Officer of the
company;

The code of conduct as determined by the NRC shall be posted

on the website of the company including, among others, prudent
1(7)(b) conduct and behavior; confidentiality; conflict of interest; 
compliance with laws, rules and regulations; prohibition of insider
trading; relationship with environment, employees, customers
and suppliers; and independency.

2 GOVERNANCE OF BOARD OF DIRECTORS OF SUBSIDIARY COMPANY :

Provisions relating to the compositions of the Board of the

2(a) holding company shall be made applicable to the composition of 
the Board of the subsidiary company;
At least 1 (one) independent director on the Board of the holding
2(b) company shall be a director on the Board of the subsidiary 
company;

The minutes of the board meeting of the subsidiary company

2(c) shall be placed for review at the following Board meeting of the 
holding company;

The minutes of the respective Board meeting of the holding

2(d) company shall state that they have reviewed the affairs of the 
subsidiary company also
The Audit Committee of the holding company shall also review
2(e) the financial statements, in particular the investments made by 
the subsidiary company.

MANAGING DIRECTOR (MD) OR CHIEF EXECUTIVE OFFICER (CEO), CHIEF FINANCIAL OFFICER (CFO),
3
HEAD OF INTERNAL AUDIT AND COMPLIANCE (HIAC) AND COMPANY SECRETARY (CS) :

3(1) Appointment
The Board shall appoint a Managing Director (MD) or Chief
3(1)(a) Executive Officer (CEO), a Company Secretary (CS), a Chief
Financial Officer (CFO) and a Head of Internal Audit and 
Compliance (HIAC);
The positions of the Managing Director (MD) or Chief Executive
Officer (CEO), Company Secretary (CS), Chief Financial Officer
3(1)(b) (CFO) and Head of Internal Audit and Compliance (HIAC) shall be 
filled by different individuals;
The MD or CEO, CS, CFO, and HIAC of a listed company shall not
3(1)(c) 
hold any executive position in any other company at the same time;
 Compliance status
Condition (Put  in the Remarks
No. Title appropriate column)
Not (if any)
Complied complied

3(1)(d) The Board shall clearly define respective roles, responsibilities 

and duties of the CFO, the HIAC and the CS;
The MD or CEO, CS, CFO and HIAC shall not be removed from
3(1)(e) their position without approval of the Board as well as immediate 
dissemination to the Commission and stock exchange(s).
Requirement to attend Board of Directors’ Meetings
The MD or CEO, CS, CFO, HIAC of the company shall attend the

meetings of the Board:
3(2)
Provided that the CS, CFO and/or the HIAC shall not attend such
part of a meeting of the Board which involves consideration of an

agenda item relating to their personal matters.

3(3) Duties of Managing Director (MD) or Chief Executive Officer (CEO) and Chief Financial Officer (CFO)

The MD or CEO and CFO shall certify to the Board that they have
3(3)(a) reviewed financial statements for the year and that to the best of 
their knowledge and belief:
these statements do not contain any materially untrue statement
3(3)(a)(i) or omit any material fact or contain statements that might be 
misleading; and
these statements together present a true and fair view of the
3(3)(a)(ii) company’s affairs and are in compliance with existing accounting 
standards and applicable laws;
The MD or CEO and CFO shall also certify that there are, to the
best of knowledge and belief no transactions entered into by the
3(3)(b) company during the year which are fraudulent, illegal or in 
violation of the code of conduct for the company’s Board or its
members;
The certification of the MD or CEO and CFO shall be disclosed in 
3(3)(c)
the Annual Report.

4 BOARD OF DIRECTORS’ COMMITTEE :

4(i) Audit Committee; and 

4(ii) Nomination and Remuneration Committee (NRC). 

5 AUDIT COMMITTEE :
5(1) Responsibility to the Board of Directors
The company shall have an Audit Committee as a sub-committee 
5(1)(a)
of the Board;
The Audit Committee shall assist the Board in ensuring that the
financial statements reflect true and fair view of the state of
5(1)(b) 
affairs of the company and in ensuring a good monitoring system
within the business;
 Compliance status
Condition (Put  in the Remarks
No. Title appropriate column)
Not (if any)
Complied complied
The Audit Committee shall be responsible to the Board; the duties
5(1)(c) of the Audit Committee shall be clearly set forth in writing. 

5(2) Constitution of the Audit Committee

5(2)(a) The Audit Committee shall be composed of at least 3 (three) members; 

The Board shall appoint members of the Audit Committee who

shall be nonexecutive directors of the company excepting
5(2)(b) Chairperson of the Board and shall include at least 1 (one)


independent director;
All members of the audit committee should be “financially
literate” and at least 1 (one) member shall have accounting or
5(2)(c) related financial management background and 10 (ten) years of


such experience;
When the term of service of any Committee member expires or
there is any circumstance causing any Committee member to be
unable to hold office before expiration of the term of service, thus
making the number of the committee members to be lower than
5(2)(d) the prescribed number of 3 (three) persons, the Board shall 
appoint the new Committee member to fill up the vacancy
immediately or not later than 1 (one) month from the date of
vacancy in the committee to ensure continuity of the
performance of work of the Audit Committee;
5(2)(e) The Company Secretary shall act as the secretary of the Committee; 

The quorum of the Audit Committee meeting shall not constitute

5(2)(f) without at least 1 (one) independent director; 

5(3) Chairperson of the Audit Committee

The Board shall select 1 (one) member of the Audit Committee to
5(3)(a) 
be Chairperson of the Audit Committee, who shall be an
independent director;
In the absence of the Chairperson of the Audit Committee, the
remaining members may elect one of themselves as Chairperson
for that particular meeting, in that case there shall be no problem N/A
5(3)(b) of constituting a quorum as required under condition No. 5(4)(b)
and the reason of absence of the regular Chairperson shall be
duly recorded in the minutes.
Chairperson of the Audit Committee shall remain present in the
5(3)(c) Annual General Meeting (AGM) 

5(4) Meeting of the Audit Committee

The Audit Committee shall conduct at least its four meeting in a
5(4)(a) financial year. 

The quorum of the meeting of the Audit Committee shall be

constituted in presence of either two members or two third of the 
5(4)(b) members of the Audit Committee, whichever is higher, where
presence of an independent director is a must.
 Compliance status
Condition (Put  in the Remarks
No. Title appropriate column)
Not (if any)
Complied complied

5(5) Role of Audit Committee

5(5)(a) Oversee the financial reporting process; 

5(5)(b) monitor choice of accounting policies and principles; 

monitor Internal Audit and Compliance process to ensure that it

5(5)(c) is adequately resourced, including approval of the Internal Audit 
and Compliance Plan and review of the Internal Audit and
Compliance Report;
5(5)(d) oversee hiring and performance of external auditors; 

hold meeting with the external or statutory auditors for review of

5(5)(e) the annual financial statements before submission to the Board 
for approval of adoption;
review along with the management, the annual financial
5(5)(f) statements before submission to the Board for approval; 

review along with the management, the quarterly and half yearly
5(5)(g) financial statements before submission to the Board for approval;


5(5)(h) review the adequacy of internal audit function; 

review the Management’s Discussion and Analysis before

5(5)(i) disclosing in the Annual Report;


review statement of all related party transactions submitted by

5(5)(j) the management;


review Management Letters or Letter of Internal Control

5(5)(k) weakness issued by statutory auditors; 

oversee the determination of audit fees based on scope and

5(5)(l) magnitude, level of expertise deployed and time required for effective 
audit and evaluate the performance of external auditors; and
oversee whether the proceeds raised through Initial Public Offering
5(5)(m) (IPO) or Repeat Public Offering (RPO) or Right Share Offer have been N/A
utilized as per the purposes stated in relevant offer document or
prospectus approved by the Commission
5(6) Reporting of the Audit Committee
5(6)(a) Reporting to the Board of Directors
5(6)(a)(i) The Audit Committee shall report on its activities to the board 

5(6)(a)(ii) The Audit Committee shall immediately report to the Board on the following findings, if any :

There was no reportable case

5(6)(a)(ii)(a) Report on conflicts of interest; of conflict of interest in 2019
suspected or presumed fraud or irregularity or material defect
There was no reportable case
5(6)(a)(ii)(b) identified in the internal audit and compliance process or in the
of conflict of interest in 2019
financial statements;
suspected infringement of laws, regulatory compliances including There was no reportable case
5(6)(a)(ii)(c)
securities related laws, rules and regulations; and of conflict of interest in 2019
any other matter which the Audit Committee deems necessary shall There was no reportable case
5(6)(a)(ii)(d)
be disclosed to the Board immediately. of conflict of interest in 2019
 Compliance status
Condition (Put  in the Remarks
No. Title appropriate column)
Not (if any)
Complied complied

Reporting to the Authorities

If the Audit Committee has reported to the Board about anything
which has material impact on the financial condition and results
of operation and has discussed with the Board and the
management that any rectification is necessary and if the Audit There was no such
5(6)(b) Committee finds that such rectification has been unreasonably case in the 2019
ignored, the Audit Committee shall report such finding to the
Commission, upon reporting of such matters to the Board for
three times or completion of a period of 6 (six) months from the
date of first reporting to the Board, whichever is earlier.
Reporting to the Shareholders and General Investors
Report on activities carried out by the Audit Committee, including
any report made to the Board under condition No. 5(6)(a)(ii) 
5(7) above during the year, shall be signed by the Chairperson of the
Audit Committee and disclosed in the annual report of the issuer
company.
6 NOMINATION AND REMUNERATION COMMITTEE (NRC)
6(1) Responsibility to the Board of Directors
The company shall have a Nomination and Remuneration
6(1)(a) 
Committee (NRC) as a subcommittee of the Board,
The NRC shall assist the Board in formulation of the nomination
criteria or policy for determining qualifications, positive
6(1)(b) attributes, experiences and independence of directors and top 
level executive as well as a policy for formal process of
considering remuneration of directors, top level executive;

6(1)(c) The Terms of Reference (ToR) of the NRC shall be clearly set forth

in writing covering the areas stated at the condition No. 6(5)(b),
6(2) Constitution of the NRC

6(2)(a) The Committee shall comprise of at least three members


including an independent director,
6(2)(b) All members of the Committee shall be non-executive directors; 

Members of the Committee shall be nominated and appointed by

6(2)(c) the Board; 

The Board shall have authority to remove and appoint any

6(2)(d) member of the Committee; 

In case of death, resignation, disqualification, or removal of any

member of the Committee or in any other cases of vacancies, the 
6(2)(e) board shall fill the vacancy within 180 (one hundred eighty) days
of occurring such vacancy in the Committee;
The Chairperson of the Committee may appoint or co-opt any
external expert and/or member(s) of staff to the Committee as
6(2)(f) advisor who shall be nonvoting member, if the Chairperson feels that 
advice or suggestion from such external expert and/or member(s) of
staff shall be required or valuable for the Committee;
6(2)(g) The Company Secretary shall act as the secretary of the Committee; 
 Compliance status
Condition (Put  in the Remarks
No. Title appropriate column)
Not (if any)
Complied complied
The quorum of the NRC meeting shall not constitute without
6(2)(h) attendance of at least an Independent Director;


No member of the NRC shall receive, either directly or indirectly, any

6(2)(i) remuneration for any advisory or consultancy role or otherwise, 
other than Director’s fees or honorarium from the company
6(3) Chairperson of the NRC
The Board shall select 1 (one) member of the NRC to be Chairperson
6(3)(a) of the Committee, who shall be an independent director;


In the absence of the Chairperson of the NRC, the remaining

members may elect one of themselves as Chairperson for the
6(3)(b) particular meeting,the reason of absence of the regular Chairperson

shall be duly recorded in the minutes;
The Chairperson of the NRC shall attend the annual general meeting
6(3)(c) (AGM) to answer the queries of the shareholders;


6(4) Meeting of the NRC

6(4)(a) The NRC shall conduct at least one meeting in a financial year 
The Chairperson of the NRC may convene any emergency meeting
6(4)(b) No such situation occurred
upon request by any member of the NRC;
The quorum of the meeting of the NRC shall be constituted in
6(4)(c) presence of either two members or two third of the members of the

Committee, whichever is higher, where presence of an independent
director is must as required under condition No. 6(2)(h);
The proceedings of each meeting of the NRC shall duly be recorded
6(4)(d) in the minutes and such minutes shall be confirmed in the next

meeting of the NRC.
6(5) Role of the NRC
NRC shall be independent and responsible or accountable to the
6(5)(a) Board and to the shareholders;


6(5)(b) NRC shall oversee, among others, the following matters and make report with recommendation to the Board

Formulating the criteria for determining qualifications, positive attributes and independence of a director and
6(5)(b)(i) recommend a policy to the Board, relating to the remuneration of the directors, top level executive, considering
the following:

the level and composition of remuneration is reasonable and

6(5)(b)(i)(a) sufficient to attract, retain and motivate suitable directors to run the 
company successfully;
the relationship of remuneration to performance is clear and meets
6(5)(b)(i)(b) appropriate performance benchmarks; and 

remuneration to directors, top level executive involves a balance

6(5)(b)(i)(c) between fixed and incentive pay reflecting short and long-term

performance objectives appropriate to the working of the company
and its goals;
devising a policy on Board’s diversity taking into consideration age,
6(5)(b)(ii) gender, experience, ethnicity, educational background and 
nationality
identifying persons who are qualified to become directors and who
6(5)(b)(iii) may be appointed in top level executives position in accordance with 
the criteria laid down, and recommended their appointment and
removal to the Board;

formulating the criteria for evaluation of performance of

6(5)(b)(iv) 
independent directors and the Board;
 Compliance status
Condition (Put  in the Remarks
No. Title appropriate column)
Not (if any)
Complied complied
identifying the company’s needs for employees at different levels
6(5)(b)(v) and determine their selection, transfer or replacement and 
promotion criteria; and

6(5)(b)(vi) developing, recommending and reviewing annually the company’s 

human resources and training policies;
The company shall disclose the nomination and remuneration policy
6(5)(c) and the evaluation criteria and activities of NRC during the year at a 
glance in its annual report.
7 EXTERNAL OR STATUTORY AUDITORS :
The issuer company shall not engage its external or statutory auditors to perform the following services of
7(1) the company, namely:
7(1)(i) appraisal or valuation services or fairness opinions, 
7(1)(ii) financial information systems design and implementation 
book-keeping or other services related to the accounting records or 
7(1)(iii)
financial statements;
7(1)(iv) broker-dealer services; 
7(1)(v) actuarial services; 
7(1)(vi) internal audit services or special audit services; 
7(1)(vii) any service that the Audit Committee determines; 
audit or certification services on compliance of corporate
7(1)(viii) governance as required under condition No. 9(1); and


7(1)(ix) any other service that creates conflict of interest. 

