Akij Takaful Life Insurance PLC will serve as the Takaful provider (insurer), BTMA member organizations will be the participants (policyholders), and City Bank PLC will act as the service partner under its bancassurance arrangement
In a landmark initiative to expand Shariah-compliant financial protection in Bangladesh’s industrial sector, Akij Takaful Life Insurance PLC has signed a tri-party insurance agreement with the Bangladesh Textile Mills Association (BTMA) and City Bank PLC to provide group life and personal accident takaful insurance coverage for employees of BTMA member organizations.
The signing ceremony, held at the BTMA office, marks a significant milestone in extending Takaful protection to the textile industry — a vital contributor to the national economy.
Under the agreement, Akij Takaful Life Insurance PLC will serve as the Takaful provider (insurer), BTMA member organizations will be the participants (policyholders), and City Bank PLC will act as the service partner under its bancassurance arrangement, ensuring efficient coordination and service delivery in accordance with Shariah principles.
Mohammad Masuduzzaman Khan, deputy managing director & chief corporate business officer, Akij Takaful Life Insurance PLC; Brig. Gen. Md. Zakir Hossain, (retd), secretary general, Bangladesh Textile Mills Association; and Subir Kumar Kundu, head of products, acquisitions & chief bancassurance officer, City Bank PLC, were present at the signing ceremony on behalf of their respective organizations.
Senior officials from all three organizations attended the event.
This collaboration reflects a shared commitment to ethical finance and community welfare, guided by the Takaful philosophy of mutual protection, solidarity, and compassion.
