Harassment allegation against Fareast Islamic Life Insurance

Subscribers suffer to get back money

Golam Mostafa Jibon: Allegation of harassing to the subscribers has intensified against Fareast Islamic Life Insurance Company Limited. But, the sufferers are not getting remedy even after submitting complaints more than one.
Md. Delwar Hossain, a subscriber of Fareast Islamic Life Insurance Company Limited at Gazipur College gate branch,has paid a premium of Tk 124,000 at a rate of Tk 5,210 every six months for 12 consecutive years. After expiring of the policy in February last year, Delwar went to Dilkusha office of Fareast Islamic Insurance Company in the capital for getting back of the money. At that time, the company took all the papers and documents of the Delwar’s premium receipts. But, hewas not being given any accurate information from the company about when the insurance money can be paid. He did not get any money so far from the insurance company even after moving from table to table of the officials for over last 20 months.
Later, when he got a job as a security guard in an industrial establishment in Dhaka, he submitted the policy documents to the Dilkusha branch again for a remedy. Delwar was told that there was no money in the company’s fund due to ongoing Corona pandemic.
While contacted,Dilkusha branch officer Akram Hossain said, “The payment was stopped due to Corona pandemic. Besides, there was found corruption and irregularities in the previous board. The government has already formed a new committee. Hopefully, Delwar’s money will be paid by the end of this year.”
Delwar said, “I have earned money through hard works and paid the premiums. After passing so many days, Fareast is not providing me the payment.” It is learnt that,Fareast Islamic Life Insurance Company is not paying for many customers like Delwar Hossain. Customers are flocking to Paltan, Dilkusha and Motijheel branches of the company to get their policy money back.
Like many others, Mujib Uddin, who had a policy, came to Dhaka Plaltan office from Sylhet with a view to get back his money.
He did not get back the money even after moving from table to table of the company’s officers for long.
He said,”I contacted several senior officials of IDRA. But, they could not do anything for me.”
Seeking anonymity, a reliable source of the Fareast Islamic Insurance Company said that, the company currently owes about Tk 1,200 crore to its customers. The company has land and FDR. The incumbent committee is not able to function properly due to the problems of the previous boards. Apart from this, the regulatory body is not able to play its proper role.
Rahmat Ullah, the current Chairman of Fareastsaid, “There has been corruption in the previous board of directors. The IDRA did not have proper supervision. This would not have happened, if the IDRA had reported in time.”
“I am not able to sell the land at present. In this case, IDRA does not help. Attempts are being made to collect the premium and return the money,”he said adding that “There was a lot of corruption in this company. The condition of the company has been deteriorated since 2010. I can’t solve everything with responsibility at this moment. The IDRA has failed for this.”
A senior IDRA official said, although a new committee has been formed, they have not been able to function properly. The company’s board of directors is acting as per their will. An administrator was appointed at the Fareast Islamic Life Insurance in October this year. On the basis of the complaint sent by the Ministry of Finance, a committee was formed to conduct an on-the-spot investigation into the allegations against the former Chairman of Fareast Islami Life under Section 48 of the Insurance Act-2020.
The committee will look into whether the former Chairman of Fareast Life Insurance Company was involved in money laundering and corruption. The committee will identify the irregularities of former Chairman, he said.