No partner or employees of the external audit firms shall possess
7(2) any share oft he company they audit at least during the tenure of 
their audit assignment of that company; his or her family members
also shall not hold any shares in the said company
Representative of external or statutory auditors shall remain present in
7(3) the Shareholders’ Meeting (Annual General Meeting or Extraordinary 
General Meeting) to answer the queries of the shareholders.
8 MAINTAINING A WEBSITE BY THE COMPANY:
The company shall have an official website linked with the website 
8(1) of the stock exchange. https://www.fareastislamilife.com
The company shall keep the website functional from the date of 
8(2) listing.
The company shall make available the detailed disclosures on its website as 
8(3) required under the listing regulations of the concerned stock exchanges(s).
9 REPORTING AND COMPLIANCE OF CORPORATE GOVERNANCE:
The company shall obtain a certificate from a practicing Professional
Accountant or Secretary (Chartered Accountant or Cost and
Management Accountant or Chartered Secretary) other than its 
9(1) statutory auditors or audit firm on yearly basis regarding compliance of
conditions of Corporate Governance Code of the Commission and shall
such certificate shall be disclosed in the Annual Report.
The professional who will provide the certificate on compliance of this The professional who will provide
9(2) Corporate Governance Code shall be appointed by the shareholders in the certificate for the year 2020
 will be placed for appointment in
the annual general meeting. the forthcoming AGM
The directors of the company shall state in accordance with the
9(3) Annexure-C attached in the directors’ report whether the company has 
complied with these conditions or not.
 Annexure - I
Attendance of the Borad Meetings for the year-2019
Sl. # Resignation/ Total
Name of the Directors Total Meeting
Appointment Present
01. Mr. Md. Nazrul Islam,
10 10
Chairman, Board of Directors
02. Prof. Dr. Iffat Jahan, Vice Chairman 10 10
03. Al-Haj Md. Helal Miah,
10 8
Chairman, Executive Committee
04. Dr. Md. Mokaddes Hossain (Alternate, Mr. Syed Shah Alam Meerza) 10 10
05. Ms. Ayesha Husne Jahan,
10 9
Chairperson, Policy & Claims Sub Committee
06. Ms. Nazneen Hossain,
10 10
Chairperson, Purchase Sub Committee
07. Dr. Md. Manowar Hossain
10 8
(Alternate of Ms. Shaher Banu)
08. Ms. Muslima Shireen 10 10

09. Ms. Taslima Islam (Alternate of Ms. Fatema Begum Shuli) 8 6

10. Fareast Securities Ltd. (Rep. Mr. Md. Ashaduzzaman) 6 6

11. Ramisha Islam ( Alternate of Mr.Asif Iqbal) 6 4

12. Mr. Md. Mamun Chowdhury 1 1

13. South Green Ltd (Rep. Mr. Mohammad Sohel Arif) 10 10

14. Bangladesh Scince House (Rep. Mr. Abdul Awal) 10 5
15. Ms. Rabeya Begum 8 8
16. Mr. Md. Kamrul Hasan 8 4
17. Mr. Rahim Uddaulah Chowdhury 1 1
18. A. K. M. Monirul Islam 8 8
19. Mr. Md. Reaj Uddin 8 8
20. Mr. Kazi Farid Uddin Ahmed FCA 1 --
21. Ramisha Islam (Alternate, Ms. Rabeya Begum) 2 2

22. Mr. Md. Jahidul Islam FCA 6 3

23. Mr. Redwan Farid Sami 8 4

24. Fareast Securities Ltd. (Rep. Mr. Asif Iqbal) 4 4
25. Mr. Md. Hemayet Ullah (CEO) 10 10

Sl. # Name of the CS, CFO & HIAC Total Meeting Total Present
01. Syed Abdul Aziz
10 10
Company Secretary (CS)
02. Mr. Mohammed Alamgir Kabir FCA
10 10
Chief Financial Officer (CFO)
03. Mr. Md. Kamal Hosen Howlader
10 10
Head of Internal Audit & Compliance (HIAC)
The pattern of Shareholding as on 31 December 2019. Annexure - II
(a) Parent/ Subsidiary/ Associated Companies and other related parties: N/A
(b) Directors, Chief Executive Officer, Company Secretary, Chief Financial officer,
Head of Internal Control and Compliance and their spouses and minor children:

Quantity of Name of Quantity of

Name of Directors Status Spouse/Children
Shares Shares
Mr. Md. Nazrul Islam Chairman 15,29,376 - -
Al-Haj Md. Helal Miah Director 14,94,856 - -
Ms. Ayesha Husne Jahan Director 14,94,856 - -
Ms. Nazneen Hossain Director 14,99,024 - -
Ms. Shaher Banu Director 21,96,751 - -
Ms. Muslima Shireen Director 15,11,976 - -
Ms. Taslima Islam Director 15,10,244 - -
Ms. Ramisha Islam Director 15,05,000 - -
Fareast Securities Ltd. Director 15,60,000 - -
Dr. Md. Mokaddes Hossain Director 14,99,024 - -
South Green Ltd. Director 15,00,000 - -
Bangladesh Science House Director 14,98,860 - -
Mr. ABM Hussain Ahmed FCA Independent Director NIll - -
Mr. Redwan Farid Sami Independent Director NIll - -

Chief Executive Officer, Company Secretary, Chief Financial officer, Head of Internal Control and Compliance
and their spouses and minor children:

Quantity of Name of Quantity of

Name Status Shares Spouse/Children Shares
Mr. Md. Hemayet Ullah Chief Executive Officer Nil -- Nil
Mr. Mahamadul Hasan FCS Company Secretary Nil -- Nil
Mr. Md. Alamgir Kabir FCA Chief Financial Officer Nil -- Nil
Mr. Md. Kamal Hosen Howlader Head of ICC Department Nil -- Nil

(c) Executives (Top five salaried employees of the Company, other than the Directors, Chief Executive
Officer, Company Secretary, Chief Financial Officer and Head of Internal Control and Compliance:

Name Status Quantity of Name of Quantity of

Shares Spouse/Children Shares
Mr. Md. Abdur Rahim Bhuiyan, ABIA Asst. Managing Director Nil -- Nil
Mr. Kamrul Hasan Khan Asst. Managing Director Nil -- Nil
Mr. Md. Majedul Islam Asst. Managing Director Nil -- Nil
Mr. Amir Mohammad Ibrahim Senior Executive Vice President Nil -- Nil
Mr. Sk. Abdur Razzaque Senior Executive Vice President Nil -- Nil

(d) Shareholders holding ten percent (10%) or more voting interest in the
Company : No such shareholders.
CERTIFICATE OF BAPLC
REPORT OF BOARD AUDIT COMMITTEE

Composition of the Committee

In accordance with the currently accepted Activities of the Committee
best practice and Corporate Guidelines of Coordinated with the internal and External
Bangladesh Securities and Exchange Auditors' and discussion on their audit
Commission (BSEC), the Board of Directors findings.
of the company appointed Audit Committee Reviewed the Financial Statements, Audit
comprised of four Directors including one Reports and Actuarial Valuation Reports
Independent Director. Company Secretary is etc.
working as Member Secretary of the
Committee. Reviewed the internal Audit Reports of
different offices of the Company
Role of the Committee conducted by the Internal Control and
The main functions of the Committee is to Compliance Department and reports
assist the Board of Directors to ensure that prepared by the Board Audit Team.
the Financial Statements reflect true and fair
view of the state of affairs of the Company, Reviewed the policy and guidelines
to have a good monitoring system of the formulated and recommended by the
business operation, to maintain proper and Policy & Claims Sub-Committee and the
adequate internal control system, to Management Committee of the Company.
facilitate the smooth functioning of the Ensured that the Financial Statements of
Company’s operations and to provide the Company contained full disclosure and
accurate, appropriate and timely information these were prepared in accordance with
to the Board of Directors, regulatory IAS and IFRS as adopted in Bangladesh.
authorities, policyholders, shareholders and
other related parties. The Committee has Reviewed and examined all the regulatory
also to ensure compliance of the returns like investment Return, Actuarial
requirements of International Accounting Abstracts, Claims Return, Income Tax
Standards (IAS) and International Financial Return, Annual Return etc.
Reporting Standards (IFRS), Insurance Act & hold meeting with the external or statutory
Rules, BSEC and other Regulatory Bodies’ auditors for review of the annual financial
regulations. statements before submission to the
Committee Meetings Board for approval or adoption;
During the year, the Committee held four review along with the management, the
meetings in which the Committee reviewed annual financial statements before
some pertinent issues on the business submission to the Board for approval;
operation, human resource, finance and
review along with the management, the
accounts etc. The proceedings of the
quarterly and half yearly financial
Committee meetings are regularly reported
statements before submission to the
to the Board of Directors.
Board for approval;
review the adequacy of internal audit
function;
 review the Management’s Discussion and Existing risk management procedures are
Analysis before disclosing in the Annual effective and ensure transparency of
Report; financial transactions of the Company.
review statement of all related party The Committee considered recommendations
transactions submitted by the made by the External Auditors' and Auditors
management; appointed by the Insurance Development
and Regulatory Authority (IDRA) and
review Management Letters or Letter of
Internal Auditors of the Company in their
Internal Control weakness issued by
respective reports.
statutory auditors;
The findings and recommendations of the
oversee the determination of audit fees
Committee were reported to the Board of
based on scope and magnitude, level of
Directors meeting and the Board of Directors
expertise deployed and time required for
had taken appropriate measures. The
effective audit and evaluate the
minutes of is each the meeting were
performance of external auditors; and
circulated among the members of the
Committee.
Committee's Summary Report
Good Governance
The Committee has the following
Highest standards in Corporate Good
observations regarding corporate and the
Governance and strict adherence to the
financial affairs of the Company:
requirements of Fareast lslami Life's Code of
Laws and regulations relating to insurance Ethics are ensured by close monitoring.
business and companies' internal policy Though the Code of Ethics all levels of staff
and guidelines have been complied with. have been educated and encouraged to
Financial Statements for the year ended 31 resort to whistle blowing, when they suspect
December 2019 contained full disclosure wrong doings by others.
and those are prepared in accordance with
IAS and IFRS as adopted in Bangladesh.
Actuarial Valuation Report as on 31
December 2019 has been extracted ABM Hussain Ahmed FCA
complying with the provisions of the Chairman
Insurance Act 1938 as amended in 2010 Board Audit Committee
and the Insurance Rules 1958.
01 November 2020
Appropriate Management Information Dhaka
Systems (MlS) including automation of
operations are in place and in effect.
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RESPONSIBILITY STATEMENT OF
CHIEF EXECUTIVE OFFICER &
CHIEF FINANCIAL OFFICER
Board of Directors
Fareast Islami Life Insurance Company Limited
Fareast Tower (Level-18)
35, Topkhana Road
Dhaka-1000.

The following is provided to the Board of Directors of Fareast Islami Life Insurance Company Limited in our
capacity as the persons responsible for performing the functions of Chief Executive Officer and Chief Financial
Officer of Fareast Islami Life Insurance Company Limited.

In accordance with the notification of Bangladesh Securities and Exchange Commission No.
SEC/CMRRCD/2006-158/134/Admin/44 dated 07 August, 2012 we declared that for the financial year ended 31
December, 2019.

i) We have reviewed the financial statements for the year 2019 and that to the best of our knowledge and belief:

a) these statements do not contain any materially untrue statement or omit any material fact or contain
statements that might be misleading.

b) these statements together present a true and fair view of the company's affairs and are in compliance with
existing accounting standards and applicable laws.

ii) There are, to the best of knowledge and belief, no transactions entered into by the Company during the year
which are fraudulent, illegal or violation of the Insurance code of conduct.

Md. Hemayet Ullah Md. Alamgir Kabir

Chief Executive Officer Chief Financial Officer

01 November 2020
Dhaka
DIRECTORS' RESPONSIBILITIES FOR FINANCIAL STATEMENTS
The Directors are responsible for preparing the annual report and financial statements for the year ended 31
December 2019 in accordance with the Companies Act 1994, Bangladesh Securities and Exchange Commission
Rules 1987, Bangladesh Financial Reporting Standards (BFRS), Corporate Governance Guidelines and other
applicable laws and regulations, the Board of Directors confirm:
(i) in the preparation of the annual accounts, the applicable accounting standards had been followed along
with proper explanation relating to material departures;
(ii) the financial statements together with the notes thereon have been drawn up in conformity with the
companies Act. 1994, Insurance Act. 2010, Insurance Rules 1958 and Securities and Exchange Rules
1987.These statements present fairly the Company’s statement of affairs, the result of its operation and
cash flow ;
(iii) the directors had selected such accounting policies and applied them consistently and made judgments
and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of
the Company at the end of the financial year and of the profit and loss of the Company for that period;
(iv) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in
accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities;
(v) the directors have a reasonable expectation, after making enquiries and following a review of the
Company's plan that the Company has adequate resources to continue in operational existence for the
foreseeable future and therefore continues to adopt the going concern basis in preparing the Accounts.
(vi ) the Internal Control system is sound in design and effectively implemented and monitored;
(vii) the key operating and financial data of the last five years is ref. Under the contents “Key Financial
Indicators”. and
(viii) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws
and that such systems were adequate and operating effectively.

Mahfel Huq & Co. Auditors of the Company, have examined the financial statements made available by the
Board of Directors meeting and expressed their opinion.

Md. Nazrul Islam

Chairman

01 November 2020
Dhaka
AUDITORS’ REPORT AND
FINANCIAL STATEMENTS
Independent Auditor’s Report
To the Shareholders of The Fareast Islami Life Insurance Company Limited
Report on the Audit of the Consolidated and Financial Statements

Qualified Opinion
We have audited the consolidated financial statements of the Fareast Islami Life Insurance Company
Limited and its subsidiaries (the “Group”) as well as the separate financial statements of the Fareast Islami Life
Insurance Company Limited (the “Company”), which comprise the consolidated and separate balance sheets as
at 31 December 2019 and the consolidated and separate life revenue accounts (Statement of profit or loss and
other comprehensive income), Consolidated and separate statements of changes in equity and consolidated
and separate cash flow statements for the year then ended, and notes to the consolidated and separate
financial statements, including a summary of significant accounting policies and other explanatory information.
In our opinion, except for the effects of the matters described in the Basis for Qualified Opinion section of our
report, the accompanying consolidated financial statements of the Group and separate financial statements of
the company give a true and fair view of the consolidated and separate financial position of the Group and of
the company as at 31 December 2019, and of its consolidated and separate financial performance and its
consolidated and separate cash flows for the year then ended in accordance with International Financial
Reporting Standards (IFRSs), the Companies Act, 1994, the Insurance Act 1938 (as amended in 2010), the
Insurance Rules 1958, Securities and Exchange Rules 1987 and other applicable laws and regulations.

Basis for Qualified Opinion

Investment
Included in the Investment in share and bonds under Investment in note no. 14 to the financial statements, we
could not obtain sufficient and appropriate audit evidence regarding investment of BDT 4,174.7 million made in
previous years.
Advances, Deposits and Prepayments
Included in the Other Advances in note 17 to the financial statements and being carried forward since long an
amount of BDT 951.9 million could not be verified by us due to absence of appropriate supporting evidence.
Furthermore, included in the advances for Construction, Land and Land Developments in note no. 17 of the
financial statements, we could not verify the purpose of advances recorded in 2018 as an adjustment to
investment carried forward since long.
Fixed Assets
We could not obtain sufficient and appropriate audit evidence regarding the origin of the advances made in the
prior periods due to absence of necessary records to other entities namely Prime Islami Life Insurance
Company Cooperative Society (PILICCS) (BDT 711.5 million) and Fareast Islami Life Insurance Company
Cooperative Society (FILICCS) (BDT 1,011.4 million) currently included in the fixed assets in the note 22 of the
financial statements as settlement of advances made to above entities.
Employee Benefits
The company has not recognized appropriate provisions in accordance with IAS:19: Employee Benefit for the its
defined employee benefit plans, as disclosed in note no. 3.11.2 to the financial statements the management has
decided to recognize the obligation of benefit plans on cash basis.
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities
under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial
Statements section of our report. We are independent of the Company in accordance with the International
Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) together
with the ethical requirements that are relevant to our audit of the financial statements in Bangladesh, and we
have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit
of financial statements for the year 2019. These matters were addressed in the context of our audit of the
financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion
on these matters. In addition to the matters described in the ‘Basis for Qualified Opinion’ section we have
determined the matters described below to be the key audit matters to be communicated in our report. For each
matter described below our description of how our audit addressed the matter is provided in that context. We
have fulfilled the responsibilities described in the auditor’s responsibilities for the audit of the financial
statements section of our report, including in relation to these matters.

Key audit matters How our audit addressed the key audit matters
Premium Income
Premium income recognized by the company We reviewed the adequacy and operating
represents receipt from individual and group life effectiveness of key controls regarding recording,
policy holders. The company recognize premium as calculation and collection of premium. Additionally,
income for first year premium when it actually we performed the following audit procedure:
receives from the policy holder. Renewal outstanding
premiums under the policies are recognized as Obtained related records regarding premium like
income within financial period of which premiums ledgers and registers.
are subsequently received. Premium income Obtained the premium booklet to check the
represents net premium which is gross premium less accuracy of premium charged to new policies.
re-insurance premium. Checked controls over security stock like PR, OR
etc.
Check the premium received with bank statement.
Performed cut-off in deposit premium to ensure
proper recording of premium income.
Check details calculation and adjustment of
survival benefit.
Check quarterly statement of reinsurance to verify
that appropriate amount of premium has been
deducted from the premium income.
 See note no. 23 of the financial statements
Estimated Liabilities in respect of outstanding claims whether due or intimated
Outstanding claims include outstanding death claim, To test the valuation of the insurance contract
outstanding maturity claim and outstanding survival liabilities, we performed the following audit
benefit, which is due to or intimated during the year. procedures:
We have evaluated and tested controls around the
As disclosed in note no. 3.16 claims costs consists claim intimation, handling and reserving.
of the policy benefit amount and claim settlement To test the reasonableness of the company’s
cost, where applicable. Death claims are accounted estimation process of a sample of claims, we have
for on receipt of the intimation. Annuity benefits and compared actual claim payments in the year to the
maturity benefits are accounted for when due. prior year claims estimate provisions.
Surrenders are accounted for on receipt of consent Verified the validity of claims outstanding by
from the insured to the quote prescribed in the policy testing on a sample basis of claims with the
deed provided by the company. available supporting documents.

