Fareast Islami Life Insurance

What Fareast Islami Life Insurance does

Fareast Islami Life Insurance Company Limited is a publicly held Shariah-compliant life insurer headquartered at Fareast Tower, 35 Topkhana Road, Purana Paltan, Dhaka-1000, Bangladesh, founded in 2000. It operates under the Insurance Development and Regulatory Authority (IDRA) and is registered with the Bangladesh Securities and Exchange Commission, holding authorized capital of Taka 1,000 million and paid-up capital of Taka 747.42 million, distributed across approximately 8,066 shareholders as of 2018. The company serves the general Bangladeshi population across income classes, with tailored use cases including retirement planning, Hajj savings, child education and marriage funding, and family protection.

Its core product set comprises 18 participating ("with profit") and non-participating ("without profit") insurance plans, including multiple endowment assurance variants (regular, short-term, single premium, monthly, multiple-payment), Islamic endowment plans for Hajj and Denmohar (marriage dower), child protection and education-and-marriage plans, deposit-linked pension schemes (FDPS), money-back plans, joint life assurance, a monthly savings plan, and a critical illness add-on. Underlying technology is a conventional insurance administration stack — policy administration, premium calculation, claim processing, and customer self-service portals — delivered through a website, public app, agent app, SMS services, and a Zimbra-based internal email system; notably, there is no public or partner-facing API and no documented AI/ML capability.

Revenue is generated through recurring life insurance premiums (lump sum, annual, semi-annual, or monthly installments) and investment income from premiums deployed in government-approved investment sectors, with surplus distributed as bonuses to with-profit policyholders. Go-to-market is a hybrid agent-led and direct-to-consumer model: an extensive nationwide network of organizational offices, service centers, zonal offices, and division offices is supplemented by digital self-service, a 24-hour hotline (16681), and the SHEEFA CARD product. Pricing is actuarially determined per insured individual based on age, sum assured, policy term, occupational risk, health and financial profile, and frequency of premium payment.

Name

Fareast Islami Life Insurance

Legal name

Fareast Islami Life Insurance Company Limited

Website

https://fareastislamilife.com

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Fareast Islami Life Insurance is a Bangladesh-based, publicly listed Shariah-compliant life insurer offering 18 endowment, pension, Hajj, child-protection, and savings plans to retail consumers nationwide through an agent-led branch network and digital self-service channels.

Ownership category

akta.pro rank

Product category

Life Insurance

NAICS

Direct Life Insurance Carriers (524113)

SIC

Life Insurance (6311)

akta.pro primary industry

Participating (Dividend) Whole Life Insurance (FSAIABAI)

akta.pro secondary industries

Whole Life Insurance (FSAIABAA), Level Term Life Insurance (FSAIAAAA)

Keywords

• Life insurance
• Islamic insurance
• Endowment plans
• Pension schemes
• Shariah compliant insurance

Headquarters

HQ city

Dhaka

HQ country

Bangladesh

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Technology or R&D

Revenue model

1. Life Insurance Premiums: Collection of premiums from policyholders for various life insurance policies including endowment, term, pension, and savings plans. Premiums can be paid as lump sum, annual, semi-annual, or monthly installments.
2. Investment Income: Investment of collected premiums in government-approved investment sectors to generate returns for bonus payments to policyholders and company profits

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels7 records

Core offering

Fareast Islami Life Insurance Company Limited is a Bangladesh-based Shariah-compliant life insurer offering 18+ insurance plans including endowment assurance (with and without profit), Islamic endowment plans for Hajj and dower/marriage, pension schemes (FDPS), child protection and education plans, joint life assurance, monthly savings plans, and a critical illness rider. Premiums are collected in lump sum, annual, semi-annual, or monthly installments and invested in government-approved sectors to fund policyholder bonuses and profit-sharing.

