Economic Desk:
250000 customers are roaming Md. Alam Mia, from Mahiganj East Khasbagh area of Rangpur, is a grocer by profession. He used to run his family somehow with the income he earned. However, he had no savings. Thinking about a secure future, he took out a 12-year insurance policy with Fareast Islamic Life Insurance 15 years ago. Even though the insurance policy expired three years ago, he did not receive the money. 53-year-old Alam is now traveling between Rangpur and Dhaka for money.
It has been alleged that Fareast Islamic Life Insurance has withheld about 121 crore taka from 30,000 customers like him in Rangpur division. They have been traveling for months and years for the insurance money. According to the relevant sources, including those 30,000 customers, the company currently owes 1,600 crore taka for the insurance maturity of 243,000 customers across the country.
250000 customers are roaming
Abdul Kader Bir, Senior Vice President of Fareast Islamic Life Insurance’s Rangpur Divisional Office, told Ajker that although the insurance company had published a notice to sell its properties in various parts of the country to pay customers’ money, no one responded to buy them. Therefore, customers’ money cannot be paid. Not only in Rangpur, but also across the country, 243,000 customers owe Tk 1,600 crore.
Shahidul Islam, Acting Chief Executive Officer (CEO) of the company, told Ajker, “The company has been bankrupt for the last 12 years. As a result, it has not been possible to pay customers’ insurance claims. I took charge a few days ago. Since then, insurance claims worth Tk 200 crore have been paid. I have made a plan to pay customers’ money, and I will pay it slowly.”
Some officials working at the Rangpur Divisional Office said that Fareast Islamic Life Insurance Company Limited was established in 2000 by people with Islamic leanings. After the 2009 national elections, the Awami League supporters overthrew the pro-Jamaat and pro-BNP boards of directors and took over the institution. From 2018 to 2021, the company was looted under the S Alam Group. On February 6, 2022, Salman F. Rahman took over the company completely. After that, its condition became even more miserable. After the change of government after August 5 last year, Md. Fakhrul Islam took over as the company’s chairman in September of that year. Currently, the company is unable to pay customers due to financial crisis. However, officials said that it will pay the money within two years.
250000 customers are roaming
On Monday afternoon, we spoke to grocer Md. Alam at the Rangpur divisional office of Fareast Islamic Life Insurance Company Limited. He told Ajker newspaper, “Earlier, I used to run a shop. Now, I am old and cannot do anything. I took out insurance so that I could live well in my old age. I used to pay 10,000 taka without struggling. But 12 years ended three years ago. Since then, I have been running around for money. They are not paying me money. Today, they said, it will take another year. God knows whether I will survive until then.’
Sources from the insurance company’s Rangpur divisional office said that they have more than two lakh customers in this department. From 2021 to 2024, the insurance period of 29,596 customers in 8 districts of Rangpur has expired. They will receive 120 crore 97 lakh 11 thousand 413 taka against the insurance. According to the rules of the insurance sector, the money claimed by the customers has to be paid within 90 days. But the higher authorities of the company are misleading the customers on various pretexts.
Customers complain that they have repeatedly contacted the company’s head office and various offices and only received assurances and promises, but have not received any money. Some of the customers said that they are preparing to take legal action.
The 12-year insurance period of Rasheda Begum of Gangachara Upazila expired in 2022. She has also not received the money for three years. On Monday, when she went to the insurance company’s divisional office with her son Rasheduzzaman in search of that money, the officials handed over a recommendation letter to go to Dhaka. Rasheduzzaman said, “My mother has saved money here with a lot of hard work. She has been doing something to save it. But she has not given me money for three years. She only assures me that I will get the money. But she does not say when. A few days ago, she wanted to sell the land and give me the money. Now she is asking me to go to Dhaka. I do not understand what to do.” Morshed Alam, a disabled person from the city’s Raghur Bazar area, has saved money in Fareast Islamic Life Insurance for 10 years. Far from making a profit, he is not even getting the capital. Morshed Alam said, “My insurance period expires in 2023. They have been waiting for two years, but they are not giving me money. They just say, your money will not be lost. Banks go bankrupt, insurance does not go bankrupt. Will I get my hard-earned money?’
Abdul Kader Bir, Senior Vice President of Fareast Islamic Life Insurance’s Rangpur Divisional Office, told Ajker Patrika, ‘The deposits and FDRs that were in the bank were mortgaged and not repaid by taking out loans. Why the land?