See note no. 9 of the financial statements

Emphasis of Matters
We draw attention to the note no. 22.B of the financial statements which describes the recognition of fixed
assets on fair value. The company has not recognized any depreciation on the revalued amount of fixed assets.
Furthermore, we draw attention to note no. 14.01 of the financial statements, which describes the recoverability
of interest income and principal outstanding on bonds. The company has decided not to impair the investment
in bonds of Banglalion Communications and PFI Securities in accordance in light of the legal opinion.
Furthermore, we draw attention to note no.3.13 to the financial statements, which describes the various
investments made to related parties. The company has obtained approval of such investment in the board
meeting of the company. Our opinion is not modified in these regards.

Other Information
Management is responsible for the other information. The other information comprises all of the information in
the Annual report other than the financial statements and our auditor’s report thereon. The directors are
responsible for the other information.
Our opinion on the financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon. The annual report is expected to be made available to us after the date of this
auditor’s report.
In connection with our audit of the financial statements, our responsibility is to read the other information
identifies above when it becomes available and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be
materially misstated.
If, based on the work we have performed on the other information that we obtained prior to the date of this
auditor’s report, we conclude that there is a material misstatement of this other information, we are required to
report that fact. As described in the Basis for Qualified Opinion section above, we were unable to obtain
sufficient appropriate evidence about the carrying amount of FILIC’s investment in Shares and Bonds as at
December 31, 2019 and FILIC’s other advances, fixed assets and non- recognition of defined benefit plans.
Accordingly, we are unable to conclude whether or not the other information is materially misstated with
respect to this matter.
Responsibilities of Management and Those Charged with Governance for the Consolidated and Separate
Financial Statements and Internal Controls
Management is responsible for the preparation and fair presentation of these consolidated and separate
financial statements in accordance with IFRSs, the Companies Act 1994, the Insurance Act 1938 (as amended
in 2010), the Insurance Rules 1958, the Securities and Exchange Rules 1987 and other applicable laws and
regulations and for such internal control as management determines is necessary to enable the preparation of
these consolidated and separation financial statements that are free from material misstatement, whether due
to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless management either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Consolidated and Separate Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional
skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.
Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may
cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may
cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures,
and whether the financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of
most significance in the audit of the financial statements of the current period and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.

Report on other Legal and Regulatory Requirements

In accordance with the Companies Act 1994, the Insurance Act 1938 (as amended in 2010), the Insurance Rules
1958, the Securities and Exchange Rules 1987 and relevant notifications issued by Bangladesh Securities and
Exchange Commission, we also report that,
We have obtained all the information and explanations, except as noted above, which to the best of our
knowledge and belief were necessary for the purpose of our audit and made due verification thereof;
In our opinion, except as noted above, proper books of accounts, records and other statutory books as
required by law have been kept by the Company so far as it appeared from our examinations of those books and
proper returns adequate for the purpose of our audit have been received from branches not visited by us;
As per section 62(2) of the Insurance Act 1938 (amended in 2010), in our opinion to the best of our knowledge
and belief an according to the information and explanation given to us all expenses of management wherever
incurred and whether incurred directly or indirectly, except as noted above, in respect of insurance business of
the company transacted in Bangladesh during the year under report have been duly debited to the Revenue
Accounts of the Company;
The information and explanations required by us, except as noted above, have been received and found
satisfactory;
As per regulation 11 of part 1 of the third schedule of the Insurance Act 1938 (amended in 2010), in our
opinion and to the best of our information and as shown by its books, the company during the year under report,
except as noted, has not paid any persons any commission in any form outside Bangladesh in respect of any its
business re-insured abroad;
The Consolidated and Separate Balance Sheet (Statement of Financial Position), and the Consolidated and
Separate Life Revenue Accounts (Statement of Profit or Loss and Other Comprehensive Income Account),
Consolidated and Separate Statement of Changes in Equity, and Consolidated and Separate Statement of Cash
Flows of the Company dealt with by the report, except as noted above, are in agreement with the books of
account and returns;
The expenditure, except as noted above, was incurred for the purpose of the Company’s business; and
The company, except as noted above, has complied with relevant laws and regulations pertaining to reserves.

01 November 2020 Md. Abu Kaiser, FCA

Dhaka For and on behalf of Mahfel Huq & Co.
Chartered Accountants
 CONSOLIDATED
FINANCIAL STATEMENTS
Fareast Islami Life Insurance Co. Ltd. and its subsidiaries
Consolidated Blance Sheet
As at 31 December 2019
Amount in Taka

PARTICULARS Notes 2019 2018

CAPITAL AND LIABILITIES

1,000,000,000 1,000,000,000

Issued, Subscribed and Paid-Up Capital

74,742,751 Ordinary Shares of Tk.10 each 747,427,510 747,427,510

3,330,392,262 3,330,392,262
33,690,359,320 33,329,264,616
13,567,568 8,495,139
37,034,319,150 36,668,152,017
41,364,544 37,014,173

27,909,946 43,361,679

444,849,826 214,151,704
1,717,946,114 1,727,950,000
3,281,989,285 2,942,860,271
136,565,484 25,585,148
47,047,359 172,846,144
5,656,308,014 5,126,754,946
43,479,419,218 42,579,348,646
Fareast Islami Life Insurance Co. Ltd. and its subsidiaries
Consolidated Blance Sheet
For the year ended 31 December 2019
Amount in Taka

PARTICULARS Notes 2019 2018

PROPERTY AND ASSETS

675,910,532 669,212,401
INVESTMENTS
7,543,505,975 6,865,253,779
5,711,810 5,711,810
4,019,244,216 3,130,086,502
349,724,994 349,724,994
Ivestment in Marketable Securities 160,015,752 148,118,597
Employee House Building Loan Scheme 5,999,511 6,260,188
12,084,202,258 10,505,155,870

1,543,732,970 1,066,113,754
639,059,394 553,882,778
7,073,076,672 7,760,685,509
146,972,141 170,430,186

CASH AND BANK BALANCES

3,421,323,054 4,135,932,474
3,675,376,539 3,642,972,030
116,803 141,105
7,096,816,396 7,779,045,609

3,999,937 6,503,232
6,624,651 8,856,321
535,876,088 387,248,076
13,673,148,180 13,672,214,910
43,479,419,218 42,579,348,646
Fareast Islami Life Insurance Co. Ltd. and its subsidiaries
Consolidated Life Revenue Account
As at 31 December 2019
Amount in Taka

PARTICULARS Notes 2019 2018

33,329,264,616 33,462,500,966
Prior adjustment made during the year 24,078,434 -

2,193,295,576 2,239,985,986
958,641,538 828,655,112
3,151,937,114 3,068,641,098
5,738,926,410 5,854,873,446
1,651,795,787 1,636,904,543
7,390,722,197 7,491,777,989
17,751,848 27,371,451
10,560,411,159 10,587,790,538
20,774,601 27,497,406
10,539,636,558 10,560,293,132
797,789,295 983,903,732
4,853,389 33,187,426
44,695,622,292 45,039,885,256

739,728,639 165,084,746

13,001,371 19,260,182
6,469,298 6,612,735
521,270 696,220
1,551,092 1,218,634
98,589 100,848
688,139,071 1,165,736,863
1,725,799 1,310,082
1,700,701,985 1,708,620,788
3,151,937,114 3,068,641,098
Fareast Islami Life Insurance Co. Ltd. and its subsidiaries
Consolidated Life Revenue Account
As at 31 December 2019
Amount in Taka

PARTICULARS Notes 2019 2018

110,276,335 114,899,643
5,940,371,498 6,469,807,456
1,009,789,037 840,834,119
106,995,525 128,084,303
7,167,432,395 7,553,625,521

1,320,688,461 1,421,182,596

617,602,258 713,711,213
1,938,290,719 2,134,893,809
Salaries etc. (other than to agents and those
contained in the allowances and commission) 871,007,852 914,097,002
Travelling & Conveyance 19,697,649 24,419,519
Shariah Meeting Fees 483,000 176,000
Meeting Fees 4,599,722 4,613,332
Auditor's Fees 384,656 287,500
Actuarial Fees 1,510,000 1,711,765
Medical Expenses 933,269 1,096,901
Legal & Professional Fees 5,697,023 6,286,867
Registration & Renewal Fees 9,840,206 -
Advertisement & Publicity 18,066,981 18,611,351
Printing & Stationery 14,775,250 16,875,291
Policy Stamp 31,131,075 29,103,765
Revenue Stamp 3,556,442 4,988,425
Postage & Courier Bills 3,881,778 4,134,701
Telephone, Internet & Fax Bills 6,272,243 9,028,349
Training & Recruitment Expenses 3,677,153 1,583,449
Meeting Expenses 495,548 352,498
Development Expenses 84,953,007 114,155,185
Office Rent 102,663,391 111,521,065
Office Expenses 25,982,090 12,962,996
Repairs & Maintenance 23,476,423 32,091,405
Gas, Water & Electricity Charges 27,161,073 29,100,636
Car Fuel 37,842,233 43,317,158
Car Registration & Renewal Fees 1,051,540 2,558,408
Fareast Islami Life Insurance Co. Ltd. and its subsidiaries
Consolidated Life Revenue Account
As at 31 December 2019
Amount in Taka

PARTICULARS Notes 2019 2018

Bank Charges 12,650,920 10,729,444
Car Repairs & Maintenance 4,026,432 17,504,640
Car Insurance Expenses 15,242 5,836,058
Newspaper & Periodicals 81,601 885,961
Entertainment 4,350,615 4,673,401
AGM Expenses 751,115 428,170
Mobile Telephone Bills 5,886,271 7,998,775
Fees, Subscription and Donation 23,628,260 6,126,918
Duty & Taxes 3,519,854 8,161,856
Trade Licence 278,452 329,538
Cleaning & Washing 7,204,469 6,623,817
Insurance Premium 8,159,805 10,471,364
Software Expenses 114,500 190,000
Depreciation on Fixed Assets 171,747,320 189,407,862
Other Management Expenses 14,223,581 9,784,965
1,555,778,041 1,662,226,337

188,972,266 171,402,770
Finance Charges for Leased Liability as per IFRS 16 953,678 -
189,925,944 171,402,770
3,683,994,705 3,968,522,916
149,485,502 186,856,878
149,485,502 186,856,878
3,883,480,207 4,155,379,794

33,694,709,691 33,330,879,941
44,695,622,292 45,039,885,256
Blance sheet 33,690,359,320 33,329,264,616
4,350,371 1,615,325
33,694,709,691 33,330,879,941
Fareast Islami Life Insurance Co. Ltd. and its subsidiaries
Consolidated Statement of Life Insurance Fund
As at 31 December 2019
Amount in Taka

PARTICULARS Notes 2019 2018

13 675,910,532 669,212,401
14.A 12,084,202,258 10,505,155,870
15 1,543,732,970 1,066,113,754
16 639,059,394 553,882,778
17.A 7,073,076,672 7,760,685,509
18.A 146,972,141 170,430,186
7,096,816,396 7,779,045,609
3,999,937 6,503,232
6,624,651 8,856,321
Capital Work in Progress 21 535,876,088 387,248,076
22.A 13,673,148,180 13,672,214,910
43,479,419,218 42,579,348,646

3,330,392,262 3,330,392,262
13,567,568 8,495,139

27,909,946 43,361,679

444,849,826 214,151,704
1,717,946,114 1,727,950,000
3,281,989,285 2,942,860,271
Provision for Share Value Fluctuation Account 136,565,484 25,585,148
47,047,359 172,846,144
9,000,267,844 8,465,642,347
34,479,151,374 34,113,706,299

747,427,510 747,427,510
Non-controlling Interest 41,364,544 37,014,173
33,690,359,320 33,329,264,616
Fareast Islami Life Insurance Co. Ltd. and its subsidiaries
Consolidated FORM- A A
Classified Summary of the Assets in Bangladesh
As at 31 December 2019

4,019,244,216 4,019,244,216
5,711,810 5,711,810

675,910,532 675,910,532
and 7,703,521,727 7,566,956,243 Fair valie
349,724,994 349,724,994

5,999,511 5,999,511

3,421,323,054 3,421,323,054
3,675,493,342 3,675,493,342

1,543,732,970 1,543,732,970
639,059,394 639,059,394

7,073,076,672 7,073,076,672
10,624,588 10,624,588
146,972,141 146,972,141
Capital Work in Progress 535,876,088 535,876,088
13,673,148,180 13,673,148,180
43,479,419,218 43,342,853,735
Fareast Islami Life Insurance Co. Ltd. and its subsidiaries
Consolidated Cash Flow Statement
For the year ended 31 December 2019
Amount in Taka

PARTICULARS Notes 2019 2018

9,936,218,557 10,470,985,746
(6,936,734,273) (7,812,194,116)
(2,194,080,382) (2,810,452,423)
Income Tax Paid (67,606,508) (240,074,767)
737,797,394 (391,735,560)

(173,333,492) (5,800,491,465)
Capital Work in Progress (148,628,012) (133,207,734)
652,901 48,314,486
685,731,655 1,160,324,904
(1,634,964,157) (2,956,947,927)
(1,270,541,105) (7,682,007,736)

- -
(149,485,502) (194,856,878)
(149,485,502) (194,856,878)
(682,229,213) (8,268,600,174)
7,779,045,609 16,047,645,783
7,096,816,396 7,779,045,609
Fareast Islami Life Insurance Co. Ltd. and its subsidiaries
Consolidated Statement of Changes in Shareholders' Equity
For the year ended 31 December 2019

Retained
Earnings

747,427,510 37,014,173 784,441,683

- 4,350,371 4,350,371

747,427,510 50,398,848 797,826,358

- 1,615,325 1,615,325

- (15,000,000) (15,000,000)
 FINANCIAL STATEMENTS OF
FAREAST ISLAMI LIFE INSURANCE CO. LTD
Fareast Islami Life Insurance Co. Ltd.
Balance Sheet
As at 31 December 2019
Amount in Taka

PARTICULARS Notes 2019 2018

CAPITAL AND LIABILITIES

1,000,000,000 1,000,000,000

747,427,510 747,427,510

3,330,392,262 3,330,392,262
33,726,043,777 33,388,110,960
13,567,568 8,495,139
37,070,003,607 36,726,998,361

27,909,946 43,361,679

444,849,826 214,151,704
1,717,946,114 1,727,950,000
3,090,269,509 2,748,039,268
136,565,484 25,585,148
47,047,359 172,846,144
5,464,588,238 4,931,933,943

43,282,019,355 42,406,359,814
Fareast Islami Life Insurance Co. Ltd.
Balance Sheet
As at 31 December 2019
Amount in Taka

PARTICULARS Notes 2019 2018

PROPERTY AND ASSETS

675,910,532 669,212,401
INVESTMENTS
7,543,505,975 6,865,253,779
5,711,810 5,711,810
4,019,244,216 3,130,086,502
497,500,000 497,500,000
72,000,000 72,000,000
Employee House Building Loan Scheme 5,999,511 6,260,188
12,143,961,512 10,576,812,279
1,543,732,970 1,066,113,754
and 639,059,394 553,882,778
7,074,130,087 7,764,255,086
86,795,261 105,373,879

3,312,147,907 4,043,910,566
3,592,102,629 3,558,212,871
107,904 112,508
6,904,358,440 7,602,235,945

3,999,937 6,503,232
6,624,651 8,856,321
Capital Work in Progress 535,876,088 387,248,076
13,667,570,483 13,665,866,063
43,282,019,355 42,406,359,814
Fareast Islami Life Insurance Co. Ltd.
Life Revenue Account
For the year ended 31 December 2019
Amount in Taka

PARTICULARS Notes 2019 2018

33,388,110,960 33,447,462,417
Prior adjustment made during the year 24,078,434 -

2,193,295,576 2,239,985,986
958,641,538 828,655,112
3,151,937,114 3,068,641,098
5,738,926,410 5,854,873,446
1,651,795,787 1,636,904,543
7,390,722,197 7,491,777,989
17,751,848 27,371,451
10,560,411,159 10,587,790,538
20,774,601 27,497,406
10,539,636,558 10,560,293,132
720,312,844 1,022,643,949
4,853,389 33,187,426
44,676,992,185 45,063,586,924

739,728,639 165,084,746

13,001,371 19,260,182
6,469,298 6,612,735
521,270 696,220
1,551,092 1,218,634
98,589 100,848
688,139,071 1,165,736,863
1,725,799 1,310,082
1,700,701,985 1,708,620,788
3,151,937,114 3,068,641,098
Fareast Islami Life Insurance Co. Ltd.
Life Revenue Account
For the year ended 31 December 2019
Amount in Taka

