PADMALIFE-Annual Report - 2011

Padma Islami Life Insurane Limited
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PADMA ISLAMI LIFE INSURANCE LIMITED
ANNUAL REPORT.2O11
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ANNUAL REPORT
9077
Padma Islami Life Insurance Limited

Registered Office: Surma Tower (11th Floor)
59/2. Purana Paltan, Dhaka-1000.
AN NUAL REPORT-2011
02
PADIIIA ISLAI',I LIFE INSURANCE LIMITED
ANNUAL REPORT.2O11
Corporato lnformation 04
The Profile J-O
Traosmittal ljtter 07
Notice of the l2th AGM 08
Board of Directors 9- l1
Memben of Audit, ClairD" D€velopment, Exeautive,
Finance, ReaI Estate & lnvestment Committ€e 12-13
Shadah Board 14
Coryorate Management 15
Contents Compliance Repon on SEC'S Notiication 16-17
of Shareholding Position & Attendance of Me€ting 17-18
Statistics of Business Performanc€ for 05 years 19

Annual Report GraphicalRepr€s€ntationforosYcars 2G2l
20tl Events & Itiglights 22-n
Chairman's Message 29
Managing Dircctor's Message 30-31
Director's Report 32-38
Statement of Shariah Boad 39
Auditot's Report 4l
BalaDc€ she€t 43-44
Life RevenueAccount 4547
Statement of Life lnsuaoce Fund 48
Form'AA' 49
Cash Flow Statement 50
Statement of Changes in Equity 5 I

Not€s to the Financial Statement 52-62
Dr€rtot's Certificate 63
Impon nt Offices @
03
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Gorporate information
Company Name Padma lslami Life Insurance Limited

Year of Established 2000
Date of Incorporation 26th April, 2000
Registered Office Surma Tower (11th Floor)
59/2, Plrana Paltan
Dhaka-1000.
Authorized Capital Tk. 100 Crores
Paid-up Capital Tk. 18 Crores
Nature ot Business Life Insurance Business
Auditors Mahfel Huq & Co.
Chartered Accountants
BGIC Tower (4lh tloo.), 34,
Topkhana Road, Ohaka-1000.
Actuarial Consultant Mohammad Sohrab lJddin PhD, AIA
Re-lnsurer Asean Retakaful International (L) Ltd., Malaysia
LegalAdviser Mr [r.AYousuf (Advocate)

Supreme Court of Eangladesh.
Bankers
' Shahjalal lslami Bank Ltd. ' Exim Bank Ltd. * tstami Bank Ltd. * The First Security tstami Bank Ltd.
'
Agrani Bank Ltd. 'AB Bank Ltd. 'Al-Arafah tstami Bank Ltd. * Jamuna Bank Ltd., * Bangladesh Krishi
Bank, * BankAsia Ltd.. * Dhaka Bank Ltd.,'DBBL, t Janata Bank Ltd.,'tvtercantite Bank Ltd.. , MTBL.
'NCC Bank Ltd.,'National Bank Ltd.,'One Bank Ltd.,'prime gank Ltd., * premier Bank Ltd.,'
Pubali Bank Ltd,'Rupali Bank Ltd.,'Social lslami Eank Ltd_,, Sonati Bank Ltd. * Citv Bank Lld...
Uttara Bank Ltd.
04
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,.
OUIT VISION
. To become the best private life insurance company in Bangladesh and in South_EastAsia
through maintaining high degrce of integrity, responsibility and transparency
OIJN ilISION
'lo
Abide by Shariah Principles in day to day life insurance business affairs
Build a dynamic, sound and profeessional management team
Conduct business in a responsible manner'
Develop innovative products.
Enhance good govemance-
Faster Quality fulanagement System.
05
PADMA ISLAiII LIFE INSURANCE LTMITED
ANNUAL REPORT.2Ol'I
0IJn oruD0TtvD
. To provide with ethic€l highest standard service that uphold th€ values of lslam.
OUNGOAI,
. To serve lhe.humanityJo. ib well b€ing in th6 presenl and th€ wortd hereafter by providing
financial and moral gains th.ough utmost good faith, good conducl, mutuel tru;t, sinc€dty,
antegrity and personalized service.
PAOMA ISLAMI LIFE INSURANCE LIMITED
ANNUAL RE PORT-2011
Transmittal letter
To
All Shareholders
Insurance Developm€nt and Regulatory Authority
Securities and Exchange Commission
Ragistrar of Joint Stock Companies & Firms
Dhaka Stock Exchange Ltd.
Chittagong Stock Exchange Ltd.
Central Depository Bangladesh Ltd. (CDBL)
Sub: Annual Ropo.t for the year ended December 31, 20'11.
Dear Sir,
We are pleased to enclose a copy of the Annual Report of Padma lslami Life lnsurance Limited
together with the Audited Accounts & Financial Statements for the year ended December 31, 2011 for
your recotd/necessary action.
Sincerely Yours,
Noor Mohammad
Company Secretary
07
PADMA ISLAMI LIFE INSURANCE LII'ITEO
ANNUAL REPORT-2011

Regislered Office: Surma Tower ('1lth Floor)
59/2, Purana Paltan. Dhaka-1000
Notice is hereby given that the t2th Annuat General Meeting of padma tstami Life Insurance Limited
wilf be held on Septembet 20,2012 al11,00 am at R€ngamati Waterfront, Safipur, cazipur to transact
the following businesses.
01. To receive, consider and adopt the Directo/s and th€ Audito/s Report and the Audited Accounts ot
the Company for the year ended D€cember 31, 20i 1.
02. To Declare the Dividend for the yea. endod D€c€mber 31, 2011 if any.
03. To elect Directors as pea the Arlicl€s ot Association of the Company.
04. To appoint Shareholder directors & indeoond€nt dir6c.tors.
05. To appoint Auditors for the year 2012 and to fix thek r€muneration.
06. To transact any other business with the pemission of the Chair.
By Order ot the Board
so/-
Noor Mohammad
Company Secretary
Notea :
l) The record date was fixed on July 15, 2012. Shareholders whose names appear in the Registor of
Members on the Record Date will be oligibt€ to attend the meeting.
2) A member ontifed to anend and vote at th€ Annual ceneral Meeling may appoint a proxy (such
proxy will be a member ot the Company) to attend and vote on hiJher behan The proxy Form
duly slamped must be deposited at the Head Ofic6 of the Company not later than 48 hours
bero.e the lime fixed ior the Me€ling.
3) Entrance in the Meeting room will b€ allowed on p.oduclion of the attendance slip duly signed by
the Shareholder/Prory/Attomey/ Representatives as the cas6 may be.
PAOT$A ISLAiII LIFE INSURANCE LIIIIITEO
ANNUAL REPORT.2O11
/EosrD of Direfforg
Name D6ignrdon
Mr, Abu Trher
Mr. Zsltrd Abedln zafar
Dr. A.B.M Zrf$ U[rh

Mr. A.T.lll Rrtrqre
Mr. A.F.M Obddlr Rrhmrn
Mr. A.T,M Amyet lrl|'h

Mr. Nunl Ahm Bhuiyrn
Mr. Nadm Uddln Ahmed
Mr. Abdul Mujib Chowdhury
lldr. Yourdwscd Ali Chowdhuy

Engr. Abul B$her
M|r Frtemr Begum

PADIVA ISLA]!lI LIFE INSURANCE L]IV]TED
Boorrd of Direclrors
IIr. Abu 'Iaher :lIr. Zainal Abedin Zafar
Dr. A.B.M Zafar Ull.rh lUr. A.T.M Rafique
Mr. A.F.)I Obaidur Rahman ]lr. A.T.U Anayet Ullah
10
PADMA ISLA[4] t lFf INSURANCE Lll'/tlTED
Mr. Nurul Alam Bhuiyan NIr. Nazim Uddin Ahmed
Nlr. Abdul Mujib Chowdhutt' Ilr. I ousuf $a/cd \li Cho$dhur!
Engr. Abul Basher tllr\. Frlema Bcg0m
11
PAOMA ISLAIiII LIFE INSURANCE LIMITED
ANNUAL REPORT.2O11
@ifferent @ommitteeg
Members of Development committee :
Dr. A.B.M Zafar Ullah Chairman