Product overview

Fareast Islami Life Insurance Company Limited is an Islamic-compliant life insurance provider in Bangladesh offering a diverse portfolio of 18+ insurance products. The product lineup consists primarily of Sharia-compliant (Islamic) insurance solutions organized around three core categories: endowment plans (participating and non-participating with profit), pension/deposit savings plans, and specialized coverage plans. Key products include: Endowment Assurance Plans (with profit and short-term variants), Islamic Endowment Plans (including Hajj and Denmohar/Marriage plans), Child Protection and Child Education & Marriage plans, Deposit Pension Schemes (FDPS), Joint Life Assurance, Monthly Savings Plans (MSP), and a Critical Illness Plan as a supplementary offering. Most products operate on a 'with profit' participating basis where policyholders share in the company's surplus, while select plans offer 'without profit' options with lower premium rates. The company also provides digital services including policy statements, premium calculators, and hospital network access.

Differentiator

Problem solved

Functional benefit

Brands

• SHEEFA CARD: Insurance card product

Products and services

• Endowment Assurance Plan (With Profit) [মেয়াদী বীমা] - এক এক করে সঞ্চয় করি নিরাপদ জীবন গড়ি A profit-participating endowment insurance plan that provides the sum assured plus accrued bonuses upon policy maturity or death during the term. Designed for individual Bangladeshi policyholders seeking Shariah-compliant long-term savings with life coverage.
• Assurance Cum-Pension Plan (Without Profit) [পেনশন বীমা] - ভবিষ্যতের জন্য সঞ্চয় হোক আজ থেকেই A non-participating pension insurance plan combining life assurance with pension benefits, designed for retirement savings without profit distribution. Aimed at individual policyholders planning long-term post-retirement income.
• Islamic Endowment Plan - Hajj Plan (With Profit) [হজ্জ বীমা] - স্বপ্ন পূরণে বীমা A Shariah-compliant profit-participating plan designed to help policyholders save for Hajj pilgrimage expenses, combining long-term savings with continued life coverage in line with Islamic principles. Targeted at Muslim individuals planning for Hajj.
• Four Payment Endowment Assurance Plan (With Profit) A profit-participating endowment plan requiring four premium payments over the policy term, with bonuses and sum assured payable at maturity or death. Targeted at policyholders who prefer a limited-payment endowment structure.
• Islamic Endowment Plan - Denmohar Bima (With Profit) A Shariah-compliant dower/marriage endowment plan that provides financial security for family marriage expenses while earning profit-sharing. Aimed at families seeking Islamic savings instruments tied to marriage obligations.
• Three Payment Endowment Assurance Plan (With Profit) A profit-participating endowment plan with three premium payment installments, offering accumulated bonuses and sum assured upon policy completion. Targeted at policyholders preferring a short-payment endowment structure.
• Single Premium Endowment Assurance Plan (Without Profit) A non-participating single-premium endowment plan allowing one-time premium payment for immediate coverage and savings accumulation. Aimed at policyholders who prefer lump-sum contributions over installment payments.
• Child Protection Plan (With Profit) [শিশু নিরাপত্তা বীমা] - শিশুর স্বপ্ন পূরণ হোক A profit-participating plan designed to secure a child's future education and marriage expenses, providing financial protection and savings under Shariah-compliant principles. Targeted at Bangladeshi parents seeking disciplined child-linked savings.
• Fareast Deposit Pension Scheme - FDPS (With Profit) A profit-participating deposit-linked pension scheme combining regular savings with pension benefits, designed for retirement planning under Islamic principles. Targeted at individual policyholders building retirement income.
• Islamic Money Back Insurance Plan (Without Profit) A Shariah-compliant non-participating money-back plan providing periodic survival benefits while maintaining Islamic principles. Aimed at policyholders who want periodic payouts during the policy term alongside life cover.
• Islami Endowment Plan FDPS (With Profit) A Shariah-compliant profit-participating endowment plan linked to the Fareast Deposit Pension Scheme, combining savings with Islamic investment principles. Targeted at policyholders combining endowment and pension objectives.
• Joint Life Assurance Plan (With Profit) A profit-participating joint life endowment plan covering two lives under a single policy, with benefits payable on first death or maturity. Designed for couples or business partners seeking shared Shariah-compliant life cover.
• Monthly Endowment Assurance Plan (With Profit) A profit-participating monthly premium endowment plan offering accumulated bonuses and sum assured, designed for regular monthly savings under Islamic principles. Targeted at policyholders preferring month-by-month premium payments.
• Endowment Assurance Plan (Short Term) (With Profit) A short-term profit-participating endowment plan with an accelerated maturity period, providing quicker returns on savings. Targeted at policyholders seeking faster liquidity than long-term endowment plans.
• Two Stage Anticipated Endowment Insurance (With Profit) A profit-participating plan offering two-stage anticipated payments during the policy term, with final maturity benefit. Designed for policyholders who want periodic payouts ahead of full maturity.
• Child Education & Marriage Endowment Insurance Plan (With Profit) A profit-participating plan specifically designed to fund a child's higher education and marriage expenses with accumulated bonuses under Islamic principles. Targeted at Bangladeshi parents planning long-term child-related expenses.
• Five Stage Anticipated Endowment Insurance (With Profit) A profit-participating plan providing five-stage anticipated payments throughout the policy term, culminating in final maturity benefit. Aimed at policyholders who prefer multiple scheduled payouts along with continued coverage.
• Monthly Savings Plan (MSP) A regular monthly savings plan offering systematic savings accumulation with potential bonus distributions upon maturity. Targeted at policyholders seeking disciplined month-by-month savings with a Shariah-compliant structure.
• Critical Illness Plan A supplementary insurance plan providing a lump-sum benefit upon diagnosis of specified critical illnesses, offering financial support during medical emergencies. Aimed at policyholders seeking protection against the costs of critical illness.