PARTICULARS Notes 2019 2018

110,276,335 114,899,643
5,940,371,498 6,469,807,456
1,009,789,037 840,834,119
106,995,525 128,084,303
7,167,432,395 7,553,625,521

1,320,688,461 1,421,182,596

617,602,258 713,711,213
1,938,290,719 2,134,893,809
Salaries etc. (other than to agents and those
contained in the allowances and commission) 858,536,202 903,638,650
Travelling & Conveyance 19,627,244 24,354,807
Shariah Meeting Fees 483,000 176,000
Meeting Fees 4,599,722 4,613,332
Auditor's Fees 384,656 287,500
Actuarial Fees 1,510,000 1,711,765
Medical Expenses 933,269 1,096,901
Legal & Professional Fees 3,784,737 4,462,544
Registration & Renewal Fees 9,840,206 -
Advertisement & Publicity 18,066,981 18,611,351
Printing & Stationery 14,451,228 16,363,225
Policy Stamp 31,131,075 29,103,765
Revenue Stamp 3,556,442 4,988,425
Postage & Courier Bills 3,881,778 4,134,701
Telephone, Internet & Fax Bills 5,897,182 8,634,498
Training & Recruitment Expenses 3,665,953 1,571,749
Meeting Expenses 495,548 352,498
Development Expenses 84,783,007 114,112,637
Office Rent 102,218,319 109,628,957
Office Expenses 25,743,300 12,728,451
Repairs & Maintenance 23,290,423 31,905,405
Gas, Water & Electricity Charges 26,832,384 28,773,461
Car Fuel 37,726,523 43,195,626
Car Registration & Renewal Fees 1,051,540 2,558,408
Fareast Islami Life Insurance Co. Ltd.
Life Revenue Account
For the year ended 31 December 2019
Amount in Taka

PARTICULARS Notes 2019 2018

Bank Charges 12,650,920 10,729,444
Car Repairs & Maintenance 3,963,022 17,392,176
Car Insurance Expenses 529 5,784,084
Newspaper & Periodicals 50,771 855,596
Entertainment 4,221,544 4,273,556
AGM Expenses 731,115 408,170
Mobile Telephone Bills 5,886,271 7,998,775
Fees, Subscription and Donation 23,628,260 6,126,918
Duty & Taxes 3,519,854 8,161,856
Trade Licence 247,222 264,288
Cleaning & Washing 7,144,469 6,563,817
Insurance Premium 8,159,805 10,471,364
Software Expenses 20,000 -
Depreciation on Fixed Assets 170,913,220 188,454,367
1,523,627,721 1,634,489,067

171,158,393 165,610,689
Finance Charge for Lease Liability as per IFRS 16 953,678 -
172,112,071 165,610,689
3,634,030,511 3,934,993,565
149,485,502 186,856,878
149,485,502 186,856,878
3,783,516,013 4,121,850,443

33,726,043,777 33,388,110,960
44,676,992,185 45,063,586,924
Fareast Islami Life Insurance Co. Ltd.
Statement of Life Insurance Fund
As at 31 December 2019
Amount in Taka

PARTICULARS Notes 2019 2018

13 675,910,532 669,212,401
14 12,143,961,512 10,576,812,279
15 1,543,732,970 1,066,113,754
16 639,059,394 553,882,778
17 7,074,130,087 7,764,255,086
18 86,795,261 105,373,879
6,904,358,440 7,602,235,945
3,999,937 6,503,232
6,624,651 8,856,321
Capital Work in Progress 21 535,876,088 387,248,076
22 13,667,570,483 13,665,866,063
43,282,019,355 42,406,359,814

3,330,392,262 3,330,392,262
13,567,568 8,495,139

27,909,946 43,361,679

444,849,826 214,151,704
1,717,946,114 1,727,950,000
3,090,269,509 2,748,039,268
Provision for Share Value Fluctuation Account 136,565,484 25,585,148
47,047,359 172,846,144
8,808,548,068 8,270,821,344
34,473,471,287 34,135,538,470
747,427,510 747,427,510

33,726,043,777 33,388,110,960
Fareast Islami Life Insurance Co. Ltd.
FORM- A A
Classified Summary of the Assets in Bangladesh
As at 31 December 2019

4,019,244,216 4,019,244,216
5,711,810 5,711,810

675,910,532 675,910,532
7,543,505,975 7,406,940,491 Fair valie
Fareast Islami Securities Ltd.(Subsidiary) 497,500,000 497,500,000
Fareast Islami Properties Ltd. 72,000,000 72,000,000
Loans on Personal Security - -
(domiciled & resident in Bangladesh)
5,999,511 5,999,511

3,312,147,907 3,312,147,907
3,592,210,533 3,592,210,533

1,543,732,970 1,543,732,970
639,059,394 639,059,394

7,074,130,087 7,074,130,087
10,624,588 10,624,588
86,795,261 86,795,261
Capital Work in Progress 535,876,088 535,876,088
13,667,570,483 13,667,570,483
43,282,019,355 43,145,453,871
Fareast Islami Life Insurance Co. Ltd.
Cash Flow Statement
For the year ended 31 December 2019
Amount in Taka

PARTICULARS Notes 2019 2018

9,936,218,557 10,470,985,746
(6,936,734,273) (7,812,194,116)
(2,223,771,812) (2,884,816,015)
Income Tax Paid (58,997,189) (234,565,279)
41 716,715,283 (460,589,664)

(173,270,542) (5,800,428,713)
Capital Work in Progress (148,628,012) (133,207,734)
652,901 48,314,486
639,989,617 1,140,436,962
(1,583,851,250) (2,894,989,730)
(1,265,107,286) (7,639,874,729)

- -
(149,485,502) (186,856,878)
(149,485,502) (186,856,878)
(697,877,505) (8,287,321,271)
7,602,235,945 15,889,557,216
6,904,358,440 7,602,235,945
Fareast Islami Life Insurance Co. Ltd.
Statement of Changes in Shareholders' Equity
For the year ended 31 December 2019

Retained
Earnings

747,427,510 747,427,510

- -

747,427,510 747,427,510
 NOTES TO THE
FINANCIAL STATEMENTS
Fareast Islami Life Insurance Co. Ltd.
Notes to the Financial Statements
For the year ended 31 December 2019

1.00 LEGAL FORM AND STATUS OF THE COMPANY

Fareast Islami Life Insurance Company Limited established on 29 May 2000 and registered with the
Registrar of Joint Stock Companies and Firms with the issuance of a incorporation Certificate no. C-
40381(2349)/2000 dated 29 May 2000 as a Public Limited Company under the Companies Act 1994 and
registered with the Department of Insurance on 30 May 2000 under Insurance Act 1938 as amended
2010. The company started issuance of shares to the public in 2005 and got listed in both Dhaka Stock
Exchange Ltd. and Chittagong Stock Exchanges Ltd.

2.00 NATURE OF BUSINESS

Fareast Islami Life Insurance Company Limited is engaged in Ekok Bima, Group Insurance (GI) and
non-traditional Micro Insurance business under the name of Sharbojonin Bima. The Company is a
Publicly Traded Company and its shares are listed with the Dhaka Stock Exchange Limited and
Chittagong Stock Exchange Limited.
Address of registered office and place of business of the company
The registered office of the Company is situated at Fareast Tower, 35 Topkhana Road, Dhaka - 1000.
Subsidiary Companies
Fareast Islami life Insurance Company Limited is a parent company of two subsidiary companies namely
Fareast Islami Securities Limited and Fareast Islami Properties Limited details of which are given below:
Fareast Islami Securities Ltd.
In pursuant to the permission from IDRA, the company (Parent) formed a wholly owned (99.50%) public
limited company. The main objective of the company is to act as a member of Stock Exchanges, and to
carry on business of brokers, stocks, shares, securities and provide margin loan to the investors under
the present rules and regulations.
Fareast Islami Properties Ltd.
In pursuant to the permission from IDRA, the company (Parent) formed a wholly owned (72.00%) public
limited company. The main objective of the company is to acquire by purchase, lease, and settlement or
otherwise any land from any person and to develop the same for the residential, industrial, commercial
and housing person.

3.00 SIGNIFICANT ACCOUNTING POLICIES

3.01 Basis of Consolidation
The financial statements of the company and its subsidiary have been consolidated in accordance with
International Financial Reporting Standard (IFRS) 10: `Consolidated Financial Statements`. The
consolidation of the financial statements has been prepared by using uniform accounting policies and
after eliminating all material intra group balances, income and expenses arising from intra-group
transactions. The total revenue of the company and its subsidiaries are shown in the consolidated Life
Revenue Account with the proportion of Fund after taxation pertaining to minority shareholders being
deducted as ‘Non-controlling Interest’. All assets and liabilities of the company and of its subsidiaries are
shown in the consolidated balance sheet. The interest of minority shareholders of the subsidiaries are
shown separately in the consolidated balance sheet under the heading ‘Non-controlling Interest’.

3.02 Components of the Financial Statements

The Financial Statements include the following components:
i) Balance Sheet
 ii) Life Revenue Account
iii) Statement of Cash Flows,
iv) Statement of Changes in Shareholders’ Equity
v) Statement of Life Insurance Fund
vi) Classification of the Assets (Form AA); and
vii) Accounting Policies and Explanatory Notes

3.03 Basis of Presentation and Statement of Compliance

The financial stements have been prepared on accrual basis of accounting, under Historical Cost
Convention as a Going Concern (IAS-1) since there was no significant doubt or uncertainty to continue
the operation of the company in the foreseeable future. The management do not see any issue with
respect to going concern due to recent Pandemic COVID-19.
The following underlying assumptions, measurement base, laws, rules, regulations and accounting
pronouncements have been considered in preparing and presenting the Financial Statements:
a. Accrual unless stated otherwise
b. Historical cost convention
c. The Insurance Act 2010
d. The Insurance Act 1938
e. The Insurance Rule 1958
f. The Companies Act 1994
g. The Bangladesh Securities and Exchange Rules 1987
h. The Income Tax Ordinance 1984
i. The Listing Regulations of Dhaka and Chittagong Stock Exchanges
j. The International Accounting Standards (IAS)
k. Any other applicable legislation
Where the requirements of the Companies Act 1994, the Insurance Act 1938 & 2010 and the Bangladesh
Securities and Exchange Rules 1987 differ with the requirements of these standards, the requirements of
the Companies Act 1994, the Insurance Act 1938 & 2010 and the Bangladesh Securities and Exchange
rules 1987 take precedence.

3.04 Revenue recognition

The revenue is recognized after satisfying all the conditions for revenue recognition as provided IFRS 15:
“Revenue” in compliance with IFRS 4 “Insurance Contract”. Detailed income wise policy for revenue
recognition is as given under:

a) Premium Income
The income from premium is comprised of the total amount of premium earned on various classes of life
insurance business during the year, the gross amount of premium earned against various policies, the
amount of claims less re-insurance settled during the year have all been duly accounted for in the books
of account of the Company. While preparing the final statement of accounts, the effect of re-insurance
accepted and re-insurance ceded as well as the effect of total estimated liabilities in respect of
outstanding claims have been given effect to the accounts at the end of the year.

Commission received on reinsurance ceded is recognized as income, and net off against commission
paid, in the period in which reinsurance premium is ceded. Profit commission on reinsurance ceded is
recognized as income, and net off against reinsurance premium, in the period in which reinsurance
premium is ceded.
 b) Investment Income
Profit on different investments is recognized on accrual basis as per IFRS-15"Revenue". Portfolio gain on
investments in shares is recognized as income and credited to investment income in the life revenue
account as per IFRS- 9 "Financial Instrument: Recognition". Capital gain is recognized when it is
realized and recognized as income and credited to investment income in the life revenue account as per
IFRS-9 "Financial Instrument: Recognition".
c) Interest, Dividends and Rent income
Interest income is recognized on accrual basis (except project loan) unless otherwise stated. Interest
income on bank deposits (FDRs) is recognized on accrual basis (time proportion basis). Income on
Government securities is recognized on Coupon Rate basis for the number of days these are held.
Dividend income has been accounted for only when the right to receive the dividend is established.
Rental income is recognized on accrual basis, except for the cases that are under litigation.

3.05 Investment
Investments are made and accounted in accordance with the provisions of the Insurance Act/ Rules and
the circulars/notifications issued by the IDRA from time to time.
Held to Maturity
Investments which have 'fixed or determinable payments' and are intended to be held to maturity are
classified as 'Held to Maturity'.
i) Bangladesh Govt.Treasury Bond (BGTB), Statutory Deposit with Bangladesh Bank (BGTB) have been
valued at cost.
The company has appealed to the Government authorities through Bangladesh Insurance Association
and Insurance Development & Regulatory Authority to lower the prescribed investment amount in
treasury bond due to varying earning rate of interest from Govt. treasury bond and for profit on Islami
bond and the matter is under consideration by the government to raise the profit rate for Islami bond to
pave the way for all Islami life Insurance Companies operating in the business market in the interest to
the policy holders of the insurance.
Investment in stocks, shares and other securities are recognized in the financial statements at cost
considering long term investment and these are revalued at regular interval. Increases or decreases in
the value of investment are recognized in the financial statement as per IFRS-9 “Financial instruments”.
Increases or decreases in the value of investment in listed shares are recognized in the financial
statement considering the average movement of market price as the capital market of Bangladesh.
Decreases in the market value on stocks and shares are recognized in the Life Revenue Account as per
IFRS-9 “Financial Instruments”.

3.06 Fixed Assets

a) Valuation of Fixed Assets
All fixed assets are stated at cost less accumulated depreciation as per IAS 16: “Property, Plant and
Equipment” valued under cost model . The cost of acquisition of an asset comprise of its purchase price
and any directly attributable cost of bringing the asset to its working condition for its intended use
inclusive of inward freight, duties and non- refundable taxes.

b) Recognition of Fixed Assets

The company recognizes in the carrying amount of an item of property, plant and equipment the cost of
replacing part of such an item when that cost is incurred if it is probable that the future economic
benefits embodied with the item will flow to the company and the cost of the items can be measured
 reliably. Normal expenditure incurred after the assets have been put into operation such as repairs and
maintenance other than major replacements, renewals and or betterment of the assets are charged off
as revenue expenditure in the period in which it is incurred.
During the period the company acquired fixed assets with an aggregate cost of Tk 173,270,542 of which
Tk 32,011,634 was acquired by finance lease. Payments of Tk 141,258,908 was made to purchase
furniture and equipment.

c) Depreciation on Fixed Assets

Depreciation is charged on Fixed assets has been calculated on all assets using diminishing balance
method in accordance with IAS-16 ' Property, Plant and Equipment ' at varying rates depending on the
class of assets. Depreciation is charged in additions of fixed assets when it is available for use. Methods
and Rates of depreciation are consistently applied in relation to previous year and depreciation rates are
as follows:

The gain or loss arising on the disposal or retirement of an asset is determined as the difference between
the sale proceeds and the carrying amount of the asset and recognized in the Life Revenue Account.

d) Impairment of Assets

In each year the management assess whether there is any indication that the assets may be impaired in
accordance with IAS 36: “Impairment of Assets” considering the current economic situations.
Management concludes that there is no such indication in existence.

3.07 Taxation

IAS 12: “Income Taxes” and Income Tax ordinance 1984 have been used for the calculation of deferred
tax and current tax expense respectively.

Current tax expense

The tax currently payable is based on taxable surplus for the year. Taxable surplus differs from surplus as
reported in the life revenue account because it excludes items of income or expenses that are taxable or
deductible in succeeding years and it further excludes items that are never taxable or deductible. The
company’s liability for current tax has been calculated using tax rates that have been enacted or
substantively enacted by the balance sheet date.
 Refund has been created/assessed in the following Income Years

Assessment of Income Tax for the Income Years 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014,
2015, 2016, 2017 and 2018 has not yet been finalized. Above refund amount are subject to adjustment
with the finally assessed tax amount, if any, for the Income Year 2019 and coming years.

Deferred tax
Income Tax assessment of the company is made as per 4th schedule of Income Tax ordinance 1984. As
per 4th schedule of the Income Tax Ordinance Deputy Commissioner of Taxes considered Actuarial
Valuation Report for making assessment. In the past records of assessment order Tax Authority has not
allowed depreciation as per 3rd schedule of the Income Tax Ordinance 1984. As such there arises no
temporary difference of taxable fixed assets. In the absence of temporary difference no financial effect
has been given in the Financial Statements for the year 2019 for deferred tax provision.