Mr. Abdul Mujib Chowdhury Member
Mr. A.T.M Rafique Member
Mr. Nuul Alam Bhuiyan Member
Mr. YousufWazed Ali Chowdhury Member
Engr. Abul Basher Member
Mr. Nazim Uddin Ahmed Member
Mr. A.F.M Obaidur Rahman Member
Mr. Abu Taher (Chairman, Board) Member
Mt, Zainal AbeAin Zafar (Vice Chairman, Board) M€mber
Members of audit committee :
Mr. A.F.M Obaidur Rahman Chairman

Mr. Yousuf Wazed Ali Chowdhury Mernber
Mr. Zainal Abedin Zafar (Vice Chairman, Board) Member
Members of Executive committee :
Mr. A.T.M Rafique Chairman

Dr. A.B.M Zafar Ullah Member
Mr. YousufWazed Ali Chowdhury Member
Engr. Abul Basher Member
Mr. Nazim Uddin Ahmed Member
Mr, A.F.M Obaidur Rahman Member
Mr. A.T.M Anayet Ullah Member
ANN UAL REPORT.2O11
Members of Finance committee :
Mr. Nazim Uddin Ahmed Chairman
Mr. Abdul Mujib Chowdhury Member
Mr. A.T.M Anayet Ullah Member
Mrs. Fatema Begum Member
Members of Claim committee :
Engr. Abul Basher Chairman
Mr. Nurul Alam Bhuiyan Member
Mrs. Fatema Begum Member
Members of Investment & Real Estate committee :
Mr. A.T.M Anayet Ullah Chairman
Dr. A.B.M Zafar Ullah Member
Mr. AMul Mujib Chowdhury Member
Mr. A.T.M Rafique Member
Mr. Nurul Alam Bhuiyan Member
MIs. Fatema Begurn Member
Mr, Abu Taher (Chairman, Board) Member
Mr. Zainal Abedin Zafd (Vice Chairman, Boad) Member
.*s
PADMA ISLAIMI LIFE INSURANCE LIIllITED
MUMBDRS 0rr sItAttIAIt tt0Atu)

.:. Chairman, Central Shariah Council for Islamic
Insurance of Bangladesh
* Adviser, ATN Bangla, lslahic Scholar
Principal Syed Kamal Uddin Jafree ,, Founder & Chairman, Bangladesh lslami University
.:. P ncipal, Jamiya Kasemia Kamil Madrasha,
Narsingdi.
.& Chairman
,t Secretary Ceneral, Central Shariah Council for

Islamic Insurance of Bangladesh.
prof. Moulana AB1't Masum Billah * Founder & Secretary Gen€ral, Allarm Saleh (Rh)
Complex, Baufal, Patuakhali.
rr Member Secretary
i Principal, Jamiya Ahmadia Sunnea Alia Madmsha,

Alhajj Mowlana Zalal Uddin AI-Kadri Chittagong.
{. Member
!r Grard Mufti- Darussalam Madmsha, Mirpur,

Mufti Sayed Ahmcd Muzaddadc Dhaka.
* Member
Khatib' Maszidut Takwa' Dhanmondi' Dhaka'

sayed zulfikar zohu" :
prol. Dr. Mowlana Ataur Rahman

t Post' Airrfebad' Matlab Bazar,
chow,
Kamrangerchor, Dhaka.
.i. Member
14
PADTIA ISLAIIII LIFE INSURANCE LIII]TED
ANNUAL REPORT-2011
O0tuDoRAtll lraNAGliDlllNT
M.naglng Dlr€ctor & CEO
Mobd. Golam R.bbrnl Chowdhury,
M.com (Accounting), L.L.B Mr. Bodrurzam|n B.d.l
E !6tnerrhaD&.@@++ryqEd.6)
Chowdhury Mohammad Wasiuddin, FcA, FCMA, CFc
Mr. Md. Mizanur Rahrnan
Mr. Md- Zaki Hossaio
Mr. Emdadul Haque Bhuiyan
Mr. Noor Mohammad
M.A. Sadeque Hdsain Patwary

Mr. A.K.M Jahangir Chowdhury
S.M. Rokon Uddin
Mr. Anowar Hossain
K.M Moniruzzaman
Mr. Md. Firoj Alam Mr. Alamgn Ho6sain
Mr. Faiz Ahmed Mr. Sakawat Ullah Manik
Mr. Farid Ahned Sarker

Mr. Abdus Salam Khandhker
Mr. Mozrul Hoque Sikder Mr. Cias Uddin Chowdhury
Mr. Salah Uddin Mr- Harun Or Rashid Faroque

Mr. Mahmud Hossain
Mr. Golam Zakaria Mandol
Mr. Abdur Razzak
Mr. Abdul Bari
Mr. Khaled Saitul Islam Mr. Mohibu Rahman

Mr. Ahsanul Haq Mr. Rasul Amin Arif
Mr. Md. Liakat Ali Khan
Mr. Nasir Uddin
Mr. Muhamrmd Abdullah Al Noor
Mr. Anower Hossain
Mr. Manzurul Aziz
Mr. Habibur Rahnan
Mr. Abu Saleh

Mr. Moharfirad Mozammel Hoque
Mr. Nurul Huda Mr. Amdadul Hoque Deloar
Mr. M. Nasir Hasan
Incharge : Share DeparhEnt

Mr. Abu $y.d Sarke.
PADMA ISLAIMI I L INSURANCL LIIVITLD
Compliance Report on SEC's Notification

Slatus reporls on compliancc with lhc cond('(nls inrposcd by SEC vid€ nolification No
SIICICMRRCD/2006 | 58l^dnrin/02-08 dalcd 20" fcbrurry.2006. is givcn in prescribcd formrt:
Compliance status Explanation for

Condition Title Complied Not
ComDlied with condition
Board's sizc
1.2 Appornhenr of Indcpendent Non-sharehoroef
Direcb.
ri rnc tJ()a.d and (h'ct trxccutivc
Olliccr be dillercnt person
1.4 Direclor's Repon includc dectaration on:
a. Faimcss ofslale ofthc atfairs
b. Keeping prcper books ot acoounls
c (!,n\rsr(nr rfphcatxn ut A(lounrinB
Policies and prcpararion of tjnancial
d. Obscnance ol l,anglJdcsh AcLounting

Srandards (BAS)
e. Soundncss and cfTicicncy ot inrcmal
I Ability of Padma lslami Lifc Insurancc
Ltd. to continue as a going conccnl
g Sianificant dct'aliun" from l.rst in
'crr
Prescntation of key opcralion and finaocial
data for last rhrce years
Dcclaration of dividcnd
: Numbcr of Board mccrin8 hcld durinS rhc
J
year and atrendancc by cach Dirccror
sha.ehol!!!sI9!rcrn
Apporntmenr or !t(). ( ompany sccrclary and
t.= Head oflnlcmal Audil.
Anendance ol CFO and Conrpany Sccreury in the
Board of Direclor's meelinq
ro
3.1 . r\umoer or memDers or Audrt commrtlcc
i. Inclustun ol non-Sharcholdcr Dirccbr in rhc
Audil Comnrine€.
ii. Fillthe casual vacancy in Audir Connniltcc
3.2 i. \elecrrun oflhc (hrinn n ofJud ( oinrnirrc.
ii. Qualir'icarr,rn ot rhc charflnan ur' AIdil
Committcc.
r. Kcpon by thc Audrl ( ommitlcc on ils activirics
to lhc Board ol Directors
ii. Repon 1lJ the Board by thc Audit (,onrmiftcc on
Conflict ol intcrest e1c.
3 3.2 Rcporr by Aud (i,mrnill,rc,r) rhc ,tLr:rtrfic,t ndrnr
1o the SEC
' Kepon ro me sDareholdcfs In thc cven! oftiDdings There is no such
ot ccndrn occurrcnces undcr condition 3.3.t (ii)
16
PADMA lSLAlvll LIFE INSURANCE LllvllTED
4.0 Statutory Auditors not to engage in;

