Four Members of IDRA Expected to Step Down

IDRA has mandated that no one can use the CEO title in any insurance company without prior approval. Additionally, CEO appointments on a current charge basis are prohibited. Until IDRA approves a CEO, an additional managing director may serve as "CEO (in-charge)."

Bangladesh’s insurance sector faces a confidence crisis due to corruption, liquidity shortages, and weak regulation, with unsettled life insurance claims rising 66% in five years and insurance penetration at just 0.5%.

Chartered Life Insurance Company Limited, listed on the stock market, received a long-term credit rating of "AA-" and a short-term rating of "ST-2" from Alpha Credit Rating PLC, based on audited financial data as of December 31, 2023.

Dr. Md. Zahid Hossain has been appointed as the deputy managing director and chief business officer of Mercantile Bank. He previously served as the senior executive vice president and divisional head at Bank Asia, with over 29 years of experience in the banking sector.

AKM Abdul Alim, a prominent entrepreneur from a distinguished business family, has been unanimously elected vice chairman of Standard Bank PLC at its 404th Board of Directors meeting. As a member of the Audit Committee and observer of the Shariah Supervisory Committee, he brings extensive expertise in international business and supply chain management.

Syed Manzur Elahi, a distinguished industrialist and founding Chairman of Mutual Trust Bank PLC (MTB) and Pioneer Insurance Company Limited, has been elected Chairman of MTB. Renowned for his contributions to trade and industry, Elahi received accolades such as AMCHAM’s “Business Executive of the Year 2000” and the Daily Star-DHL “Business Person of the Year 2002.”