3.08 Financial Instruments

Derivative:
According to IFRS 7: “Financial Instruments: Disclosures”, the company was not a party to any
derivative contract (financial instruments) at the Balance Sheet date, such as forward exchange
contracts, currency swap agreement or contract to hedge currency exposure related to import of capital
machinery to be leased to lessees in future.
Non-Derivative:
Non-derivative financial instruments comprise of accounts and other receivable, borrowings and other
payables and are shown at transaction cost as per IFRS 9 “Financial Instruments: Recognition and
Measurement”.

3.09 Commission
Commission to Insurance Agents (Less that received on Re-insurance) represents First Year
Commission, Renewal Commission and Group Commission. Allowance and Commission (Other than
Commission to Insurance Agents less that on Re-insurance) represent Field Officers Salary and
Allowances including Incentive Bonus.

3.10 Statement of Cash Flows

Cash Flow Statement is prepared in accordance with IAS-7 and Cash Flow from operating activities has
been presented under direct method as outlined in the Bangladesh Securities and Exchange Rules 1987.
Cash in hand and Cash at bank have been considered as the Cash and Cash equivalents for the
preparation of the Statement, which were held and available for use by the Company without any
restriction.

3.11 Employees’ Benefit

Fareast Islami Life Insurance Co. Ltd offers a number of benefit plans, which includes Contributory
Provident Fund, Gratuity and also Festival Bonus, which have been accounted for in accordance with the
applicable provision of IAS-19, "Employee Benefit". Bases of enumerating the above benefits schemes
operated by the company are outlined below:
3.11.1 Contributory Provident Fund
The Company operates a contributory provident fund for its permanent employees .The fund is
administered separately by a Board of Trustees and is funded by equal contribution from the Company
and the Employees. This fund is invested separately.

3.11.2 Gratuity
Employees of the company, who served the company for three years or above is entitled to get gratuity
benefit at rates determined by the service rules of the fund. Presently the Gratuity is being paid at the
time of the final settlement of the respective employees.

In respect of Defined Benefit Plans FILIC (Fareast Islami Life Insurance Co. Ltd.) pay its employee
Gratuity as post-employment benefits as per service rule. The plan is unfunded though no provision
recognises as allowable expenditure by the NBR. The entity only booked the amount that directly paid to
the employee as a post-employment benefit. The amount also considers as allowable expenditure by the
NBR.

3.12 Provision for liabilities

According to IAS-37: “Provision, Contingent Liabilities and Contingent Assets” the company recognizes
the provision in the balance sheet when the company has a legal or constructive obligation as a result of
past event and it is probable that an outflow of economic benefit will be required to settle the obligations.

3.13 Related party transactions

The related party is the party who has the significant power in the management process and cast
significant power in the company’s affairs and the management duly identified the party is related to the
company and discloses the transactions of the related party as per IAS 24: “Related party Disclosures”.
There were few transactions made in the previous years referred to as related parties transactions under
IAS 24 as adopted by ICAB. These transactions has been approved by the Board of Directors.
Subsequently, those persons do not qualify as related parties. Besides, those business transactions were
still lying with the entity. The related party transaction has been disclosed in annexure-C.

3.14 Risk Minimisation Strategies

Risk and uncertainties for use of estimates in preparation of Financial Statements
Preparation of Financial Statements in conformity with the International Accounting Standards requires
management to make estimates and assumption that affect the reported amounts of assets and
liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and
revenues and expense during the period reported. Actual result could differ from those estimates.
Estimates are used for accounting of certain items such as long-term contracts, depreciation and
amortization, employees benefit plans, taxes, reserves and contingencies.
Insurance Risk
Insurance underwriting risk is the risk that the Company will suffer losses due to economic situation or
the rate of occurrence of an incident contrary to the forecast made at the time of setting up of the
premium rate. The risk underwritten, i.e., the risk of death and critical illness may vary from division to
division. The underwriting risk arises from death and sometimes due to permanent disability and critical
illness. The Company may get exposed to poor risk due to unexpected experience in terms of claim
severity or frequency. This can be a result of anti-selection, fraudulent claims or poor persistency. The
Company faces the risk of under pricing particularly due to nature of long-term contract. In addition to
this, due to poor persistency, the Company would be unable to recover expenses of policy acquisition.
The Company manages these risks through its underwriting, re-insurance, claims handling policy and
 other related control mechanisms. The company has a good spread of business throughout the country
thereby ensuring diversification of geographical risks. The company has a well defined medical
under-writhing policy and avoids selling policies to high risk individuals. Underwriting procedures have
been enhanced and rules have been structured to enable the Company to strike a balance between
mitigating risk, ensuring control and providing better service. This puts a check on anti-selection. The
Company seeks to reduce its risk exposure by reinsuring certain levels of risk with renowned re-insurance
Trust-Re.

Liquidity Risk
Liquidity risk is the risk that the Company will be unable to meet its funding requirements. To guard
against the risk the Company has diversified funding sources and assets are managed with liquidity in
mind, maintaining healthy balance of cash and cash equivalent and readily market securities.

Interest rate risk

The Company invests in securities and has deposits that are subject to interest rate risk. Interest rate risk
is the risk that the value of future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Company limits interest risk by monitoring changes in interest rates in the
money market and by diversifying into various institutions (issuers’ of securities).

Market risk (investment pattern)

Market risk is the risk that the value of a financial instrument will fluctuate as a result of changes in
market prices, whether these changes are caused by factors specific to the individual security or its
issuer or factors affecting all securities traded in the market. The Company is exposed to market risk
with respect to its investment.

The Company continues to adopt a prudent policy in respect of investments. The fund of the Company
has been invested as per provision of the Insurance Act. The investments are mainly in Govt. securities,
Fixed Deposits Receipts (FDR’s) with various commercial banks and financial institutions having
acceptable performance parameters and ratings and equity shares in listed companies having good and
positive fundamental and technical attributes.

The Company also limits market risk maintaining a diversified profile and by continuous monitoring of
developments in Govt. securities (treasury bills) equity and term finance certificates markets. In addition,
the Company actively monitors the key factors that affect the underlying value of these securities.

Credit risk
Credit Risk is the risk, which arises with the possibility that one party to a financial instrument will fail to
discharge its obligation and cause the other party to incur a financial loss. Major credit risk is in
reinsurance receivables, bank balances and investments. The management monitors exposure to credit
risk through regular review of credit exposure/ CAMELS rating and assessing credit worthiness of
counter parties.

3.15 Responsibility for preparation and presentation of financial statements

The Board of Directors and Management is responsible for the preparation and presentation
of Financial Statement under section 183 of the Companies Act, 1994, BSEC guideline and as
per the provision of “The Framework for the preparation and presentation of Financial
Statements” issued by the International Accounting Standards Committee (IASC) as adopted
by the Institute of the Chartered Accountants of Bangladesh (ICAB).
3.16 Claims
Survival Benefit claims and Annuities are accounted for when due for payment. Death claims and all
other claims are accounted for when intimated. Provision for outstanding death claims has been made
based on the intimation of the death claims received up to 31 December 2019.

3.17 Implementation relevant assumptions and disclosures of IFRS 16

IFRS 16: “Leases” has come into force on 01 January 2019, as adopted by the Institute of Chartered
Accountants of Bangladesh (ICAB). The FILICL applied IFRS 16 using the modified retrospective
approach where the Company measured the lease liability at the present value of the remaining lease
payments, discounted it using the Company’s incremental borrowing rate at the date of initial
application, and recognized a right-of-use asset at the date of initial application on a lease by lease basis.

Right-of-use assets
The Company recognize right of use assets at the date of initial application of IFRS 16. Right-of-use
assets are measured at cost, less any accumulated depreciation, and adjusted for any re-measurement
of lease liabilities. Right-of-use assets are depreciated on a straight line basis over the lease term. The
Right-of-use assets are presented under property, plant and equipment.

Lease Liabilities
At the commencement date of the lease, the company recognizes lease liabilities measured at the
present value of lease payments to be made over the lease term using the incremental borrowing rate at
the date of initial application. Lease liabilities is measured by increasing the carrying amount to reflect
interest on the lease liability, reducing the carrying amount to reflect the lease payments. Advances paid
in connection with the lease agreement is considered as on the installment of lease payments. Interest
on the lease liability in each period during the lease term shall be the amount that produces a constant
periodic amount of interest over the lease period.

3.18 Reporting period

Financial Statements of the Company cover one financial year from 01 January 2019 to 31 December 2019.

3.19 Reporting currency

The figures in the Financial Statement represent Bangladesh Currency (Taka). Figures have been rounded
off to the nearest Taka.

3.20 Comparative Figures

Comparative information has been disclosed in respect of the year 2019 for all numerical data in the
financial statements and also the narrative and descriptive information when it is relevant for
understanding of the current year’s financial statements.

The entity changes the presentation or classification of items in its financial statements according to
necessity; it shall reclassify the comparative amounts also. During the year the reclassification considers
in the line items of revenue account under expenses of management. The reclassification took place to
get a clear idea to compare the specific line items of the revenue account.
 Amount in Taka
2019 2018

100,000,000 Ordinary Shares of Tk. 10 each 1,000,000,000 1,000,000,000

747,427,510 747,427,510

32.69 244,348,260 271,524,090

67.31 503,079,250 475,903,420
747,427,510 747,427,510

22 24,434,826 32.69
Foreigners 4 2,681,423 3.59
7,071 16,561,178 22.16
165 31,065,324 41.56
7,262 74,742,751 100.00

4,337 651,531 0.87

2,344 3,827,574 5.12
241 1,675,133 2.24
125 1,735,515 2.32
40 1,002,808 1.34
30 1,070,481 1.43
14 626,624 0.84
43 3,067,596 4.11
66 21,279,461 28.47
22 39,806,028 53.26
7,262 74,742,751 100.00

3,330,392,262 3,330,392,262

33,726,043,777 33,388,110,960
9
January 01, 2019 33,388,110,960 33,447,462,417
Add: Increase/ (Decrease) in Life Revenue Account during the year 337,932,817 (59,351,457)
33,726,043,777 33,388,110,960
 Amount in Taka
2019 2018
33,690,359,320 33,329,264,616
33,726,043,777 33,388,110,960
(58,573,389) (70,705,376)
22,888,932 11,859,032
33,690,359,320 33,329,264,616
41,364,544 37,014,173
2,222,574 2,161,609
39,141,970 34,852,564
41,364,544 37,014,173
13,567,568 8,495,139
As an Islami Shariah based Company the Bank Interest has not been included with the Revenue Income.
Thus the Interest is recognized in a separate account as Welfare Fund excepting statutory deposit on
investment with Bangladesh Bank.

27,909,946 43,361,679
The amount represents the balance due to Trust Re, Manama, Bahrain on account of share of re-insurance
commission and share of claim after adjustment of re-insurance premium due to them. The balance of
Trust Re has been accounted for the year ended 31 December 2019.
Balance break-up is as under
January 01, 2019 43,361,679 23,390,572
20,774,601 27,497,406
64,136,280 50,887,978
Less: Received/ Adjust against Re-Insurance Commission 4,653,220 5,026,299
59,483,060 45,861,679
- -
59,483,060 45,861,679
7,494,680 2,500,000
51,988,380 43,361,679
Less: Prior adjustment made during the year 24,078,434 -
27,909,946 43,361,679

444,849,826 214,151,704
14,060,578 20,042,420
January 01, 2019 20,042,420 31,303,743
155,629,809 103,264,752
175,672,229 134,568,495
Less: Paid/Adjust during the year 154,116,971 112,026,075
21,555,258 22,542,420
7,494,680 2,500,000
14,060,578 20,042,420
13,925,695 2,073,737
January 01, 2019 2,073,737 218,359
26,426,539 13,873,912
28,500,276 14,092,271
Less: Paid/Adjust during the year 14,574,581 12,018,534
13,925,695 2,073,737
 Amount in Taka
2019 2018
387,013,000 180,365,576
January 01, 2019 180,365,576 411,830,598
8,845,865,792 6,149,810,860
9,026,231,368 6,561,641,458
Less: Paid/Adjust during the year 8,639,218,368 6,381,275,882
387,013,000 180,365,576
29,850,553 11,669,971
444,849,826 214,151,704

1,717,946,114 1,727,950,000

1,623,664,691 1,623,100,000
1,623,664,691 1,623,100,000

94,281,423 104,850,000
94,281,423 104,850,000

3,090,269,509 2,748,039,268
522,022 1,840,418
6,140,389 4,292,028
359,919 492,170
337,686,805 302,785,902
3,038,552 2,877,097
391,250 391,250
30,091,021 37,847,437
4,972,300 180,586
491,947 443,100
227,130,312 202,621,960
16,781,574 21,021,792
289,540 257,384
12,144,473 14,480,227
214,723 236,483
194,435,250 179,648,124
540,890 203,512
6,993,046 3,779,240
1,380,000 1,250,000
386,150,126 284,459,079
177,891 9,320
34,287 2,700
1,078,482 967,508
3,200,851 2,901,375
483,011 483,011
 Amount in Taka
2019 2018

Development Expenditure 5,868,611 78,566,201

302,117 165,874
Meeting Fees - 535,554
496,288 496,288
4,700 4,660
1,759,353,376 1,588,194,983
563,080 -
Training & Recruipment Expenses 358,720 258,450
Legal & Professional Fees 8,600 -
Unidenti ed Deposit 37,493,591 2,836,127
Unrealised Pro t 13,279,541 13,279,541
Advance Rental Income Received 13,878,000 -
Others 588,794 229,887
Leased Liability as per IFRS 16 23,345,430 -
3,090,269,509 2,748,039,268

337,686,805 302,785,902
158,856,855 179,886,182
15,095,669 21,461,195
163,734,281 101,438,525
337,686,805 302,785,902

19
20

386,150,126 284,459,079

483,011 483,011

19
 Amount in Taka
2019 2018

2019 2018
49,953 49,953
363,154 363,154
69,904 69,904
483,011 483,011

496,288 496,288

3,281,989,285 2,942,860,271
3,090,269,509 2,748,039,268
188,204,623 138,992,299
24,540,285 64,384,038
3,303,014,417 2,951,415,605
21,025,132 8,555,334
3,281,989,285 2,942,860,271

47,047,359 172,846,144
32,426,959 158,078,245
14,620,400 14,767,899
47,047,359 172,846,144

19

13 .00 LOAN ON POLICY 675,910,532 669,212,401

14 .00 12,143,961,512 10,576,812,279

14 .01 7,543,505,975 6,865,253,779

Shares and Bonds of various Companies.
Investment in shares has been recognised at cost in compliance with the requirements of Insurance Act
1938. In compliance with IDRA circular no. 04/2012 Dated 11 June 2012. Provision for Share Value Fluctua-
tion Account has been maintained for the decrease in market value of the shares and also the relavent
impairment has been charged in the life revenue accounts. Fair value shall be achieved upon deduction of
the provision for Share Value Fluctuation Account from the list of Investment.
 Amount in Taka
2019 2018

The related investment balance of musharakah and bond other than the securities duly realise through the
concerned department from the investee in respect of principal and pro t. During the process, if any
ambiguity arises to recover the respective amount related action be taken with the concern of the Board of
Directors. Subsequently, in some cases, legal action is taken to accelerate the recovery process of the
related investment considering the following manners:
i) seek a legal opinion from the Company's panel lawyer ;
ii) served the legal notice to the concerned institution/persons ;
iii) legal suit against the defaulted institution/persons;

14 .02 5,711,810 5,711,810

14 .03 4,019,244,216 3,130,086,502

14 .04 497,500,000 497,500,000

14 .05 72,000,000 72,000,000

Fareast Islami Life Insurance Co. Ltd. Holds 7,200,000 shares (72% out of 10,000,000 shares) @ Tk. 10 each
against the paid-up capital of the subsidiary company.