i. Appraisal or valuation serviccs
ii. Financial informalion systcm dcsign and
implementation
iii. Book koeping or other services related to
financial statemcnts
iv. Broker-dealerservices
v, Actuarial services
vi. Intemal audil sen'ices
vii. Any other sewices that thc Audit
Commitlee determines.
1.4. (k) The pattern of Sharcholding :
l.:1(k) (i) Sharcholdings ofParent/Subsidiaries/Associatc companics and other relatcd partics N'I
1.4 (k) (ii) Direclorsi Excculives
Percenlrgc of
No. of shares
Sl. \o. Dircctors
hold
share holding
oosition
01. Mr. Abu Taher 20,00,000
02. Mr. Zainal Abcdin Zafar 12,00,000 4.00o/o
03. Dr. A.B.\4 Zafar Ullah 20,00,000 6.67o/o
04. Mr. A.T.M Rafique 9,40,000 3.13olo
05. Mr. A.F.M obaidur Rahman 10,00,000 3.33o/o
06. Mr. A.T.M Anayet Ullah 20,00,000 6.670/0
0'7. Mr. Nurul Alam Bhuiyan 10,00,000 3.33o/o
08. Mr. Nazim Uddin Ahmcd 9,60,000 3.204/o
09. Mr'. Abdul Mujib Chowdhury 7,00,000 2.33o/o
10. Mr. Yousufwazed Ali Chowdhury 4,20,000 1.4Qo/o
ll. Engr. Abul Basher 4,20,000 1.400/0
12. Mrs.Falcma Bcgum 9,60,000 3.20o/o
Shares held by CEO, CFO, Head of Internal Audit and CompNnl Secretary rs on 3l December 201I
SI. \o. S(atus No. olShares
01. Mohd. (;(tam Rabbani Chowdhury Managing Director & CEO Nit
02. Chowdhury l\4ohamnad wasiuddin Dcputy Managing Dircctor rFinsrc&Ad . r Nil
03. Mr. Noor i\4ohammad Company Sccrctary Ni1
0,{. Mr- K.M. Moniruzzaman General Manager NII
1.4(kxiii) Excculivcs Nil

1.4(kXiv) Shareholding holding l0% or rnore votilg rights Nil
17
:: '.; r: l.
L4 (j). Thc number of Board Mceting and the altendance of Dircctors during thc ycar 20 I I were as lbllows:
Meeting
Sl. No. Narne of Directors Position Attended Remarks
held
0t. Mr. Abu Taher Chairman ll
02. Mr. Zainal Abedin Zafal Vicc Chairman ll lt
03. Dr. A.B.M Zafar Ullah Dircclor lt l0
04. Mr. A.T.M Rafique Dircctor II

05. Mr. A.F.M Obaidur Rahman Dircctor ll tl
06. Mr. A.T.M Anayet Ullah Director tl 08
07. Mr. NurulAlam Bhuiyan Dircctor ll

08. Mr. Nazim Uddin Ahmcd Director ll l0
09. Mr. Abdul Mujib Chowdhury Director ll l0
t0. l\,1r. YousufWazed Ali Cho$dhury Dircctor ll lt

Engr. Abul Bashcr Darcclor ll ll
12. Mrs.Fatcma Begum Dircclor II tl
18
i1 NNUAL REPORT.2Ol I
Padma Islami Life Insurance Limited Business

Performance & Business Growth for 5 Years
Statcment for Business Performance & Business Growth
Five Years Summary
Business Performance
Paniculars 20ll 2010 2009 2008 2007
2.to6.24 6.519.47 5,620.63 6,078.94 4.|] t.t6
o,021.(X l1.325.59 10.551.66 5.799.7: 2,581_78
Croup InslFncc Premiun 3.29 13.2E 0.20
r1,132.57 17,918.34 16.174.49 l t,878.66 6,713.14
955.9E 671.0J 452.67 338.98 409.25
3.224.70 2.434.t2 t.269_34 676.31 4t3.52
ManaSenenl Expens€s
3.257.46 6,519.71 5,184.53 5,558.39 3,631.41
3,667.65 1,56t.56 2.845.68 2.6?2.00 2.092.03
28,:115.38 23.836.27 16,470.86 13.681.39 5.529.99
Lifc Fmd 21,9t5.ll 20,370.82 t4,363.79 '7

-434.39 4,247.71
Clanns ro Premum (0^) 29% t41/o a1/d 69/D 1%

Manaeement Exoenses to Premium (%) 62% 56vo 5t1/d 69% 85%
Dividend of face valuc ofshare
l8% t5%
b) Stock
Buisness Growth
Paniculars 20ll 2010 2Ut9 2008 2001
t9.21 89.73 56.99 30.06
7.68 4t.E2 91.21 '73.39 2.1.05
{37.87) l0 71i 36.16 76.95 (2r. r0)
19
PADIIA ISLAIVI LIFE INSURANCE LIMITED
Graphical Representatron
7
Lil'c Fund
:,U
'lorl
'Li
Iat 2nni
Ciross Prcrniunt
ZU
PADMA ISLAI''I LIFE INSURANCE LII'ITED
ANNUAL REPORI.2Ol1
Investmcnt Income
12
10
2010 2004
Claims
35 00
30 00
25 00
20 00
15 00
10 |]0
500
2010 200s 2004 2007

PADMA ISLAIlII LIFE INSURANCE LIMITED
IJVI]NTS & IIIGIII,IGIITS
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PADMA ISLAMI LIFE INSURANCE LIIlIIIED
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1
Directors'
Direclors' Report lo the Sharebolders
Respccted ShareholdcIs
On behalf of rhc Board of Dirccto.s rnd on my own bchal. I hr\'c lhc prilitcgc lo rlctcome you a lo thc l2th
Annurl Gcneral Mecting ('l I, dmr Isl.rori I-ilL: tnsrtuncc Linrjrcd nnd presenr-betbrc you rhe'ennuar r<epon on
ihe perlomunce ol thc compnnv k)gcr hcr wilh t hc A [dilcd Aceounrs a d I:inanci.rj Slalcmenls for rhe v€ar ended
ll$ Decembcr. 2l)l I rnd thcAudik)rs Rcpon rhcrcon.
It is mnner ot immcnse plcrsurc to bring k) thc no{icc ot- the honorrbtc Shrreholders thar inspire of conrinued
unslable economic condnioo prc!.rilin8 in lhc counrry and stiff comperil ion rnn)ng ditlbrenr insurcrs rnd invie\r
ol the implermtali{)n of I nsu.nncc Acr. l0 | 0 rhc yc:rr 20 I I wns i nponanl cha cngjng year for lhc coftpany. This
was po\{ible ro ovcrcome lhe chrllangc bccausc ot lhc srrcnllh ot our markcling tbrces. .oundness of our
orgrnizntional struclurc lnd our constanl cndcalor ro rclicw our husiness slralegies whcrcler Decessary kccping
in \iew of thc rtualny oi busincss. inrpr(ned curk)nrr scr\ices and conrrotting cosr etemenrs in r s,pher;s oi
Financial Resull
During thc vear. tohl prcnriunr incoorc ol rhc Cor prny wns Tk. I I t.:l_1 crorc $hich $as tess than Tk. 67.86 crore
trom thc ycar of 2010. The Inlesrnrcnr ot rhc Conrpany is signillcxntt) ircrcascd in rh. rcponing
)cJr. Lompd.ing
the negatile rrend of PrcrniuD incomc. Thc Inlcsrncnl ot rhc ycllr 201 | wn\ Tk. t51.59 crore which $rs moe
than Tt. 5,1.1I crcre lionr thc ycar ol 1010. By th( nr,'1--r.,rr .i'nrn't rnrJ c cLti\ c rund nrrnJpcrncnt. the grosrh
rntcol jnvestnrent of thc eonrpxny is \atistaclory corrsidcring (hc pre iunr incorncofrheyear:0tL On rhe other
hand rhc ratio otmnDagcmcnr expenscs r(' gruss prem;Lrm income has positivety d€crcascd hy 18.02%
The bre.rk up of prenriu'ir incomc inro irs comrx)ncnrs wirh conc\ponding figure oI20t0 is Ejven below:
Particulars 20t I
First ycar prcmium: -41.73

Ekok Bima -3li.tt7
DPS (Khodra) 5.87
Renc$al Premium | 13.26 -23.03

Ekok tsima 2.31
DPS (Khodra) 20.69
Croup Insur.rnce Prcnrium:
32
Gross Prcmium 179.18
Liic f'und 219.35 203-7r

