Mercantile Islami Life Insurance Ltd.

Name

Mercantile Islami Life Insurance Ltd.

Legal name

Mercantile Islami Life Insurance Ltd.

Website

https://milil.com.bd

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Life Insurance (Islamic Takaful)

NAICS

Direct Life Insurance Carriers (524113), Insurance Carriers and Related Activities (524)

SIC

Life Insurance (6311)

akta.pro primary industry

Takaful Bancassurance (Islamic Insurance Distribution) (FSABAGAM)

Keywords

• Life insurance
• Islamic takaful
• Shariah compliant insurance
• Family protection plans
• Endowment policies

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, Others

Revenue model

1. Takaful Contributions/Premiums: Recurring contribution payments from participants in exchange for life protection and savings benefits. Contributions can be paid monthly, quarterly, half-yearly, annually, or as single premium. The Takaful model operates on mutual cooperation (Ta'awun) where participants share risks collectively.
2. Supplementary/Rider Benefits: Additional coverage options such as Accidental Death Benefit (DIAB) and Permanent Disability Benefit (PDAB) that participants can add to their base plans for extra premium.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels7 records

Core offering

Mercantile Islami Life Insurance Ltd. (MILIL) is a Bangladesh-based life insurance company that underwrites Shariah-compliant Takaful (Islamic insurance) products for individual and family customers. The company operates a Hybrid Takaful Model combining Wakalah, Mudarabah, and Tabarru principles to offer endowment, protection, and savings-oriented plans distributed through a nationwide branch network and digital channels.

Product overview

Mercantile Islami Life Insurance Ltd. operates as a Shariah-based life Takaful company offering a comprehensive portfolio of insurance products through its full automation platform. The core offering includes multiple Takaful plans: Biennial Family Takaful (Plan 01), Endowment Takaful (Plan 02), Three/Four/Five-Stage Takaful Plans (Plans 03-05), Hajj Takaful (Plan 06), Den Mohor Takaful (Plan 07), Child Protection Takaful (Plan 08), Single Premium Plan (Plan 09), Pension Plan (Plan 13), Mercantile Saving Endowment Plans with/without profit (Plans 15-16), Joint Life Endowment (Plan 17), Child Education Insurance (Plan 18), and Barakah DPS Plan (Plan 21). The company provides digital services through its Mercantile Life App for Android, an online services portal for contribution statements and payments, and maintains an extensive hospital network across Bangladesh for policyholder healthcare benefits. All products operate under the Hybrid Takaful Model combining Wakalah, Mudarabah, and Tabarru principles for Shariah compliance.

Differentiator

Problem solved

Functional benefit

Products and services

• Mercantile Islami Life Insurance Plans (Plans 01–21)
• Hybrid Takaful Model (Wakalah + Mudarabah + Tabarru)

Quantifiable outcome

• Full Face Value plus Accrued Profits paid to nominees even if participant received survival benefits
• +1 more outcomes

Segments4 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature3 records

Scale indicators5 records

Expansion highlights5 records

Regional players

• Cholamandalam MS Life Insurance (India): South Asian life insurer with comparable bancassurance-led distribution and endowment/pension plans. Useful as a regional comparable for product economics and bancassurance-led growth, despite operating in India rather than Bangladesh.
• Sun Life Insurance Company Limited: Bangladesh life insurer with overlapping retail life products and branch-based distribution. Comparable in operating geography and product category, competing for the same middle-income Muslim customer base.

Broad incumbents

• National Life Insurance Company Limited: Established Bangladesh life insurer with deep agent network and broad product portfolio. Comparable in scale and customer base, operating as a long-standing incumbent that competes with MILIL for the same household life-insurance wallet.
• Pragati Life Insurance Limited: Bangladesh life insurer with nationwide branches and a full suite of endowment, pension and group plans. Comparable in product category and distribution footprint, serving overlapping retail and group segments.
• Delta Life Insurance Company Limited: One of the largest and oldest private life insurers in Bangladesh. Comparable in product breadth and nationwide branch distribution, though operating conventional (non-Takaful) life insurance — a broader incumbent in the same category.
• MetLife Bangladesh: Bangladesh arm of global insurer MetLife, offering life and health coverage. Comparable as a life insurance provider in the same geography, though operating a broader portfolio and conventional (non-Takaful) product set.
• Meghna Life Insurance Limited: Bangladesh life insurance carrier operating across endowment and savings plans. Comparable in business model and Bangladesh-domestic market focus, though not Shariah-restricted.

Direct peers

• Fareast Islami Life Insurance Company Limited: One of the larger Takaful life insurers in Bangladesh with nationwide branches and Shariah-compliant plans. Closely comparable to MILIL in target market, product structure (Hybrid Takaful) and Bangladesh-only distribution.
• Prime Islami Life Insurance Limited: Bangladesh-based Shariah-compliant life insurer offering Takaful products across similar Muslim customer segments. Direct competitor with overlapping product catalog (endowment, pension, DPS) and bancassurance distribution in Bangladesh.
• Padma Islami Life Insurance Limited: Bangladesh-based Islamic life insurer providing Takaful products to Muslim consumers. Direct competitor operating in the same Shariah-governed life insurance category with overlapping customer segments.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@mercantileislamilifeinsura2146
• Facebookfacebook.com/mililbd
• LinkedInlinkedin.com/company/mercantile-islami-life-insurance-ltd

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

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 Mercantile Islami Life Insurance Ltd.