The Insurance Development and Regulatory Authority (IDRA) has imposed a fine of Tk 1 million on Takaful Islami Insurance Limited, a listed insurance company. The fine was earlier set at Tk 1.4 million. The insurance regulator has waived Tk 4 million as a result of the company’s review application.

This information was revealed by IDRA sources on Wednesday (February 5).

According to the source, the insurance regulatory body imposed the fine through a hearing based on various irregularities raised in the insurance company’s 2022 special audit report.

After receiving the company’s application, IDRA reviewed the fine. Through the review, the fine was reduced by 4 lakh taka. As a result, Takaful Islamic Insurance will have to pay a fine of 1 million taka.

It is worth noting that Takaful Islamic Insurance was established in 2001. A group of businessmen, the founders of a private sector Islamic bank, took the initiative to start the company with a capital of 6 crore taka.