('laim 24.34
Managemcnt Expenses
(lonrmassion to Insurance Agents
& Connlission
(()thcr than Clomnlission included in abovc)
Administrative & othcr cxpenses 41.60
l,ife I'und
Lila Fund ol thc Conrprny has continued ro gr^! signilicrntly. lhc gross accreiion of lifc lund ir rhc yctrr
201 I i\ 15.61 c()rcs. lbral lile fuod of the Q'nprny lrs rl 3lst l)cccnrbcr. 201 I stands to'lk. 219.35 crcres rs
ag insl Tk. 201.71 c.orc nr thc preceding ]-ear. Crowth r.rtc ol L;le tund is 8 C.
Actuarial Valuation:
Thc Bourd ol Di.eclos of fie Compan! de€idcd 1o conducl Acturrial Vrltntion ]-'early and accordingl) thc
Actu.ui.rl Vrlu.(ior oi fie assers & liabililics oi thc conrpuny rs on Dccernber 31, 20!l is crricd oul. Thc
Valurlion resulr ha!c shown n Cumulari!e surphs of rk. .r.15 crorcs out of which Tk l.9ti c.orcs ha\e bce
nllocrred ti)r Bonos k) polic,vholdeB
Investment Portfolio:
Thc lolestmenr in thc shfie market has been limilcd duc lo considering rhe volailily of in Capital M.trldt
during rhc ycar 201 L Thc Conrpany lnvestmcnl w.rs Tk (1.97 c|r)res in the rcponing year comparirg lo'fk 6.l{)
crors up to the yea. 2010. Rarher we opled for k'ng lerm dcposit during the year 201| in contcxt ol h'ghcr
rcturn t|(nn long tcrm deposit. MTDR wirh V.trilNs Isl nrir Bank hrs increased to Tk. 82.81 crtrcs liot Tl.
60.24 c()rcs in lhc year2011. Inlcstmenl in Go\l. Seoudlics nd Olhers hrs increNscd to Tl.70.78 crorcs
tron l'k. 39.0,1crores iD the year 201L
Bcsidcs lhc brlnnccs on shon tern] l)cposit Accounls $ilh vnri(lus Banks al the end of thc yerr sllods rl Tk.
20.89 lrores which is underprocess for funhc. inlcsrnrcnl.
Services to Policyholder:
The reputrrion and progress of thc compan) lrrgelJ dcpcnd on pronl$ and efficicnt scrvice rendered lo lhc
policyholdcrs. KeepiDg this in liew Ne hale ftr(her slrcnsrhcncd our senice xnd IT departmenrs lbr rendcring
quicl rcr\iecs to policyhr)ldcrs and marketing per\onncls.
A lrrlc nctNorl of se\eral hundrcd offces in rhe mrnl .N $cll ls urban cenrcrs ftrough our the counrry rcndcr
rll occcssrry scrviccs to the polic)holders. During lhc yclr. lhc nr nagenrent has dccided lo iNlall corrrpulcr
ir thc outstati{ Zonrl & Regional Otnce! gfudurlly rnd by no\ rctivares of nranl' Zonal Olficcs hr\c
xlrerd) bccn conrputef ized.
Thc scrrlenrenl oi clainrs is a very imlx)tani asl)cct ol scrliles lo thc policyholders. Hence the comp ny h$
hid grc t cniphNis on expeditious seltlemcnl ol malurily, fvivrl rs wcll as death claims. Ihc conrprny h.N
scttlcd & paynlcn L ol- sur! ival benefiluplo Lhoccrtrin an()urrt lionr ZonrlHead Quafter ti, pfttnpt scrvi.cs
33
PADMA ISLAI/lI LIFF INSURANCL LIMITED
ro thc Policyholdcrs. Durins rhc !c{r. lhc Conrprny h.N setlled Clninrs li)r Tt. 32.29 OrJres con)prred ro chims
lbr Tk. 24.:1.:l (lrorc! in the prcliors yljlr. It is notcd hcrc that lhc Conlr'llcr ol lnsurnncc has awarded lo rhc
Conrpim) lor swiii cl,rinr Sc[lcmcnr (i sidcring rhc prompr scr\'ice ro rhe PoUcyholdcrs.
Human Resources Managementi

Insurancc indusny is a phcc $hcrc scr!iccs of ej(perienced hrnds nrc absolulcly necessary. Thc Compant i!
full) rwarc ol this t cl .rnd lrom rhe begirning ol its Lrmllion ir rdcd qrnd inrurance experts hi.c Nnd olher
executi\cs lionr lhe insurancc lickl of rhc country wilh lrri|ctilc coDrpcns rxtn packa-qe. Aprn liom nomul
conrpeDsatron prckrge. thc co plny has irrroduccd cnrployee benctjts likc ttlrirat bonus. !rrruiry, and
Conlributorl Pr(^idenl llnd. ciirn lc{\'r. sick lcarc. nnd nr.rtcrnhy l')nrc tir IcDralc cmphyee\. rroup in\ur.drcu,
housing in ordcr to iic.e sc rorlcllicicnc!.lordillcrcnr iclclofcnrpbycc. Thc d('npan) orBrnizes rftining litr
ils employcc on regular ba\is. The conif,xny tll{) organi/c\ in house t.xiniD! t(nn rinN ro ti re lbr rhc ljctd
workcrs xnd orhers rcl rcd t\nh tolicy s lc\. undcr$ririnB. clxinr Dr{nrgcmcnt. Re-insurance and p.ncrice of
lakirlll srsreln. l)uring thc ycnr l0l l. N lornl ol 6{) olllcirls rncndcd rhc rraining on larious Insurancc rctared
\L'bjccls. Thc slrfl strenglh ol lhc coniprnt nt llrc crrd ot 20l I $as lsU).
Audit Committee:
I-o en\uring ttunsp|ren.) & ireounrrbilit\' in lhe opcr.rti(nrs ot lhe Con)pnn! lo unsurc thal rhe rclililies rrc
conducted \\'irhin rhe tr.llncs'ork ol principlcs and policics as hid do$r by rhc Board. as wetl as rhc guidclincs
ol rhe Sccuritics rnd Erch ngc ftn nrissirnr\ norilie.Ii(nr No. SEC/CN{RRCD/2u)6- t5lt/Adn)jn/01 08. dared
:0lh Fcbruary. 2{X)6. Thc Audit (innmillec rclicwcd lhe linrncinl slrlcDrcDts oi lhc conrpan} tbr thc ycrr cnded
3lsl Dcccnrbcr. loll uditcd b) thc l-:xtennl Audirtns slrcssirrs o lhc inrpodrncc ol lhe compl;:rnce cuhu.c
$ilhin rhe comprDv.
Diridend:
Consideri0g rhe olcr.ll situ{ti(nr ol rhc Comprn} rlrc Board ol Dircckns hrs nor recommcndcd rnI di\ idend tbr
the )car cndcd I ln Decenrhcr. lOl l.
Sponsor Directors:
In rccordance qnh Aflicle 96 ol rhc Arricles of A\soci.rtln ol rhc Conrprn!. thc l/l mcnrbers of bonrd ot'
directoAshallrclirclioDroiiiccatlhcl2lhAnnLrrlCcncrrlNlcclinB.A(cordin!lllhetttiringdi.c!1,,r\rre
01. Mr. A.T.M. Rlliquc
01. Mr. NurulAlam Bhuirrn
01. l\'lr. Nazinr Uddin Ahnred
(U. Mrs. Fltenra llcgunr
Being eljgiblc thc\ oller thenrscl\cs li)r rc-clcctxnr.
Public Subscribers Directors:

In tcnns of lhe Aniclc 85 ol the Afliclcs ol Ass,cirri(nr ol lhc CoNpany. thc puhlic olificarior iD rcBard (o
clcctnnr o|Public Subscrihcrs l)ireclu has bccn puhlishdd in thc i$o nari(nral dlilies nnnrelr Thc Daily
Financial Lxfrcss. Thc Daily \oboriJ drrcd on.luly o'1.2012 in\iring nonrirulions lioln public sLrbscribc$.md
all prcprnions halc bcc nrrdc in order thc rulcs & rcgull|l( .
Appoirrtmcnt of Auditorsi
As per \ectron 2l{) ol collrp y Acl, l9t}4. tic \ululory Auditor ol Mnhlcl Hu(t & Co.. Chaflcred Accounrdnts,
shrll relire in lhc l2th A(lM rnd cligihlc lin.rclppoiDlnrcnl s lLrditlr'li)r lhc yerr 2012. Sincc said audiior.is
irterested ior rcrppoiorrcrrr lbr rhe vcrr 2{)l:. rhc rnlrrcr plrccd bclint thc sharchoklcf s nrcctnrg ( l21h A(lM)
lor tind decisi('r.
u
PAD]IIA ISLAI'I LIFE INSURANCE LIMITED
ANNUAL REPORT'2011
Business Plan for 2012:

The company has $et up its business strategy for boosting up of its individual life' micro Insumnce business and
planned for achieving a premium targel of Tk. 225 crcres during the year, 2012 The managem€nt b€lieves that
lhis is achievable if the economic and political sc€nario of the counry rcmains steady and that there occurs no
natural calamity in the country.
Acknowledgements;
On b€half of ihe Board of Directors, I take this unique oPPonunity to thank all our honomble Shareholders
Dir€ctorl, our valued policyholden and Managing Director for their continued support & co-operation l also
express my sincere gratitude to our M€mb€rs of Shariah Board, the office of the Insurance DeveloPment and
Regulatory Authority, concerned Minislries. Register of Joint Stock companies & Firms' S€curities and
Exchange Commission, oftice of Dhata & Chittagong Stock Exchange, our Banlers and other est€emed well
wishers for their co-opeiation, support & confidence.
We also put on record our deep appreciation of the effons of the marketing personnels & devotion to duty of the
€mploye€s of the Company.
On behalf of Board of Directon,
@'.-
Abu Taher
Chairman
PADIVIA ISLAMI LIFE INSURANCE LIMITED
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PAOMA ISLAIiII LIFE INSURANCE LIMITED
ANNUAL REPORT-2011
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40
PADMA ISLAI'/!I LIFE INSURANCE LIIlIITED
t. jr -!ji-2;,.:"1
i AHFEL HAQ A CO.

CH AT€FEO ACCOIJNTANTS
t n,i : hmhco ta@sm:i om
.\IJDITORS' REPORT T0'THI] SHAREHoLDDRS
we ha\e audned the a.conrpaDying Bnlnnce Sheer of "PAI)MA ISLAMI LIFI-I INSURANCE LIMITED aS ar
I lsr December, l0l I and fie Re\enue Account and Shrcnrenl ol Cash Flow tir lhe ycu cnded 3lst December.
2011. The PrctarNlion of hese tlnancial srarcnrenls ir lhc rcspnsibility oi the companys managemenr. ()ur
r'cspo sibilily is to express an indcpcndcnt opinion on thcsc tinancirl stLrtenrents based on our audil.
we hNve conductcd our audit in accordance with Uanghdcsh Standard on Auditing (BSA). Those standards
rcquire that we plan and pcrfomr the audil to obtain rc.NonAble rssumnce {boul whclher the financial statements
rrc lrcc of materjal misstrtemcni. An iudil includes exrmining on a tcsl basis. evrdence suppo'tirg thc amounts
rnd disclosures in rhe financial natcmcnts. An audil also includcs asscssing the accounting principlcs uscd.tDd
signillc nl eslinates madc by nranagemenr, rs well as cvaluating ihe overall tinancjal statemcnt pk\cntJtion.
We beliele thrt our ludit provides a reasonable basis fbr our opinion.
In oLrr opinion. subjecl to separare noles annexed, lhc l-inrncinl stntements. prepared in accordance with
Brngladesh financirl Rcponing Siandards (BFRSS) rnd Bangladcsh Accounting Standa.ds (BASS) gilc a truc
and iair !ie$ of the state of the Company s ailairs as of S lsl Dccembcr. 201 | and of the .esults of its opcrations
and xs cash Uoq for the year fien ended md comply with rhc Companies Act 1994. The Insurance Acl 2010. lhc
Insuruncc Ru les I 958. the Securilies and Erchangc Rulcs I 9lt7 and orhcr applicablc laws and regulations.
Wc also ftporI that:

l) wc ha\c obtained all rhe information and explrnarions which lo the best of our knowledge ,nd bllicf wcrc
neccssff, ior the purposes of our audit and nude due lcrilicati r lhercoi:
ll) In onr opintun. proper books of accounr a\ required by lrw hrlc bcen kepr by the Company so far as appelrcd
tionr ou. cxaminrrion of those books and proper retums &lcqualc ibr thc purpose of our audit have been receivcd
lionr ()rlanilariomlOffices not visired by usi
III) The Conrpaoys Balance Sheer rnd Revcnuc Arcount aDd its Cash Flow dcalt wirh by fte report are in
rgrceDrenr with fte books ofac.ounls lnd rctumsi
|V) lhccxpcndit rc incurred was fbr rhe purposes ofrhe Q)nrp ny s businessr
V) As pcr sccrion 62(2) of fte Insurance Ac( 2010, wc ccrlily thal to the best of our knowledge and bclicf rnd
accordin8 t() thc inlbrmation and explanations givcn k) us. rll cxpcnses of oranagement whencvcr incuncd and
whcthcr rncuncd directly or indirectly. in respect ol Lilc inrur nce busi ess of rhc Conpany iransacled in
Br ghdcsh dunng rhe period under report have been duly dcbitcd 1o tbe Revenue Account ofrhe Company rnd,
VI) As per regulaiion I I of pan I of thc drird rchcdulc ol lhc Insurance Act l9l8 as anended. we cefily that to
(hc besr of our kno\tedge and as shosn by ils books. thc comprny during ftc pcriod under report has not paid
any person an_v- comnrission in anr lbrflr outside Broglndesh in rcspccr or any of its business re-insured abroad
rDNrr l(rn rhc commission arisins out oflhe re-insr.tuncc lrcrlics.
l)rlcd. Dhlki
MAHFEL HUQ & CO,3
l hc June :8. 2012
Chanered Accountants
41
PADIV]A SLANII L FE NSURAN{]F fuIII i L'
frinsrcinl,
42
PADIVIA ISLAMI LIFE INSURANCE LIMITED
ANIi UAL REPORT-2011
BALANCE SHEET
AS AT 3I DECEMBER 20II
CAPI TA L AND LIABILITIES Notes 201I 20t0
SHAREHOLDERS' CAPITAL
Authorised Capital
10.00.00,000 ordioary Sharcs ofTk.l0f each
1.000.000,000 100.000.000
Issued, Subscdbed rnd Paid-up

1,80.00.000 Ordinary Shares ofTk.lo! each 03 rE0,000,000 30,000,000
Balance of Fund and Accounts

Life Insunnce Fund 04 2,193,5rr;82 2,037,081,563
Srdaka Fund (Padmr weltare Fund) 23,?31'477 22'652'060
Amount due ao oaher persons or bodi€s
Carrying on Insumncc Business o5 1,257,62
Liabilities and Provisions

Estimated Liabililics in Respecl of outstaoding
claims wbether duc or inri'rated.

105,766,355
01
90,322,96r 70,511,204
0lr 16.358,512
r,an korn Bank (Sccurcd) 09

230 t7t.t59.589
44tO37A7O 293,893,0r9
Totrl 2J4r,538,191 2)43,626,642
Annexed noles form an Inregral pan of thcsc financial

signed as pcr annexed
(& \./
ry
1A
w/4!-
Chaimn
/L-4-"6c-.
Vahfcl Huq & Co.
Chancrcd Accountants
The Jure 2E,20l2
43
PADMA ISLAMI LIFE II'ISURANCE LIiIITED
ANNUAL REPORT-20'I .I
Amount ln Trki
PROPERTY AND ASSETS Notes 20ll 2010
Loan on Policles
Within th€ir sunender value l0 3r9J62 527,143
Investmentg tl 707,E10,150 390411,996
Outst nding Premium t2 r38J0r,677 217,2aa,6m
Prolit, Dividend & Rent Accrued but not Due l3 s7,654,212 42.o12326
Advatrces, Deposits rnd Prepayments l4 as.47434A 103,4E4,5E9
Caplt.l Work ln Process (Head Oflice
Building) 352,mr,900 16E,957,200
Sundry Debtors l6 2,098,996 3,673,843
Initial Publlc Ofler (IPO) Expenses 17 6,975,607 2,492,629
Cash, Bank .nd Other Bilances

Fixed Deposil with Baoks l8 424,074,285 602,q4.2O1
SND & CD with Banks 204.974,Ot9 243,aa7,972
colleclion in Hand 207,625,t28 382,939,302
Cash id Hand 4,169,898 t.317,929
t,24ErE43,330 |,230,549,4O4
Other Assets:
Fixed Asseti (At Cost Less Deprecialion) l9 238,454,793 217,939,t75
Printing, Stationery & Stamps in Hand 20 3,r73,816 5,473,641
Tot.l 2,E4r'53&t9l 2343,626,U2
Signed as per ann€xed

