Top 10 Best Islamic Insurance Companies in Bangladesh 2023

Islamic insurance, also known as Takaful, is a type of insurance that adheres to Islamic principles and practices. In Bangladesh, there are several Islamic insurance companies that provide Takaful insurance services to customers. Here, we’ll take a look at the top 10 Islamic insurance companies in Bangladesh based on their reputation, financial stability, and customer satisfaction.

Top 10 Islamic Insurance Companies in Bangladesh 2023

1. Islami Insurance Bangladesh Limited (IIBL)

Islami Insurance Bangladesh Limited (IIBL) is one of the oldest and most renowned Islamic insurance companies in Bangladesh. The company was established in 1987 and has since been providing Takaful insurance services to customers. IIBL offers various types of Takaful insurance, including marine, fire, motor, and health insurance. The company’s official website is https://iibl.com.bd/.

2. Takaful Islami Insurance Ltd.

Takaful Islami Insurance Ltd. is another well-known Islamic insurance company in Bangladesh. The company was established in 2004 and is licensed by the Insurance Development and Regulatory Authority (IDRA) of Bangladesh. Takaful Islami Insurance offers various Takaful insurance products, including marine, fire, motor, and health insurance. The company’s official website is https://www.takafulislami.com.bd/.

3. Islami Commercial Insurance Co. Ltd.

Islami Commercial Insurance Co. Ltd. is a Takaful insurance company that was established in 1996. The company offers various types of Takaful insurance, including fire, marine, motor, and engineering insurance. Islami Commercial Insurance Co. Ltd. is also licensed by the IDRA of Bangladesh. The company’s official website is https://www.islamicinsurance.com.bd/.

4. Amana Takaful (BD) Ltd.

Amana Takaful (BD) Ltd. is a Takaful insurance company that was established in 2010. The company is a subsidiary of Amana Takaful Group, which is based in Sri Lanka. Amana Takaful (BD) Ltd. offers various types of Takaful insurance, including marine, fire, and motor insurance. The company’s official website is https://www.amantakaful.com.bd/.

5. Pragati Insurance Ltd.

Pragati Insurance Ltd. is an Islamic insurance company that was established in 1986. The company offers various types of Takaful insurance, including marine, fire, motor, and engineering insurance. Pragati Insurance Ltd. is also licensed by the IDRA of Bangladesh. The company’s official website is https://www.pragatiinsurance.com/.

6. Islami Life Insurance Bangladesh Ltd.

Islami Life Insurance Bangladesh Ltd. is a Takaful insurance company that specializes in life insurance products. The company was established in 2013 and is licensed by the IDRA of Bangladesh. Islami Life Insurance Bangladesh Ltd. offers various types of Takaful life insurance products, including endowment plans, whole life plans, and term plans. The company’s official website is https://www.islamilife.com.bd/.

7. Padma Islami Life Insurance Ltd.

Padma Islami Life Insurance Ltd. is another Takaful insurance company that specializes in life insurance products. The company was established in 2013 and is licensed by the IDRA of Bangladesh. Padma Islami Life Insurance Ltd. offers various types of Takaful life insurance products, including endowment plans, whole life plans, and term plans. The company’s official website is https://www.padmalife.com.bd/.

8. Sonar Bangla Insurance Ltd.

Sonar Bangla Insurance Ltd. is a Takaful insurance company that was established in 1996. The company offers various types of Takaful insurance, including marine, fire, motor, and engineering insurance. Sonar Bangla Insurance Ltd. is also licensed by the IDRA of Bangladesh. The company’s official website is https://sonarbanglainsurance.com.bd/.

9. Pragati Life Insurance Ltd.

Pragati Life Insurance Ltd. is a Takaful insurance company that specializes in life insurance products. The company was established in 2017 and is licensed by the IDRA of Bangladesh. Pragati Life Insurance Ltd. offers various types of Takaful life insurance products, including endowment plans, whole life plans, and term plans. The company’s official website is https://pragatilifeinsurance.com/.

10. Islami Insurance Bangladesh (Sylhet) Ltd.

Islami Insurance Bangladesh (Sylhet) Ltd. is a Takaful insurance company that was established in 2014. The company offers various types of Takaful insurance, including marine, fire, motor, and engineering insurance. Islami Insurance Bangladesh (Sylhet) Ltd. is also licensed by the IDRA of Bangladesh. The company’s official website is https://iibsl.com.bd/.

the benefit of the Best Islamic insurance companies in Bangladesh

Islamic insurance companies, also known as Takaful insurance companies, offer several benefits to their customers in Bangladesh. Here are some of the main benefits of using Islamic insurance companies in Bangladesh:

1. Shariah-Compliant: One of the primary benefits of using Islamic insurance companies in Bangladesh is that they are Shariah-compliant. This means that they operate according to Islamic principles and do not engage in interest-based transactions or invest in haram (forbidden) industries, such as alcohol, gambling, or tobacco. As a result, customers who use Islamic insurance companies can have peace of mind knowing that their insurance products are in line with their religious beliefs.
2. Mutual Cooperation: Islamic insurance companies operate on the principle of mutual cooperation and shared responsibility. Instead of treating customers as policyholders, they treat them as participants in a mutual pool of funds. This means that if one participant experiences a loss, the other participants contribute to covering the loss, based on the principle of risk-sharing. This system fosters a sense of community and mutual support, which is in line with Islamic values.
3. Ethical Investing: Islamic insurance companies in Bangladesh are required to invest their funds in ethical and socially responsible industries, which benefit society as a whole. They are prohibited from investing in industries that are harmful to the environment, violate human rights, or engage in exploitative practices. This ensures that customers’ funds are invested in a socially responsible manner.
4. No Riba (Interest): Islamic insurance companies do not engage in interest-based transactions, which are prohibited in Islam. This means that customers do not have to pay or receive interest on their insurance products, which can save them money in the long run.
5. Customized Products: Islamic insurance companies in Bangladesh offer a range of Takaful insurance products that can be customized to suit customers’ needs. Whether customers are looking for marine, fire, motor, engineering, or life insurance, Islamic insurance companies can provide tailored solutions that meet their specific requirements.

In conclusion, these are the top 10 Islamic insurance companies in Bangladesh based on their reputation, financial stability, and customer satisfaction. Whether you’re looking for marine, fire, motor, engineering, or life insurance, these companies offer a range of Takaful insurance products to suit your needs. These benefits make Best Islamic insurance companies an attractive option for customers who are looking for insurance products that align with their religious beliefs and values. Be sure to visit their official websites for more information on their services and how to apply for insurance.