Named customers1 record

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Scale indicators5 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• National Life Insurance Company Limited: Long-standing Bangladeshi life insurer providing traditional and group life products through agents and offices nationwide; competes head-to-head with Fareast Islami Life in the endowment and savings segment.
• Meghna Life Insurance Limited: Bangladeshi life insurer with a comparable nationwide branch and agent network selling endowment, pension, and group life policies; overlaps with Fareast Islami Life across both product mix and distribution approach.
• Takaful Islami Life Insurance Limited: Bangladesh-licensed Islamic life insurer offering takaful-based protection and savings plans; a category peer to Fareast Islami Life's Shariah-compliant product lineup.
• Padma Islami Life Insurance Limited: Shariah-compliant Bangladeshi life insurer competing in the same Islamic endowment, Hajj, and takaful-style savings segments that define Fareast Islami Life's product book.
• Delta Life Insurance Company Limited: One of the largest listed life insurers in Bangladesh offering endowment, term, and pension plans through a nationwide branch and agent network; directly competes with Fareast Islami Life across the same product categories and customer base.
• Prime Islami Life Insurance Limited: Bangladesh-domiciled Shariah-compliant life insurer offering Islamic endowment, Hajj, and pension plans; one of the closest direct competitors to Fareast Islami Life in the same Islamic life-insurance niche.
• Sun Life Insurance Company Limited: Bangladesh-based life insurer offering endowment, term, and pension products through a similar multi-branch distribution model; provides a direct domestic benchmark for Fareast Islami Life's product and distribution strategy.

Regional players

• Sandhani Life Insurance Company Limited: Bangladeshi life insurer with a narrower branch footprint than Fareast Islami Life but overlapping in the endowment and savings segments — useful as a same-market comparable for unit economics.

Broad incumbents

• MetLife Bangladesh: Bangladesh arm of a global life-insurance group offering conventional life, health, and pension products; broad incumbent competing for the same household budget with conventional (non-Shariah) protection products.

Emerging players

• Aamra Life Insurance Limited: Newer Bangladeshi life insurer focused on digital and tech-enabled distribution, providing an emerging benchmark for the kind of digital-first model that may pressure Fareast Islami Life's traditional agent channel.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/fareastislamilife

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fareast Islami Life Insurance