Annexed nores form an InteAral pan ofthese Firunciat Starements.
@
ManaginS Director
V lt lz
@k<- /L-=1,-"64.
Mahf€l Huq & co.
Chanercd Accountarts
D.red, Dh.kr
The June 2t,2012
PADMA ISLAI$I LIFE INSURANCE LI"ITED
ANNi]"IL RE'-ORI,:':
LIFE Rf,VENUO ACCOUNT

FOR THtr YEAR ENDED DECEMBER 3I, 2OTI
&!9! 20lt 2010
BALANCE OF FUND AT THE BEGINNING OF THf, YEAR :,017,08 t.561 1.435,3?E,6E4

Add. Prior yed. Adjustmcnl 3;745.411)
2,037,0Et,563 1,4.t0,12.t,t)94
PREMIUM LESS Rf, -INSURANCE 2l
FiBr ycar premium (Ekok Bima) t49256,06E 517.9t2,161
F;sr year premium (Khudra Bima) 6t,167,908 120.03.r.766
2ro,6Lt916 657,946927
Renewal premium (Ekok tsim) | 474.84s.O42
| | 498.1e9.55r
Renewal premium (Khudm Bima) | 427.45q.116 I I 634,359.061
902J0435E r,132,559,214
1,112,924334 t,7m,506,141
croup Insurancc Premium 328.680 1.327.590
r,rr,257,0r4 I,79 | ,833,73r

Less: Re-lnsuEnce premiuft 1,359,128
1,11 I,E97,EE6 t.79t,6.t3,731
PROFIT, DIYIDEND AI\D RIiNT 22 95,597.535 67.103.202

OTHf,R INCOME 23 11,561,634 n.943,572
3rs&r38,6r8 3J ll,(M,599
Fi6t year premium, whcre the maiimum

Preniud payingpcriod is
718,389 510.438
single
8,998,024 40.00r.60 |
Ei8ht years
65,290.783 200.935.326
|]5,616,780 416,499.562
(lncludins rhroushout life)

2n.623-976 657.946.921
CLAIMS UNDER POLICIIiS ONCLUDING PROVISION FOR
CLAIMS DUE OR INTIMATED) Lf,SS REJNSURANCE
By Death 26,615,1I I 13,359,099
By Malurily 25,603,646 70,750

By Survr!al 263,405.298 224,108,414
By Suftcnder 6,608,427 5.E67.664
By Others 637.349 5.E95
322,K9,431 2:ll.4ll,E52
ANNUAL REPORI-2011
20IL 20t0
EXPENSES OF MAI\IAGEMENT
Commission:
(a) Commission to lnsurance Agents
(less that on Re-lnsurance) l22,Itl,o59 229,3s2,18s
(b) Allowances and Commission
Olher $an Commission includ€d in Sub-lrem (6) above l8-672
325,746222 653,970,857
Salaries etc. (Otherthan to agents and those
contained in the allowances and commission) r51,338,752 r30,768,169
Travelling & Conv€yance ro.716,628 l l,7l t,878
Meeting Fees 2,',779,150 3,330,600
75,000 300,500
686,078 I,284,767
Shariah Meeting Fees 57,000 93,600
Medical Expenses 469,417 t49,2tO
Legal & PmGssional Fe€s 57934O 451,286
Registration & Renewal F€€s 3,896,,t0O 6,27 |,446
Advcrtisernent & Publicity Expenses 4245,438 13,432,207
Printing & Stationery 15,945,845 8,533,180
Policy Stamp Expenses 6,044,437 4,153,900
R€venuc Stamp Expenses 665,095 53t,764
Postage& Courier bill 762,719 760,531
Telephone & Fax 1,t69,293 l,107,751
Training, Recruitment & Confer€nce Expens€s 2,929,555 t4,65t 439
Meeting Expenses 677,437 1,309,333
Developmenl Expenses 31,893,993 32,862,026
Office R€nt 45,827,229 3s389,319
Offi c€ Maintenance Expenses 5,549,141 5,43t,4t5
Gas. Wat€r & Electriciry Charges 2,563,353 2,99t,253
Electric Expenses 81,536 272,968
Car Fuel& Lubricants 5,163,073 s,452.574
Bank Charges & Others 2,093,979 t,232,117
Car Repairs & Maintenance 6,528,013 4,79t,tol
Car Renewal, Registra.ion & Insurance t,670,581 1,983,936
Paper & Periodicals 106,883 206,843
Entenainm€nt 917,764 1,685,373
Festival Bonus 13,74o,t31 t2,tot,6to
Mobile Telephone Bill r206,279 I,6t3,076
Incentive Bonus r\,r47,o25 3t,974,471
Fees & Subscription 205,000 665,310
PAOMA ISLAMI LIFE INSURANCE LIMITEO
ANNUAI plr ): T .)\',
20|| 2010
Caniage Expenses 403,941

Prizc & Contest Expenscs 75,000
Tradc Liccnsc ,2$ t5.260
Servicc Chargc I A@,597 1.268,557
Charge on Bank Loan 27,759,t94 t4,670,O27
General Expenscs |,395,817 630,{r6l
Non-Judicial Stamp 18,945 7,840
Renl-A-Car 3,200 50.000
Annual Ceneral Meeting 156,792
Sonware Expenses 102,066
Miscellaneous Expenses 715 886
OTHER EXPENSES :
Depreciation on Fixed Assets 19,439,401 15.884,561

Share Valuc Fluctualion Exp. t8,633,27 |
s,773,808
DTVIDEND
Cash Dividcnd 5300.000 4.500,000
416,0 ,r83 376540327
Totrl Erp. 741,751,405 1,030,511,184
Balance ofFund at the end ofthe yetr

rs shown in the Brhnce Sh€et 201I 2,l93,5ltJt2 2,03?,081,563
Tottl 3Jsr,lJ&5t8 33 .0tX,599
Anncxed notcs form an Inrcgral pan oflhcsc Financial

Signed as pcr anncrcd
<& Dircclor
@k<- l^=l--",A4.
Managing Dircctor Dircclor Mahfcl Huq & Co-
Chanered Accountanls
D.ted, Dhrk,
The Jrne 28,2012
,{7
$.
PAOMA lSLAill LIFE INSURANCE LllrlTEO
STATEMENT OF LIFf, INSURANCE FUND

AS AT3I DECEMBER 20I I
lAs per Sub-Section-2 of $ctlon-26 of ltrsurame Acr 20l0)
20ll 20r0
A.ASSETS
Loan oh Insurels policies within rhei. suncndcrvalue 3t9,362 527.143

Investments (Ar Cost) 707.810.150 190.417.996
OutsLnding P.enium 13E.301,677 2t7,288.690
Prcfi1, Dilidend & Renl accrued bul Dol duc 57,654,2t2 12.012.326
Adldnces. Deposits & Prepaymcnts 85.474.348 103384,589
CapilalWork in Proces (He.d 0fiice Ruildin8) 352,031,900 168.967,200
2,098.9% 3.613.843
Initial Public otler (lPo ) B(penses 6,975.607 2,a92.629
Cash. Banft and Olher Balanccs r248,841.330 1.210.549.404
Printing & StalioncrySramps in lland 3.l7t.El6 5,873.647
Fi\ed Assets (at cosr less depreciliion ) 23E.E54.793 2l?.939.t75
2,t41J38,r9r 2JE1,626,64 2
B. !!AE!LII!ES
Ahounr due to other peAons or bodics carrying on insurance business 1,257A62
Estimat€d Liabililies in Respecr ofOu$|anding claims whciherdle
105,?66,155 52.222,226
9A322,961 70.511.2(x
Loar from tsant (Securcd) 210.549,642 171,159,589
Sadaka Fund (Padna welfare [und) 23.73t.811 22,652.0&
t6.15E.512
468,026,E09 316,5410?9
c. G.ois Frnd (A -B) 2313,5rr3A2 2,067,081563
D. ShrreholderJ Crpi..l (Prid-rp Crpltal) 180,000,000 t0,000,000
E. Lire InsurDce Fund { !t 3l December 20l | (C - D) 2,193,511,382 203?,08r,563
Sign€d as per annexed
(& q
\.2
vl ffl"t- l--0,-+e,-
Mahfel Huq & Co.
Chanered Accountants
D.ted, Dhlh
TbeJtrne28,20l2
ANNUAL RE PORT-2011
FORM'AA"
CLASSIFIED SUMMARY OF THE ASSETS
AS AT 3I DECEMBER 2OI I
Class of Ass€ts BookValue Marketvalue Remffks
INVESTMENTS 707,810,150 7o7,Ero,15o
CASH, BANK & OTHER BAI-{NCES : 1,24E,E43,.130 1,248,84i334