14 .06 Employee House Building Loan Scheme 5,999,511 6,260,188

14 .A INVESTMENTS 12,084,202,258 10,505,155,870

12,143,961,512 10,576,812,279
465,680,238 438,623,606
Fareast Islami Properties Ltd. 44,060,508 59,219,985
12,653,702,258 11,074,655,870
569,500,000 569,500,000
12,084,202,258 10,505,155,870

15 .00 1,543,732,970 1,066,113,754

January 01, 2019 1,066,113,754 913,255,250
1,066,113,754 913,255,250
- -
19 1,543,732,970 1,066,113,754
Decemebr 31, 2019 1,543,732,970 1,066,113,754

- -
1,543,732,970 1,066,113,754
1,543,732,970 1,066,113,754
 Amount in Taka
2019 2018
16 .00 639,059,394 553,882,778
2,546,183 4,206,597
1,300,047 2,693,041
434,589 949,557
670,514 991,417
2,551,689 3,155,335
19,003,496 33,310,292
Al-Arafa Islami Bank Ltd. 387,464 312,116
Tresury Bond with Bangladesh Bank 85,586,200 71,145,914
102,687,926 94,943,487
Policy Investment 423,891,286 342,175,022
639,059,394 553,882,778

17 .00 7,074,130,087 7,764,255,086

11,935,071 16,993,838
694,417 694,417
3,195,078 5,927,780
(Sub Note 17.01) 124,686,002 87,321,307
(Sub Note 17.02) 1,280,666,352 1,278,846,842
(Sub Note 17.03) 1,628,929,732 1,569,932,543
306,456 306,456
57,380 57,380
23,593,446 23,593,446
Advance for Constuction, Land & Land Development (Sub Note 17.04) 3,889,320,267 4,618,644,628
Fareast Islami Securities Ltd. 8,555,334 8,555,334
Fareast Islami Properties Ltd. - 30,230
Car Hire Purchase Scheme (Sub Note 17.05 102,190,552 153,350,885
7,074,130,087 7,764,255,086

17. 01 Branch Revolving Fund

Opening Balance as on 01.01.2019 87,321,307 48,679,380
Add: Addition during the year 40,109,738 38,760,000
127,431,045 87,439,380
Less: Adjustment during the year 2,745,043 118,073
Closing Balance as on 31.12.2019 124,686,002 87,321,307

17. 02 Other Advances

Opening Balance as on 01.01.2019 1,278,846,842 333,528,325
Add: Addition during the year 68,346,651 984,898,539
1,347,193,493 1,318,426,864
Less: Adjustment during the year 66,527,141 39,580,022
Closing Balance as on 31.12.2019 1,280,666,352 1,278,846,842
 Amount in Taka
2019 2018
17. 03 Advance Income Tax
Opening Balance as on 01.01.2019 1,569,932,543 1,335,367,264
Add: Addition during the year 58,997,189 234,565,279
1,628,929,732 1,569,932,543
Less: Adjustment during the year - -
Closing Balance as on 31.12.2019 1,628,929,732 1,569,932,543

17. 04 Advance for Constuction, Land & Land Deve lopment

Opening Balance as on 01.01.2019 4,618,644,628 718,887,918
Add: Addition during the year - 4,572,979,000
4,618,644,628 5,291,866,918
Less: Adjustment during the year 729,324,361 673,222,290
Closing Balance as on 31.12.2019 3,889,320,267 4,618,644,628

17. 05 Car Hire Purchase Scheme

Opening Balance as on 01.01.2019 153,350,885 108,787,781
Add: Addition during the year 29,477,907 110,291,502
182,828,792 219,079,283
Less: Adjustment during the year 80,638,240 65,728,398
Closing Balance as on 31.12.2019 102,190,552 153,350,885

17.A
7,073,076,672 7,760,685,509
7,074,130,087 7,764,255,086
5,491,630 4,111,325
2,010,289 874,432
7,081,632,006 7,769,240,843
Less: inter Company transaction 8,555,334 8,555,334
7,073,076,672 7,760,685,509

18 .00 86,795,261 105,373,879

50,991 50,991
3,260,526 2,504,854
103,465 103,465
83,380,279 102,714,569
86,795,261 105,373,879

18. 01 Other Receivables

Opening Balance as on 01.01.2019 102,714,569 52,196,973
Add: Addition during the year 811,821,274 805,286,007
914,535,843 857,482,980
Less: Adjustment during the year 831,155,567 754,768,411
Closing Balance as on 31.12.2019 83,380,276 102,714,569
 Amount in Taka
2019 2018
18 .A 146,972,141 170,430,186
86,795,261 105,373,879
72,646,678 65,056,307
159,441,939 170,430,186
Less: Inter Company transaction 12,469,798 -
146,972,141 170,430,186

19 .00
3,312,147,907 4,043,910,566
MTDR AGAINST GENERAL FUND
1,813,576,159 1,800,238,576
59,653,294 78,084,611
47,155,617 137,034,299
Al-Arafa Islami Bank Ltd. 33,144,937 20,770,986
5,356,918 141,191,977
231,283,760 252,736,161
750,116,620 1,198,062,768
173,484,935 170,183,282
3,113,772,240 3,798,302,660

MTDR AGAINST TABARRU FUND

70,783,514 70,440,314
52,592,151 52,429,151
75,000,002 122,738,441
198,375,667 245,607,906
3,312,147,907 4,043,910,566

19 .A 3,421,323,054 4,135,932,474
3,312,147,907 4,043,910,566
109,175,147 92,021,908
3,421,323,054 4,135,932,474

20.00 SND & CD ACCOUNTS WITH BANKS 3,592,102,629 3,558,212,871

1044 335

20. A SND and CD ACCOUNTS WITH BANKS

3,675,376,539 3,642,972,030
Fareast Islami Life Insurance co. Ltd. 3,592,102,629 3,558,212,871
Fareast Islami Securities Ltd. 79,948,668 53,779,851
Fareast Islami Properties Ltd. 3,325,242 30,979,308
3,675,376,539 3,642,972,030
 Amount in Taka
2019 2018
21. 00 CAPITAL WORK IN PROGRESS
535,876,088 387,248,076
The above amount consists in respect of the following
Fareast Tower at Rajshai
Opening Balance as on 01.01.2019 387,248,076 254,040,342
Add: Addition during the year 148,628,012 133,207,734
535,876,088 387,248,076
Less: Adjustment during the year - -
Closing Balance as on 31.12.2019 535,876,088 387,248,076

22 .00
Cost (A) 13,667,570,483 13,665,866,063

Opening Balance 14,673,161,687 13,268,264,612

Add: Addition during the year 173,270,542 1,646,946,661
14,846,432,229 14,915,211,273
Less: Adjustment during the year 5,919,028 242,049,586
Closing Balance 14,840,513,201 14,673,161,687
Accumulated Depreciation (B)
Opening Balance 1,007,295,617 1,012,576,350
Add: Addition during the year 170,913,221 188,454,367
1,178,208,838 1,201,030,717
Less: Adjustment during the year 5,266,127 193,735,100
Closing Balance 1,172,942,711 1,007,295,617

Written Down Value as at December 31, 2019 (A-B) 13,667,570,483 13,665,866,063

22 .A 13,673,148,180 13,672,214,910
Fareast Islami Life Insurance co. Ltd. 13,667,570,483 13,665,866,063
Fareast Islami Securities Ltd. 5,577,697 6,348,847
13,673,148,180 13,672,214,910
22 .B BUILDING AT TOPKHANA ROAD, DHAKA
 Amount in Taka
2019 2018

23.00 10,539,636,558 10,560,293,132

2,193,295,576 20,774,601 2,172,520,975

958,641,538 958,641,538
5,738,926,410 5,738,926,410
1,651,795,787 1,651,795,787
Group Insurance Premium 17,751,848 17,751,848
19 10,560,411,159 20,774,601 10,539,636,558
18 10,587,790,538 27,497,406 10,560,293,132

24.00
720,312,844 1,022,643,949
603,956,888 898,352,776
3,827,191 4,743,779
(42,078,544) (45,729,280)
16,072,753 19,680,976
103,339 153,504
124,111,387 138,006,126
14,319,830 7,436,068
720,312,844 1,022,643,949

24.A 797,789,295 983,903,732

720,312,844 1,022,643,949
52,829,525 (52,394,835)
26,026,926 13,654,618
799,169,295 983,903,732
Less: Inter Company transaction 1,380,000 -
797,789,295 983,903,732

25.00 4,853,389 33,187,426

3,459,012 3,519,659
1,394,377 29,667,767
4,853,389 33,187,426

26.00 ETC. 871,007,852 914,097,002

858,536,202 903,638,650
10,919,100 8,905,802
Fareast Islami Properties Ltd. 1,552,550 1,552,550
871,007,852 914,097,002
 Amount in Taka
2019 2018
27.00 19,697,649 24,419,519
19,627,244 24,354,807
56,005 50,312
Fareast Islami Properties Ltd. 14,400 14,400
19,697,649 24,419,519

28.00 LEGEL & PROFES SIONAL FEES 5,697,023 6,286,867

3,784,737 4,462,544
1,877,786 1,789,823
34,500 34,500
5,697,023 6,286,867

29.00 14,451,228 16,363,225

19

29.A 14,775,250 16,875,291

14,451,228 16,363,225
115,115 303,159
Fareast Islami Properties Ltd. 208,907 208,907
14,775,250 16,875,291

30.00 TELEPHONE, INTERNET & FAX BILLS 6,272,243 9,028,349

5,897,182 8,634,498
360,201 378,991
Fareast Islami Properties Ltd. 14,860 14,860
6,272,243 9,028,349

31.00 102,663,391 111,521,065

102,218,319 109,628,957
445,072 512,108
Fareast Islami Properties Ltd. 1,380,000 1,380,000
104,043,391 111,521,065
Less: Inter Company transaction 1,380,000 -
102,663,391 111,521,065

32.00 25,982,090 12,962,996

25,743,300 12,728,451
33,670 29,425
Fareast Islami Properties Ltd. 205,120 205,120
25,982,090 12,962,996
 Amount in Taka
2019 2018
33.00 27,161,073 29,100,636
26,832,384 28,773,461
28,689 27,175
Fareast Islami Properties Ltd. 300,000 300,000
27,161,073 29,100,636

34.00 CAR FUEL 37,842,233 43,317,158

37,726,523 43,195,626
115,710 121,532
37,842,233 43,317,158

35.00 CAR REPAIRS & MAINTENANCE 4,026,432 17,504,640

3,963,022 17,392,176
63,410 112,464
4,026,432 17,504,640

36.00 81,601 885,961

50,771 855,596
5,330 4,865
Fareast Islami Properties Ltd. 25,500 25,500
81,601 885,961

37.00 4,350,615 4,673,401

4,221,544 4,273,556
105,071 375,845
Fareast Islami Properties Ltd. 24,000 24,000
4,350,615 4,673,401

38.00 23,628,260 6,126,918

39.00 14,223,581 9,784,965

10,702,082 9,340,947
3,521,499 444,018
14,223,581 9,784,965

40.00 188,972,266 171,402,770

171,158,393 165,610,689
14,653,589 3,810,249
3,160,284 1,981,832
188,972,266 171,402,770
 Amount in Taka
2019 2018

337,932,817 (59,351,457)

170,913,220 188,454,367
149,485,502 186,856,878
80,638,240 65,728,398
953,678 -
(1,394,377) (29,667,767)
(720,312,844) (1,022,643,949)
18,216,236 (670,623,530)

(477,619,216) (152,858,504)
716,054,406 416,120,792
18,578,618 (50,645,509)
4,734,965 (1,640,780)
5,072,429 (2,940,136)
(15,451,733) 19,971,107
230,698,122 (258,568,595)
342,230,241 177,044,373
(125,798,785) 63,551,118
716,715,283 (460,589,664)

43.00
44.00
Quarterly and Half-yearly Financial Statements are being published by the Fareast Islami Life
Insurance Company Limited according to the Security and Exchanges Commission's instruction.

45.00 DATE OF AUTHORIZATION

The Board of Directors of Fareast Islami Life Insurance Co. Ltd. approved this Financial Statements
on 01 November 2020.

46.00
There is no capital expenditure contract that has been made during the year except the amount
paid as advance for Construction, Land & Land Development and Mobilization advance for build-
ing project work shown in the Note # 17.

47.00
Contingent Liabilities are those which arise due to the past event which shall be settled in the
future on the occurrence or non occurrence of some uncertain event, cost of which can be
measured reliably as per IAS-37 “Provision and Contingent Assets and Liabilities”. In the yeas
under review there is no such contingent liabilities as well as no commitment is made, to be
settled in the future.
Amount in Taka
48.00

49.00
49.01

Amount in Taka Amount in Taka

2019 2018

1,888,722 2,366,332
342,758,216 397,477,171
30,219,125 34,838,655
202,505,991 216,723,045
283,052,870 254,599,779
1,888,722 858,536,202 2,366,332 903,638,650

49.02
Compliance of International Accounting Standards (IAS) and
International Financial Reporting Standards (IFRS)
Fareast Islami Life Insurance Co. Ltd.

As pier Regulations contained in the First Schedule of the Insurance Act, 2010, As per section 62 (2) of
the said act, we certify that

1. The value of investment in shares and debentures has been taken at cost.
2. The value of all assets as shown in the balance Sheet and as classified on Form ‘’AA’’ annexed have
duly reviewed as at 31 December 2019;
3. All expenses of management in respect of Life Insurance Business transacted by the Company in
Bangladesh has been fully Charged to the Life Revenue Account as expenses.
 AUDITORS REPORT AND FINANCIAL
STATEMENTS OF SUBSIDIARY COMPANIES
Report on the Financial Statements
Opinion
We have audited the financial statements of Fareast Islami Securities Limited, which comprise the Statement of
Financial Position as at 31 December 2019 and the Statement of Profit or Loss and Other Comprehensive Income,
Statement of Changes in Equity and Statement of Cash Flows for the year then ended, and notes to the financial
statements, including a summary of significant accounting policies.
In our opinion, the accompanying financial statements give true and fair view, in all material respects, of the
financial position of the Company as at 31 December 2019 and of its financial performance and its cash flows for
the year then ended in accordance with International Financial Reporting Standards (IFRSs) and comply with the
requirements of the Companies Act, 1994, The Securities and Exchange Rules, 1987 and other applicable laws and
regulations.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under
those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements
section of our report. We are independent of the Company in accordance with the International Ethics Standards
Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code), and we have fulfilled our other
ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Responsibilities of Management and Those Charged with Governance for the Financial Statements
and Internal Controls
Management is responsible for the preparation and fair presentation of the financial statements in accordance with
IFRSs, and for such internal control as management determines is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error. The Companies Act,
1994 require the Management to ensure effective internal audit, internal control and risk management functions of
the Company.
In preparing the financial statements, management is responsible for assessing the Company’s ability to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis
of accounting unless management either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional
skepticism throughout the audit. We also:

•design
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial
statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the
Company to cease to continue as a going concern.

•andEvaluate the overall presentation, structure and content of the financial statements, including the disclosures,
whether the financial statements represent the underlying transactions and events in a manner that achieves
fair presentation.

Report on other Legal and Regulatory Requirements

In accordance with the Companies Act, 1994 and The Securities and Exchange Rules, 1987, we also report the
following:
a) we have obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purposes of our audit and made due verification thereof;
b) in our opinion, proper books of account as required by law have been kept by the Company so far as it appeared
from our examination of these books;
c) the statement of financial position and statements of profit or loss and other comprehensive income dealt with
by the report are in agreement with the books of account and returns; and
d) the expenditure incurred was for the purposes of the Company’s business.

