The board of directors of FAREAST Islami life insurance has been reconstituted by the Bangladesh Securities and Exchange Commission (BSEC), the regulatory body of the capital market. sheikh Kabir Hossain, president of the Bangladesh insurance association (BIA), has been appointed as the chairman of the reconstituted board of directors.
The names of the members of the reconstituted board of directors were approved at a meeting of the board of directors chaired by the current chairman of the insurance company, dr. Rahmat Ullah, on thursday (february 10) evening. at the same time, sheikh kabir hossain was unanimously given the responsibility of chairman. this information has been reported by the insurance company.
According to bsec sources, about 20 per cent stake in farist islami life has been acquired by jupiter business limited, two beximco group companies, with 9.90 per cent stake and tradenext international limited, which has a share of 9.91 per cent. in this context, the company reconstituted the board to include the two beximco group companies in the board of directors of the company.
According to the regulator’s letter dated february 3, five members of the beximco group have been included in the board of directors of faryst islami life. among the entrepreneurial directors are helal mia, the owner of amanat shah lungi, and farist securities. the other six are independent directors.
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Among the independent directors are bia president sheikh kabir hossain, provost of shamsunnahar hall of dhaka university and professor of robotics and mechatronics engineering, lafifa jamal, former culture secretary ibrahim hossain khan, former director general of the directorate general of defence intelligence (dgfi) sheikh mamun khaled, professor of banking and insurance at dhaka university. rafiqul islam and mozammel haque, editor-in-chief and managing director of 71 television.
Earlier, on september 1, 2021, the bangladesh securities and exchange commission (bsec) removed the board of directors of faryst islami life and appointed 10 new independent directors. the decision was taken by the bsec to protect investors, policyholders and the overall capital market.
Dean of the faculty of law of dhaka university international law expert and academician dr. md. rahmat ullah was elected chairman of the board by the reconstituted board of directors. dr. md. rahmat ullah is a member of the bangladesh judicial service commission and an independent director of the private mercantile bank limited.