Cash on Fixed Deposit vith Banks 828.074,285
I
Currenr & S ID Accounrs s'irh Banks 208.e74,01e
I
207.625.t28
|
4,169,898 |
loterest, Dividend & RenI Accrued bur not due 57,654,2t2 57,654,212 Realisable Vll ue
OTHER ASSETS :
ourstanding Prcmium 138,t4\677 tla)0\677
Pdnting, Siationery & Sramps in Hand 3,17t,816 3,1,n,4$
Advan.es, Deposirs & Prepa.vments 85,471,348 45,474)44
( apiral work in Proccss (Head Officc Buildins) 352,03t,900 352,031,900
Surrdry Debhrs 2,@8,996 2,098,996
l'rnial Public OlTer (lPo) Expenses 6,97\@7 6,975,607

3t9,362 319,362
Fixed A$ets (At cos! les depreciation) 238,854,793 238,854,793
TOTAL: 2,841,5!t,191 2,841,538,191
Anncxcd nores tb.m an InreSialpart ofthe* Financial Stat.mcnts.

Signed as per annexed
@ V lt l-
rel'!- l-=l--+4. Mahfel Huq & Co.
Chartered Accountanls
Danid, DMka
Thc JuDr 28,2012
49
PADIIIA iSLA]VI LiFE INSURANCE LIIVITEO
ANNUAL REPORT.2O11
CASH FLOW STATEMENT

AS AT 3I DECEMBER 2OT I
Amouni in Takr
201| 2010
A.CASI] FLOWS FROM OPIRATING ACTIVITIOS
CoUection from Premium | ,201 ,243 .41| 1.716.352.640
Int'estment Income and other income received 91,517,283 70.099,566
Payament tbr Claims (269.32s.702) (232,217.161)
PaFment for Managcmenl Expenses and olhcrs t.721 t.068,508.798
Net Crsh Flows from opcruting Nctivitics t1r80327r 505,126,241
B. CASH FLOWS FROM I!'IVESTING ACTMTIES

Purchase of Fixed Asscrs (40,355.o25) (81.941.780)
Invcstncnt made during thc Pefiod 17,184,373 3^202.106
Ner Cash Flows from inv€sting lctivitie! (3s7,539J98) (355,144,486)
C.CASH FLOWS FROM FINANCING ACTIVITIES

Share Capital 150.000,000
Cash Dividend (5,400,00o) (4.s00,000)
Increase/ De€rease in LoAn fron Bank I14,905,589
Net Cash Flows from finrncing activities 204,030,053 0,405,589
D.Net increase/Decrcas€ in crsh rnd cash equivalenls (A+B+C) t8,293,926 260,987,350
tr. Cash and Cash Equtvalents rt the beginning ofthc period r,230,549404 969,562,0s4
I. Cash lnd Cash Eqoivolents at the end ofthe period 1,248,843330 I,230,549,404
Annexed noles form an Intcgral part of ihese Financial Statements.
Signed as pcr anncxcd
report ofcvcn datc
(& \./
q1 vl @"t- /^=4-+c..
Mahfel Huq & Co.
Chancred AccoLrhtants
Dated, Dhaka
Tbe June 28,2012
50
PADMA ISLAMI LIFE INSURANCE LII/lITED
ANNI.JAL REPORT.2O11
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

FOR THE YEAR ENDED DECEMBER 3I, 2O1I
Fol the Yerr ended December ll.20ll

Sh5rc Share Gen€ral R€tained Totll
Exceprional
Capibl Rcscrvc Eaming! Taka
10.000,000 30,000.000
0l January 201 I
150.000.000 I50.000.000
Equity rs oD
| 80,000000 180,000,000
20ll
ror the vear ended Decemt€r 3I.2010
Shrrr Shle Gctrcr!l Rel!idcd Tot l

Exc€ptioDal
C5pital Firrirgs
30,000,000 10,000,000
0l .January 2010
Equi0 as on
3l D€cenber 30,000,000 30,000,000
2010
Annexed rcres tbnn an IntcSralplrt ofthese Financial Slatemcnts. Signed as pcr annexed
repon ofcvcn date
(& V vl tr,r!-
ChdImn
/L=A^+r-.
Mahfel Huq & Co.
Managing Director
Chancred Account nts
D.ted, Dhak
The June 2E,2012
51
PADMA ISLAI'/Il LIFE INSURANCE LlllllTED
ANNUAL REPOqT,2O,lI
\otes to the liinancial Statenlenls

For the year endcd D€cember 31, 201 I
l. \l\ll. \\lr\\ltRl (rl Bt \l\l\f
Padma Islami Life Insurance Limited was incorporarcd in April 26.2000 and is mainty engaged in Ekak
Bima. Group Insurance (cI). and non- traditional Micro Insurance under Convcrlible Endowment
Assurancc, Ilndowment Assurance, Anticipatcd Endowmcnt Assurance-3 Stage, Anticipated Endowmenr
Assurancc-4 Stage. Child Protection Assurance, Pcnsion Assurance (withour protit), Endowmcnt Assurance
(khudra Bima). Endowmenr AssLrrance (Sanchayee Bima), Anticiparcd Endowmcnl Assurance-4 Sragc,
Haji/Ornrah Assurancc (Takaful). Marriage/Moharana Assurance (Takatut), tsienniat Assurancc (Takaful).
Single Premium Endo\ryment Assumnce, Anlicipatcd Endowmeni Assumncc-s Slagc, Deposit pension
Scheme (DPS), Premium Refund Term Insurance (wirhour profii) basis business.
a on)ponfnr\ {,1 rl( | inlncial Strtrnrrnl\