Md. Abu Kaiser, FCA

08 June 2020 Mahfel Huq & Co.
Dhaka Chartered Accountants
Fareast Islami Securities Limited
Statement of Financial Position
As at 31 December 2019
Amount in Taka

PARTICULARS Notes 2019 2018

ASSETS
416,995,080 391,625,341
5,577,697 6,348,847
349,724,994 349,724,994
Investment in Marketable Securities 61,692,389 35,551,500

212,358,730 176,323,192
54,262,855 53,347,112
Advances, Deposits & Prepayments 5,491,630 4,111,325
541,600 541,600
Accounts Receivables 72,105,078 64,514,707
79,957,567 53,808,448

Total Assets 629,353,810 567,948,533

441,149,186 428,956,234
500,000,000 500,000,000
(58,850,814) (71,043,766)

188,204,623 138,992,299
8,555,334 8,555,334
80,000,000 75,000,000
75,010,273 44,655,701
10,244,755 6,969,266
14,394,261 3,811,998

629,353,810 567,948,533

08 June 2020
Dhaka
Fareast Islami Securities Limited
Statement of Profit or Loss and Other Comprehensive Income
For the year ended 31 December 2019

Amount in Taka

PARTICULARS Notes 2019 2018

23,697,471 21,630,599

(18,190,144) (18,154,274)
1,725,286 1,581,963
16,464,858 16,572,311

5,507,327 3,476,325

(7,792,840) (5,098,110)
29,132,054 (66,025,434)
26,846,541 (67,647,219)
Income Tax Expense (14,653,589) (3,810,249)
Net profit for the year 12,192,952 (71,457,468)
Other comprehensive income - -
Total comprehensive income for the year 12,192,952 (71,457,468)

0.24 (1.43)

08 June 2020
Dhaka
Fareast Islami Securities Limited
Statement of Changes in Shareholders' Equity
For the year ended 31 December 2019

Retained
Particulars Share Capital Total
Earnings

As on 01 January 2018 500,000,000 8,413,702 508,413,702

Profit /(loss) after tax for the year - (71,457,468) (71,457,468)
Dividend (2017) - (8,000,000) (8,000,000)
As on 1st January 2019 500,000,000 (71,043,766) 428,956,234
Profit /(loss) after tax for the year - 12,192,952 12,192,952

As on 31 December 2019 500,000,000 (58,850,814) 441,149,186

08 June 2020
Dhaka
Fareast Islami Securities Limited
Statement of Cash Flow
For the year ended 31 December 2019

Amount in Taka

PARTICULARS Notes 2019 2018

Operating Income 23,697,471 21,630,599

Paid for Operating Expense (15,899,333) (13,214,730)
Income From Investment in Marketable Securities 12,785,573 7,261,745
Dividend Income 10,324,235 8,103,008
Paid for Financial Charge and Expense (6,596,538) (6,230,712)
Income Tax paid (5,491,630) (4,381,833)
Net cash ow from operating activities 18,819,778 13,168,077

Acquisition of Property, Plant & Equipment (62,950) (62,752)

Selling DSE Shares to Strategic investor - 37,879,317
Loan Against Share Account (14,767,309) (10,243,873)
Investment in Share (27,112,907) (56,738,212)
Bank Interest Income 3,034,893 1,887,185
Net cash used in investing Activities (38,908,273) (27,278,335)

Short Term loan 5,000,000 20,000,000

Dividend Paid - (8,000,000)
-
Pay to clients 41,237,614 13,318,353
46,237,614 25,318,353
Change in cash and cash equivalents (A+B+C) 26,149,119 11,208,095
Cash & cash equivalents at the Beginning of the year 53,808,448 42,600,353
Cash and cash equivalents for the year ended 79,957,567 53,808,448

08 June 2020
Dhaka
Fareast Islami Securities Limited
Notes to the Financial Statements
For the year ended 31 December 2019
 Amount in Taka
2019 2018
5,577,697 6,348,847
Cost
10,500,084 10,437,332
62,950 62,752
10,563,034 10,500,084
Depreciation
4,151,237 3,197,743
834,100 953,494
4,985,337 4,151,237

5,577,697 6,348,847

349,724,994 349,724,994

61,692,389 35,551,500

54,262,855 53,347,112

5,491,630 4,111,325
Advance Income Tax Note - 7.01 5,491,630 4,071,325
Advance Against Salary - 40,000
5,491,630 4,111,325
 Amount in Taka
2019 2018

5,491,630 4,071,325
The amount was deducted as TDS (Tax Deducted at Source) and as follows:

Balance of Previous Year 4,071,325 5,008,591

Add: Paid current year Note 7.02 5,491,630 4,071,325
Less: Adjustment (4,071,325) (5,008,591)
5,491,630 4,071,325
7.02 Paid current year advance tax
Tax at source - DSE 2,695,037 2,189,647
Tax at source - Dividend income 2,064,847 1,620,601
Tax at source - Bank interest 303,922 189,188
Tax at source -Vehicle 21,889 21,889
Advance Tax 405,935 50,000
5,491,630 4,071,325

541,600 541,600
541,600 541,600
- -
541,600 541,600

72,105,078 64,514,707
Receivables from Margin Clients 66,490,174 51,722,865
Receivable form DSE Note: 9.01 5,614,904 12,791,842
72,105,078 64,514,707

Receivables from Margin Clients 5,498,441 5,428,581

Receivable from DSE_CNS (Dealer) 116,463 7,363,261
5,614,904 12,791,842

79,957,567 53,808,448
Al-Arafah Islami Bank Ltd. (Customer A/C: 0151220003972) 72,404,262 37,687,225
Al-Arafah Islami Bank Ltd. (Dealer A/C: 0021220004923) 2,951,731 6,884,480
Al-Arafah Islami Bank Ltd. (IPO A/C: 0021220005226) Note:10.01 58,334 39,284
Al-Arafah Islami Bank (Strategic A/C No.151220004444) 64,193 2,936,944
Prime Bank Ltd. (A/C: 10831010021547) 4,171,525 5,945,092
First Security Islami Bank Ltd. (A/C: 017613100000008) 298,623 286,826
Petty Cash 4,847 26,537
Cash at Hand Extension Office 4,052 2,060
79,957,567 53,808,448

We maintain an account for IPO purpose only in Al-Arafat Islamic Bank Ltd. (A/C: 0021220005226), the
opening gure is the cumulative balance of bank Interest income and the breakup during the year
2019 is as follows:

Opening Bank Balance of the IPO Account 39,284

Add:
Provisional Profit 24,965
Less: Tax Deducted at source (2,495) 22,470
Less:
Service Charge 800
VAT on Service Charge 120
Excise Duty 2,500 (3,420)
Closing Bank Balance of the IPO Account 58,334
 Amount in Taka
2019 2018

Authorized capital 1,250,000,000 1,250,000,000

500,000,000 500,000,000

5 250,000 0.5
1 49,750,000 99.5
Total 6 50,000,000 100

8,555,334 8,555,334
This represents amount taken from Fareast Islami Life Insurance Company Ltd. during
the incorporation of the company.
Short Term Loan (From FIILC) 80,000,000 75,000,000
Opening Balance 75,000,000 55,000,000
Received during the year 5,000,000 20,000,000
Closing Balance 80,000,000 75,000,000

Accounts Payables 75,010,273 44,655,701

This amount is arrived at as follows:
Payable to BO Holders 71,067,673 43,096,972
Dividend Payable 15,750 15,750
Provision for Negative Equity 3,913,084 1,528,084
Payable to DSE 13,766 14,895
75,010,273 44,655,701

10,244,755 6,969,266
This amount is arrived at as follows:
Audit fee 50,000 60,000
Accured Interest Note - 15.01 7,583,152 6,386,850
Brokerage Commission 101,562 17,998
CDBL Charge 2,072,341 67,185
Office Rent 132,700 153,133
Office Supplies & Others 50,000 83,100
Vehicle Insurance 35,000 35,000
Printing & Postage 25,000 20,000
Networking & Software Maintenace 150,000 104,000
Trade License Renewal Fee 20,000 20,000
Utility Bill 25,000 22,000
10,244,755 6,969,266
 Amount in Taka
2019 2018

Opening Balance 6,386,850 7,519,452

Addition During the period 7,734,384 5,033,151
Payment made (6,538,082) (6,165,753)
Closing Balance 7,583,152 6,386,850

14,394,261 3,811,998
This is made up as follows:
Opening Balance 3,811,998 5,320,848
Add: Current year's provision 14,653,589 3,810,249
Less: Paid/Adjustment during the year (4,071,325) (5,319,099)
14,394,261 3,811,998

23,697,471 21,630,599
This is made up as follows:
Interest Income from margin loan 6,445,989 7,843,427
BO Income Note-17.01 411,500 472,500
Brokerage Commission 16,839,982 13,314,672
23,697,471 21,630,599

411,500 472,500
This is made up as follows:
Income from BO Annual Fee 377,000 326,000
Income from BO Opening Fee 34,500 146,500
411,500 472,500

1,725,286 1,581,963
This is made up as follows:

CDBL Expense Note-18.01 27,889 93,670

DSE Expense Note-18.02 1,697,397 1,488,293
1,725,286 1,581,963

CDBL Charges 23,289 89,070

CDBL/DP License Renewal Fee 4,600 4,600
27,889 93,670

Laga DSE 1,347,517 1,094,823

Training Fee 21,000 15,000
BO Maintenance Fee 261,250 227,850
BO A/C Opening Fee 36,400 120,400
TREC License Renewal Fee 31,230 30,220
1,697,397 1,488,293
 Amount in Taka
2019 2018
16,464,858 16,572,311
This is made up as follows:
Authorised Rep. Training Fee 11,200 11,700
Brokerage Commission Expense 327,971 101,623
Business Promotion 170,000 42,548
Conveyance 56,005 50,312
Depreciation 834,100 953,494
Honorarium & Remuneration 25,000 45,752
Festival & Other Bonus 1,178,213 863,974
Fuel Bill 115,710 121,532
Internet Bill 195,298 221,678
Legal & Professional Fees (Audit Fee) 50,000 60,000
Member Subscription 12,500 12,500
Office Supplies & Others 105,071 375,845
Mobile Bill 154,249 146,737
Networking Expenses 131,271 133,436
Provision for Negative Equity 2,400,000 1,200,000
Newspaper 5,330 4,865
Office Rent 445,072 512,108
Office Stationery 87,465 78,746
Car Expenses 63,410 112,464
Overtime 33,670 29,425
Printing & Postage 27,650 224,413
Preliminary Expense (Amortization) - 2,757,778
Registration Fee (IPO Bidding) 12,000 43,000
Revenue & Non Judicial Stamp 1,500 2,360
Salary & Other Allowances 9,715,887 7,996,076
Software Maintenance 94,500 190,000
Stock Broker & Dealer Renewal Fee 20,000 20,000
TC Renewal Fee 56,500 70,000
Telephone 10,654 10,576
Trade License Renewal 31,230 50,220
TWS Charge 50,000 50,000
Vehicle Insurance 14,713 51,974
Utility Bill 28,689 27,175
16,464,858 16,572,311
 Amount in Taka
2019 2018

7,792,840 5,098,110
This is made up as follows:
Excise Duty 54,000 49,150
Bank Charges and Commission 4,456 15,809
Financial Charge 7,734,384 5,033,151
7,792,840 5,098,110

29,132,054 (66,025,434)
This is made up as follows:
Income from Interest from Bank Account 3,034,893 1,887,185
Income from Gain in Share 15,772,926 2,680,056
Loss by selling DSE Shares Note:21.01 - (78,695,683)
Income from Dividend 10,324,235 8,103,008
29,132,054 (66,025,434)

The amount of interest was received from Prime Bank, Al-Arafah Bank and First security
Islami Bank Ltd.

- (78,695,683)

25% of DSE Shares (18,03,777 shares from Total Shares 72,15,106) has been sold by DSE to
Strategic Investor at Taka 21/- per share and as a result loss arises as follows:

Particulars No. of Shares Price Per Share Amount (Tk.)

Cost of acquisition of 25%
1,803,777 64.6283 116,575,000
Share
Sold 25% shares to
1,803,777 21.00 37,879,317
strategic investor
Loss by selling 25% of DSE Shares (18,03,777 shares from total
(78,695,683)
72,15,106 shares)

There was no adjustable post Balance Sheet event of such importance, non-disclosure of which
may affect the ability of the users of the nancial statements to make proper evaluations and
decisions.

This has been calculated in compliance with the requirements of IAS 33 “Earnings Per share” dividing
basic earning by average number of shares outstanding at the end of the period.
 Fareast Islami Securities Limited
Investment in Marketable Securities
As on 31 December 2019 B

Sl No. Company Name Quantity Total Cost Market Value

1 ADVENT 24,000 631,379 537,600
2 ASIAINS 40,000 1,105,043 1,004,000
3 BDFINANCE 33,000 565,999 330,000
4 BNICL 55,015 1,368,368 1,386,378
5 DHAKABANK 21,000 350,000 252,000
6 DSSL 66,000 1,107,999 732,600
7 EASTERNINS 25,822 1,177,229 1,001,893
8 FIRSTSBANK 100,000 1,107,600 970,000
9 FORTUNE 33,400 907,100 768,200
10 NAVANACNG 17,000 832,218 584,800
11 PARAMOUNT 80,000 2,877,629 3,272,000
12 PIONEERINS 30,000 1,027,934 1,026,000
13 PREMIERBAN 189,056 2,526,119 2,363,200
14 PRIMEINSUR 1,770,000 22,243,627 46,020,000
15 RANFOUNDRY 3,000 488,970 359,700
16 UNITEDFIN 62,660 1,317,760 1,084,018
Total 39,634,974 61,692,389
 Fareast Islami Securities Limited
Investment in Marketable Securities
As on 31 December 2019 C
Sl No. Company Name Quantity Total Cost Market Value
1 ADVENT-A 113,304 3,046,311 2,538,010
2 AGRANINS-B 58,000 1,759,584 1,508,000
3 ALIF-A 151,200 1,457,500 1,043,280
4 APOLOISPAT-Z 70,000 1,380,606 273,000
5 BARKAPOWER-A 95,700 3,451,107 2,172,390
6 BDFINANCE-A 157,000 2,285,809 1,570,000
7 BNICL-A 40,000 986,400 1,008,000
8 BPML-A 14,000 1,483,580 644,000
9 COPPERTECH-A 4,978 47,409 116,983
10 DESCO-A 40,000 2,076,356 1,480,000
11 DHAKABANK-A 147,000 2,689,750 1,764,000
12 DSSL-A 66,000 1,157,923 732,600
13 ESQUIRENIT-A 140,633 6,191,138 3,979,914
14 EXIMBANK-A 140,000 2,089,352 1,414,000
15 FARCHEM-A 99,000 1,495,616 811,800
16 FAREASTLIF-A 9,838 590,981 487,965
17 FIRSTSBANK-A 130,000 1,386,732 1,261,000
18 FORTUNE-A 100,000 2,710,000 2,300,000
19 IBP-A 74,500 1,579,000 1,363,350
20 IFADAUTOS-A 24,600 2,844,606 1,136,520
21 INTRACO-A 58,777 1,161,338 799,367
22 ISLAMIBANK-A 70,000 2,598,824 1,337,000
23 KPCL-A 30,000 1,838,903 1,401,000
24 MALEKSPIN-A 90,576 1,669,182 1,086,912
25 MEGHNALIFE-A 6,500 547,714 336,050
26 MIRACLEIND-B 42,626 1,444,358 997,448
27 NEWLINE-A 4,282 64,559 63,373
28 NFML-B 70,550 759,053 634,950
29 NURANI-A 65,521 919,948 550,376
30 ONEBANKLTD-A 69,300 1,400,010 713,790
31 PARAMOUNT-B 32,000 1,226,495 1,308,800
32 PDL-A 62,700 917,070 614,460
33 PREMIERBAN-A 90,000 1,155,160 1,125,000
34 PROVATIINS-A 36,000 1,111,577 993,600
35 PURABIGEN-A 30,000 557,870 522,000
36 RAKCERAMIC-A 30,000 1,301,495 861,000
37 RANFOUNDRY-A 7,200 1,112,770 863,280
38 REGENTTEX-B 78,750 1,166,250 724,500
39 RUNNERAUTO-A 7,663 573,375 455,948
40 SEAPEARL-B 2,051 18,649 84,706
41 SHASHADNIM-A 42,000 2,295,025 1,037,400
42 SILCOPHL-A 11,671 205,747 353,633
43 TITASGAS-A 70,000 3,885,330 2,163,000
44 UNITEDFIN-A 20,000 387,217 346,000
45 WMSHIPYARD-A 186,250 3,498,821 2,086,000
46 ABBANK-Z 75,000 1,660,781 592,500
47 ADNTEL-N 18,952 568,560 -
48 APEXTANRY-A 18,952 1,891,171 1,460,000
49 DSE-EXCH-A 12,500 - -
50 ETL-A 2,886,042 1,053,500 739,200
51 GBBPOWER-A 77,000 2,388,026 1,610,000
52 GENNEXT-Z 115,000 1,623,377 499,500
53 ZAHINTEX-Z 185,000 1,496,799 297,250
Total 83,208,714 54,262,855
Independent Auditor’s Report to the Shareholders of
Fareast Islami Properties Limited
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Fareast Islami Properties Limited which comprise the statement of
financial position as at 31 December 2019, the statement of profit or loss and other comprehensive income,
statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial
statements, including a summary of significant accounting policies.
In our opinion, the accompanying financial statements give a true and fair view of the financial position of the
Company as at 31 December 2019, and of its financial performance and its cash flows for the year then ended in
accordance with International Financial Reporting Standards (IFRSs).

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under
those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements
section of our report. We are independent of the Company in accordance with the ethical requirements that are
relevant to our audit of the financial statements in Bangladesh, and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Responsibilities of Management and Those Charged with Governance for the Financial Statements
Management is responsible for the preparation of financial statements that give a true and fair view in accordance
with IFRSs and for such internal control as management determines is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s ability to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis
of accounting unless management either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Company’s internal control.

•related
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
disclosures made by management.

•theConclude on the appropriateness of management’s use of the going concern basis of accounting and, based on
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial
statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the
Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures,
and whether the financial statements represent the underlying transactions and events in a manner that achieves
fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.

