Akij Takaful Life Insurance, BTMA and City Bank Sign Landmark Deal

Akij Takaful Life Insurance PLC has entered into a landmark agreement with the Bangladesh Textile Mills Association (BTMA) and City Bank PLC to provide Shariah-compliant group life and personal accident takaful insurance for employees of BTMA member organisations.

The tri-party agreement aims to expand access to ethical financial protection in Bangladesh’s industrial sector, particularly within the vital textile industry, which is a cornerstone of the national economy.

Under the arrangement, Akij Takaful Life Insurance will act as the Takaful provider (insurer), while BTMA member organisations will be the participants (policyholders). City Bank PLC will serve as the service partner, facilitating the bancassurance arrangement to ensure seamless service delivery in line with Shariah principles.

The agreement was signed at the BTMA office in a ceremony attended by key officials from all three organisations. Mohammad Masuduzzaman Khan, Deputy Managing Director & Chief Corporate Business Officer at Akij Takaful Life Insurance; Brig. Gen. Md. Zakir Hossain (retd), Secretary General of BTMA; and Subir Kumar Kundu, Head of Products, Acquisitions & Chief Bancassurance Officer at City Bank, represented their respective institutions.

This collaboration marks a significant milestone in the provision of Takaful protection to Bangladesh’s textile sector and reflects a shared commitment to ethical finance and community welfare. The partnership is grounded in the Takaful philosophy of mutual protection, solidarity, and compassion.