Report on other Legal and Regulatory Requirements

In accordance with the Companies Act 1994, we also report the following:
a) wwe have obtained all the information and explanation which to the best of our knowledge and belief were
necessary for the purpose of our audit and made due verification thereof;
b) in our opinion, proper books of account as required by law have been kept by the Company so far as it appeared
from our examination of those books; and
c) the statement of financial position and statement of profit or loss and other comprehensive income dealt with by
the report are in agreement with the books of account.

Md. Abu Kaiser, FCA

Mahfel Huq & Co.
Chartered Accountants
Fareast Islami Properties Limited
Statement of Financial Position
As at 31 December 2019
Amount in Taka

PARTICULARS Notes 2019 2018

ASSETS:

Investment 4 153,235,655 151,241,893

Advance Income Tax 5 2,010,289 874,432
Cash & Cash Equivalents 6 3,325,242 30,979,308

Total Assets 158,571,186 183,095,633

142,836,374 123,057,734
Share Capital 7 100,000,000 100,000,000
AFS Reserve (Unrealised gain) 8,805,473 4,346,139
Retained Earnings 34,030,901 18,711,595

15,734,812 60,037,899

Provision, Accruals & payable 8 15,734,812 6,037,899

Quard 9 - 54,000,000

Total Equity and Liabilities 158,571,186 183,095,633

Fareast Islami Properties Limited
Statement of Profit or Loss and Other Comprehensive Income
For the year ended 31 December 2019
Amount in Taka

PARTICULARS Notes 2019 2018

Income form Financial Activities 10 15,626,000 8,744,319

Pro t on Share (Realise Capital Gain) 11 10,400,926 4,910,299
Total Income 26,026,926 13,654,618

12 (4,097,804) (4,387,060)
13 (3,449,532) (97,825)
(7,547,336) (4,484,885)
18,479,590 9,169,733
(3,160,284) (1,981,832)
15,319,306 7,187,901

1.53 0.72
Fareast Islami Properties Limited
Statement of Changes in Shareholders’ Equity
For the year ended 31 December 2019

AFS Reserve
(Unralaised Total (Taka)
gain)
As on 01 January 2019 100,000,000 18,711,595 4,346,139 123,057,734
Pro t /(loss) after tax as at 31 Dec, 2019 15,319,306 - 15,319,306
Unrealised gain - 4,459,334 4,459,334

For the year ended 31 December 2019 100,000,000 34,030,901 8,805,473 142,836,374

As on 01 January 2018 100,000,000 11,523,694 - 111,523,694

Pro t /(loss) after tax as at 31 Dec, 2018 7,187,901 - 7,187,901
Adjustment - - -
Unrealised gain - 4,346,139 4,346,139

For the year ended 31 December 2018 100,000,000 18,711,595 4,346,139 123,057,734
Fareast Islami Properties Limited
Statement of Cash Flows
For the year ended 31 December 2019
Amount in Taka

PARTICULARS Notes 2019 2018

A. Cash Flows from Operating Activities

(3,536,262) (4,140,115)
(3,117,689) (1,127,655)

Net Cash from Operating Activities (6,653,951) (5,267,770)

(17,153,239) 21,711,488
30,000,000 (59,219,985)
19,597,337 18,000,757
Net cash Generated from investing Activities 32,444,098 (19,507,740)

(54,000,000) 54,000,000
555,787 -
Net Cash Used in Financing Activities (53,444,213) 54,000,000

(27,654,066) 29,224,490
Cash & Cash Equivalents as at 01 January 2019 30,979,308 1,754,818
Cash & Cash Equivalents as at 01 December 2019 3,325,242 30,979,308
Fareast Islami Properties Limited
Notes to the Financial Statements
As at and for the year ended 31 December 2019

Fareast Islami Properties Limited ("the company") was incorporated in Bangladesh as a public
company limited by shares on June 24, 2014 under the Companies Act,1994 vide incorporation no.
C-116756/14 dated June 24, 2014.

The registered office of the company is at Fareast Tower, 35 Topkhana Road, Palton, Dhaka-1000,
Bangladesh. Company's principal office is also situated at the same address and at present, the
company has no branch office in Bangladesh or abroad.

The speci c accounting policies selected and applied by the company for signi cant transactions
and events that have material effect within the framework of IAS-1 “Presentation of Financial State-
ments” in preparation and presentation of nancial statements have been consistently applied
through out the period.

This Comprises of the following

;
;
;
; and
;

These nancial statements have been prepared under historical cost convention and in accordance
with requirements of the Companies Act 1994 and the International Accounting Standards (IASs) and
disclosures recommended by those standards as applicable to this company. The Board of Directors
are responsible for preparing and presenting the nancial statements including adequate disclosures,
who approve and authorize for issue of this nancial statements. The preparation of these nancial
statements in conformity with the International Accounting Standards requires Board of Directors to
make estimates assumptions that affect the reported amount of revenues and expenses, assets and
liabilities at the date of reporting period.

Due to the inherent uncertainty involved in making estimates actual results could differ from those
estimates.
The nancial statements have been prepared under historical cost convention on going concern
concept and as per International Accounting Standards under accrual basis and other conventions as
required by IAS 1 and IFRS for fair presentation of nancial statements.

Compliance with IAS

The following IAS has been complied with by the management of the company for presentation of the
Financial Statements

IAS -1 Presentation of Financial Statements

IAS -7 Statement of Cash Flows
IAS -10 Events after Reporting Period
IAS -12 Income Taxes
IAS -24 Related Party Disclosure
IAS -25 Investment
IAS -33 Earnings per share
IAS -37 Provisions, Contingent Liabilities and Contingent Assets
IFRS-9 Financial Instrument
IFRS-15 Revenue from Contracts with Customer
The related IFRS have also been complied in preparation of these nancial statements.

According to International Accounting Standard-7 “Cash Flow Statements” cash comprises cash in hand
and demand deposits and cash equivalents which are short term, highly liquid investments that are
readily convertible to know amounts of cash and which are subject to an insigni cant risk of changer in
value. International Accounting Standard-1 “Presentation of Financial Statements” provides that the cash
and cash equivalents are not restricted in use. Considering the provisions of International Accounting
Standard-7 and International Accounting Standard-1, cash in hand and bank balances have been
considered as cash and cash equivalents.

The company calculates earnings per share in accordance with International Accounting Standard-IAS
33 “Earnings per share” to be shown on the face of the pro t and loss account.

Statement of Cash Flows has been prepared principally in accordance with IAS-7 “Statement of Cash
Flows” and the cash ows from the operating activities have been presented under direct method.
2.10 Comparative Figures
Previous year's gures have been restated and rearranged whenever considered necessary to ensure
comparability with the current year's presentation.

Financial statements of the company cover one year from 1st January 2019 to 31 December 2019.

2019 2018
Taka Taka
153,235,655 151,241,893

10,365,224 64,021,908
30,748,000 28,000,000
32,058,865 -
10,000,000 -
10,409,508 -
5,000,000 -
10,593,550 -
109,175,147 92,021,908

44,060,508 59,219,985
44,060,508 59,219,985

2,010,289 874,432
874,432 731,101
2,010,289 874,432
(874,432) (731,101)
2,010,289 874,432

3,325,242 30,979,308
2,771,455 30,979,308
550,555 -
3,232 -
3,325,242 30,979,308
 Amount in Taka
2019 2018

500,000,000 500,000,000

100,000,000 100,000,000

During the year Fareast Islami Life Insurance Co Ltd took over 7,00,000 shares from sponsor of Mr.
Waheed Murad Jamil by transferred from Registrar of Joint Stock Companies and Firms.

15,734,812 6,037,899

3,160,284 1,981,832
30,230 30,230
34,500 34,500
40,000 20,000
3,265,014 2,066,562

12,469,798 3,971,337

4,657,650 1,552,550
4,140,000 1,380,000
615,360 205,120
900,000 300,000
72,000 24,000
626,721 208,907
180,000 60,000
43,200 14,400
44,580 14,860
76,500 25,500
558,000 186,000
555,787 -
12,469,798 3,971,337
 Amount in Taka
2019 2018

- 54,000,000
- 54,000,000
- 54,000,000

15,626,000 8,744,319

15,626,000 8,744,319

172,977 141,261
172,977 141,261
172,977 141,261

11,410,030 8,603,058

- 1,562,489
4,377,844 7,040,569
3,080,000 -
25,000 -
437,500 -
33,333 -
2,300,961 -
659,500 -
495,892 -
11,410,030 8,603,058

4,042,993 -
4,042,993 -
4,042,993 -

14,860,260 9,256,438

10,400,926 4,910,299
4,459,334 4,346,139
14,860,260 9,256,438
 Amount in Taka
2019 2018

4,097,804 4,387,060

34,500 34,500
207,120 205,120
- 300,000
1,552,550 1,552,550
1,380,000 1,380,000
300,000 300,000
24,000 24,000
208,907 208,907
60,000 60,000
14,400 14,400
14,860 14,860
25,500 25,500
186,000 186,000
20,000 20,000
69,967 61,223
4,097,804 4,387,060

3,449,532 97,825

200,000 62,500
2,410 1,763
3,247,122 33,562
3,449,532 97,825
We have the pleasure in presenting to you the Annual
Report 2019 of Fareast Islami Life Insurance Company
Limited. A Company's performance, achievements and
corporate governance scenario are virtually reflected in
its Annual Report. Apart from being an art, ability to
write and edit annual report is a professional proficiency.
We are proud to say that the Annual Report 2019 has
been prepared under the prudent guidance of the
honorable Chairman, Directors and Cheif Executive
Officer of the Company.

Annual Report 2019 has been extensively prepared,

composed and compiled with participation from various
Departments of the Company. Thanks and regards to all
of them for their relentless efforts.

It is our firm confidence that stakeholders shall find a lot

of important information about Fareast Islami Life
Insurance Company Limited from this Annual Report.

With best regards,

(Mahamudhul Hasan FCS) 01 November 2020

Company Secretary Dhaka
Mr. Md. Ashrafuzzaman Mr. Md. Mostafa Zaman Hamidi
Senior Executive Vice President (Dev.) Joint Executive Vice President (Dev.)
Mymensingh Divisional Office Khulna Divisional Office
Mojlish Mansion (2nd floor), 51 Thanaghat, Ali Bhaban (2nd Floor),
Jubli Road, Mymensingh A/7, Majid Sharoni, Sonadanga, Khulna

Mr. Syed Abdul Matin Mr. Md. Rafiqul Islam

Senior Executive Vice President (Dev.) Joint Executive Vice President (Dev.)
Rangpur Divisional Office Faridpur Divisional Office
New Jamal Market (3rd floor), Station Road Faridpur Tower (3rd floor), Mujib Road
Rangpur Sadar, Rangpur-5400 Niltuli, Faridpur

Mr. Muhammad Abdul Mannan Mia Mr. M Khurshadul Alam Chowdhury

Executive Vice President (Dev.) Joint Executive Vice President (Dev.)
Noakhali Divisional Office Chattogram Divisional Office
Nodi Bangla Tower (4th floor), Stadium Para BM Height (7th floor)
Main Road, Maizdee, Noakhali 318, Sheikh Mujib Road,
Agrabad, Chattogram
Mr. Mohammad Ibrahim
Executive Vice President (Dev.) Mr. Md. Abdul Halim
Dhaka Divisional Office Senior Vice President (Dev.)
Rahmat Tower (2nd floor), Rajshahi Divisional Office
19, Dilkusha, Dhaka-1000 Bitu Tower (3rd floor)
Borogola, Bogura
Mr. Md. Motiur Rahman
Executive Vice President (Dev.) Mr. Aminul Hoque
Cumilla Divisional Office Joint Senior Vice President (Dev.)
Nahar Plaza (2nd floor) Barishal Divisional Office
67/58, Nazrul Islam Avenue 109, Sadar Road, (2nd floor) Barishal
Kandirpar, Cumilla
Mr. GM Imam Hossain Emon
Mr. Muhammad Hefzur Rahman Senior Vice President (Dev.)
Executive Vice President (Dev.) Overseas Divisional Office
Sylhet Divisional Office Fareast Tower 02 (Level-3)
Fareast Tower (1st floor), Mohona-01, 35 Topkhana Road, Dhaka-1000
Sunamganj Road, Pathantula, Sylhet

Mr. H.M. Nurul Kabir Touhidi

Executive Vice President (Dev.)
Narayanganj Divisional Office
Shohitun Nesa Tower (2nd floor)
101, B.B Road, Ukil Para, Narayanganj
Mr. Md. Harunur Rashid Faruquee Mr. Md. Abdul Mobin
Senior Executive Vice President (Dev.) Joint Executive Vice President (Dev.)
Chattogram Divisional Office Dhaka Divisional Office
B.M Heights (7th floor) 318 Sheikh Mujib Road Fareast Tower 02 (3rd floor)
Agrabad, Chattogram 36 Topkhana Road, Dhaka-1000

Mr. A B M Khairul Islam Mr. Mohammad Amran

Joint Executive Vice President (Dev.) Joint Senior Vice President (Dev.)
Noakhali Divisional Office Barishal Divisional Office
Nodi Bangla Tower (4th floor), Stadium Para, 109, Sadar Road (3rd floor)
Main Road, Maizdee, Noakhali Barishal

Mr. Md. Afsarul Islam

Mr. Muhammad Munirul Islam Joint Senior Vice President (Dev.)
Joint Executive Vice President (Dev.) Rajshahi Divisional Office
Mymensingh Divisional Office Bitu Tower (3rd floor)
Mojlish Mansion (3rd floor) Borogola, Bogura
51, Thanaghat Jubli, Road
Mymensingh
Mr. Mohammad Hamidur Rahman
Mr. Muhammad Mozammel Hoq Senior Vice President (Dev.)
Joint Executive Vice President (Dev.) Narayanganj Divisional Office
Cumilla Divisional Office West Side of Narayanganj Centrel
Nahar Plaza (2nd Floor), 67/58 Kazi Nazrul Eadgaon (1st floor) Fatullah, Narayanganj
Islam Avenue, Kandirpar, Cumilla
Mr. Syed Abdul Awal
Mr. Sk. Abdur Rashid Senior Vice President (Dev.)
Joint Executive Vice President (Dev.) Rangpur Divisional Office
Khulna Divisional Office New Jamal Market (3rd floor), Station Road
Ali Bhaban (2nd Floor) Rangpur Sadar, Rangpur-5400
A/7, Majid Sharoni
Sonadanga, Khulna Mr. Md. Mojibul Mowla
Senior Vice President (Dev.)
Mr. Md. Anwar Hossain Sylhet Divisional Office
Joint Executive Vice President (Dev.) Fareast Tower (2nd floor), Mohona-01,
Faridpur Divisional Office Sunamganj Road, Pathantula, Sylhet
Faridpur Tower (3rd floor), Mujib Road
Niltuli, Faridpur
 Fareast Islami Life Insurance Co. Ltd.
Fareast Tower (Level-18), 35 Topkhana Road, Dhaka-1000.

I/ We .........................................................................................................................................................................................................................................................
of .............................................................................................................................................................................................................................................. being a
shareholder(s) of Fareast Islami Life Insurance Company Limited and entitled to vote hereby appoint Mr./ Ms.
......................................................................................................................................................................................................................................................................

or (Failing him/ her) Mr./ Ms. .....................................................................................................................................................................................................

as my/ our proxy to attend and vote for me/ us and on my/ our behalf at the 20th Annual General Metting of the
Company to be held on 15 December 2020, Tuesday at 10.30 AM Virtually (using digital Platform) and adjournment
thereof.

As witness my/ our hand this ........................................................ Day of .................................................... 2020.

............................................
Revenue ......................................................
Signature of Proxy Stamp of Signature of Shareholder
BO ID No. Tk. 20.00 BO ID No.

Dated .................................................................................. Dated

Witness No. of Share ...........................................................
Signature ..................................................................................
Name ..................................................................................
Address ..................................................................................
..................................................................................
Note
A member entitled to attend and vote in the AGM may appoint a Proxy (such proxy shall be a member of the company) to
attend and vote on his/her behalf. The Proxy Form, duly stamped must be deposited at the Head office of the Company,
not later than 48 (Forty Eight) hours before the time fixed for the metting.

............................................... ...............................................
Authorized Signature Signature Verified
Fareast Islami Life Insurance Co. Ltd.

Fareast Islami Life Insurance Co. Ltd.

I/ We hereby record my/ our attendance at the 20th Annual General Meeting of the Company to be held on
15 December 2020, Tuesdayat 10.30 AM Virtually (using digital Platform)

Name of the Shareholder(s)/ Proxy ..........................................................................................................................................................................

BO ID No.

No. of Shares held ...............................................................................................................

...........................................................................
Signature of Shareholder(s) / Proxy
Note : Please complete this Attendance Slip and deposit at the registration counter on the day of the Meeting.