The Financial Statemenr includes fie following Componenls:
i) Balance Sheer
ii) Life Revenue Account
iii) Cash Flow Slatemenl
iv) Changes in Shareholders' Equity and
v) Accounting Polices and Explanalory Notcs
Bi\i\ ol l'r (\.ntNlion rId \trltnrr l I'l (
oDrt)lir|lc.
The following underling assumptions. measrrement bases, laws. rules. regulations and accouming
pronouncements have been considercd in prcparing and represenrirg the Financial Sktements:
. Going conccm
. Accrual unless staled other$ise
. tlistorical cost Convention
. The Insurancc Act.20l0
. The Insurancc Rule l95ll
. The Companies Act. 1994
. The lrcomc Tax Ordinarce 1984
. The Accounting Slandards Issued by the Inslitute ofCharrered Accounlanr ofBangladesh (ICAB)
. Any other applicable legislation.
2. StC\tlt( \\r \( ( ()t\|I\(; Pot.t( \
2.01 llct (no( r.(ogoili,,n
New business prcmiums are recognized once the relared policies /Firsr premium Receipts (FpR) havc
been issued aDd the premiums rcccived by lhc Company. Collectable amounl of premium due and a
outstanding in the month ofDecember 201 I arc rccoSnized as revenuc.
2.{ll lnr fnnrenr
Inveshents are stated in the accounts ai their cost ofacquisition. profi1 on invcsrmenr is accounted for
on accrual basis other thcn Dividend Income fro,n shares which are accounted lbr otl cash basis.
1.0-3 Sh{rrr
As per BAS-25 unrealizcd loss due to lower ofMarker Pricc {i,e: cosr price Tk. 6.131t,41.42 I .00 & Marker
price Tk.5.02.10.150.00) than Cost Price has been charged io the Revenue Accouot as Share Vatue
Fluctuation expenses and lhe In\'estment in Sharcs has bcen shosn al Markct pricc.
52
PADI$A ISLAIlII LIFE INSURANCE LIII4ITED
l.l)l l)fprt(irtir)n
on 1i\rd r\\.1\
Depreciataon on Fixcd Asscls h.s bccn calcrlalcd adopling dinrinishing balance melhod o. all class and
on rhe esrimared useful lifc ot asscls. Mcthods and ralcs of providing deprecialion are consistently
{pplied in relation to pre!ious yc.r (s).
C{tePorv of -{ss€ts Rarc of Deoreciation
Flal and Buildine 5',%
,%
!_urnitDrc & Fixlures t5
()ffi.c Dccoration 2l\ t'/<,
l5 ,2.
Oflicc Equipment
Molor Vehicles 20,1"
Electric InstallatioD t0%
Tclephone Installation ||L
Sign Board 2\Jt'1,
Provision tbr taxation is biscd on raxablc incomc dctcrrnincd undcr the Founh Schedule ofthe lncoDrc
Tax ()rdinancc on lhc basis ol-Acluarial Valuati()n Rcpon .l|ld thc Accounls.
Tax provision has not bcen made in thc Accosnts as lhcrc is Broughl Forward l-oss.
As thc profits 5nd gaans liom Lift lnstrrancc llusincss .rrc dclennined under lhe 4'h Schedule oflhc I IO.
rhc Managcmenl leels il is not neccssrry b nlnkc cslim le ol delerred Tax Assets, Liabilitics al this
srage as per provision of BAs-12.
(innmassio. to hsurancc Agenls (less lhal rcc.ilcd on Rcl.surance) rcprcscnls Fi6l Ycar
Commission. Renewal Connn;ssion and (;oup (innnrission. AIlowa'tce and Commission {()ther dun
('ommission to Insurance Agenls less lhal on Rcinsurancc) reprcscnl liilcd Omcers Salary and
Allowances including itcentivc Bonus.
l,llr Ili\k.nd nn..rtrinties lor u\( r)l {\li'rrrl.\ irr t,r(p:rfxtir)n ol I iIr.tiil Strrcn]tnts
Prcpnrarion of Financial Statemcnts in confi)rmity with thc Bangladesh Accoundng Slandards rcquires
tranNgcment to make eslimates and assuDrplidr lh.l etlecl lhc rcponed amoDnts of assets and liabililics
and disclosurcs ofcontingcnl nsscls and liabililics al lhc ddlc ol the financial statenrent and revenue and
cxpeDses during the period repofcd. Actual rcsull could dillcr lioDr lhosc cslimates. Estimales are used
fiJr accounting of ccnain items such as long lcfD) cotrtracls. deprecratjon and amo'lization. enrployccs
bcDelit pl!ns. laxes, reserves and coDtinscnctcs.
:.1)ltlir\ponsibililt lbr I'rcprratioD rnd pr'.s(nlrli,)n,,1 linr'r.irl slilcrrrtnls:
The Management of thc Company is fcsponsiblc lirr thc prcptration and presentation of Financial
Starcmcnt under section ll33 ofthc Cotrrp.nics Act. 1994 {nd as pct thc provisioD ol The Framework lor
rhc preparation and preseniation of IriD{rrcial SlalcnrcDl issucd by the intemalronal Accountang
Standards Connnilte€ (IASC) as adopted by thc instirutc ol thc ( harrcrcd Accounranis of Bansladcsh
(tcAIr).
Survival Beretit claims and Annuities arc rccounrcd lbr *hen due tbr payrnert. Death claims and all
orhers claims are accountcd for $hcn intamatcd. Provisi('r lbr oulslandang death claims has becn madc
based on thc intimation of thc dearh cldims reccivcd up l() 3 I l)cccn$cr :Ol l.
:-llr l{rpofling l( riod
F inancial SEtement of lhc Comp.ny covcrs onc ( alcndar ycrr lionr J an uary O I to December I I . 20 I I.
I l I ltepo'1ins (tr.ffncl
Thc tigurcs in the financial slatement reprcscnt llaDglndcsh ( urrcncy ( l aka). Figures have been rounded otr
_faka-
k) rhc ncarcsl
53
PADMA ISLAMI LIFE INSURAI{CE LIi'ITED
ANt!UAi- i EPORl-2011
201I 20lo
O] SHARF CAPITAI: Tk. 180,000,000

Authoriz€d Crpitrl
100,000,000 Ordinary Shares of Tk.t0 L000^000^000 100.000000
l6iucd, Subsc.ib€d & Plid-up

18,000,000 Ordinary Shares ofTk.l0 esch fully paid-up 180,000,0(n 30,000,000
O.I I IFF I\SLRA\CF FU\D 2,r93,5rr)A2 2,03?,04t,563

This consists of accumulated balance ofrevenue surplus
Ealancc as on 01.01.2011 2,037,081,563 1J36,378,684
Add: Increas€ in Life Reverue Account during rhc year 156,429,8t9 600,702,819
rk.-?s1!3!3- 2.037,081.563
05 A\touN t t)t,E To OTHER pltRSO:\S OR tr()DtES

(]ARRYII"G ON I\SURANCE BUSINT]SS: Tk. 1,257,462
The amount represenl! the balance due ro SCOR GLOBAL LIFE SE. SINGAPORE BRANCH on accounr of
share of re-insurance con:mission and share of claim afur adjushenl of re-insurance premium due to them.
The balancc ofSCOR GLOBAL LIFE SE, SINGAPORE BRANCH has been accoun(cd for the year ended 3l
Dcccmber 201 l.
Opening Balance 7,2s9,837

Add. lnlimated during the year 1,359,128
7,259,831
Prior year Adjustment (3,745,410)
1,359,128 3,514,427
Less. Paid during the year 2,734,355
1,359,128 180,072
Less. Commission during the year 101,666
|,2s7,462 425,000
Less. Adjustment against ReJnsurance Claim Received 425,000
Tk. r,257.462
06 l:sTItrr\lED LIABILII\ l\ RESPU(1()f()t. tst \\DI\(; 20ll 2010

(l,r\llls $ HETHER Dt E OR l\Tl\l,\ | l-l) (j+h+.+d)
Tk, 10s,7663ss 52,222,226
r) Derth Chim: Tk. 9,826420 t,549,000

Opening Balance 1,549,000 7,389,660
Add. Claim intimat€d during the ycar 25,066,11.1 18,83r,000
26,6t5,t11 26,220,660
Less. Paid during the year 16,788,691 24,246,660
9,826,420 1,974,000
L€ss, Re-lnsurance claim reccived 425,000
9,426,420 t,549,000
ffi
PADMA ISLAI'I LIFE INSURANCE LIMITED
Alt ri iJ AL P EPO 11 t. 2' I
1
Amount ln Trka
2011 t0l0
b) Maturity Clrim Tk 17,642,271
opening Balancc
Add. Claim intimated during the year 25,603,646
25,603,646
Less. Paid during the year 1,92t,375
,_-Jl_,6822T_
c) Survivrl Benelit Tk.773aO,925 50'673,226

Opening Balance 50,6'13,226 33.637.475
Add. Claim intimated during the year 212,732,072 t80.376,512
263,405,294 2l4.Ot 4,38'1
L€ss. Paid during thc year 146,o24,373 | 63,34t,t 6l
77340.925 50,673,226
d) Surrender Claim Tk. a76,732_

opening Balanc€
Add. Claim intimated during the year 6,60a,427 |,869,168
6,608,427 I,869,168
Less. Paid during thc year 5,731,688 I,869,168
_____w5J3e
20ll 20lo
07 q.upBriBEq!.gLB! Tk 90'3496r 70,511,2O4
Audit Fees Payable 275,000 275.000
Salary (Admin) Payable 9,512,209 261,089
Tax at Sourcc Payable 1,696,480 t7,299.830
VAT at Source Payable s,454,620 |,103,962
Company's Reg. & Ren. Fees Payable 3,896,429 6,271,446
Certificatc & Liccnse Fee 8,826,205 8,645,453
Offi ce Maintenance Expenses Payable 89r,221 358,691
Staff Security Deposit 7,',703,640 7,O47,555
Motor Workshop Enlisr Money 31,000 5 r,000
Security Service Bill Payable 458,695 419,295
Telephone, E-mail & Intemet Bill 93,7l5 153,346
Electric Bills Payable 78,135 159,893
Printing & Stationary Payable 860,100 I r0,261
Advertisement & Publicity |,354,723 t48,680
Agency Commission Bill Payable 9,681,1r 6 r4,482.838
oR Commission Bill Payable t2,239,697 t2,337,232
Provision for Income Tax on Capital gain 1,285,500 |,224,338
OIfice Rent Payable 2,ao3,262
Payable on Loan/Profit on Loan Payable 16,191,255
PostaAe & Courier Bill Payable 30,043
Incentive Bonus Payable 5,859,870
Security for Motor Car 1,100,000
Development Staff Payable 150,o0;
Revenue Stamp Payable
90.322,961 70.511.204
n. 1:; !.t \.: I . -i411
"i:,
20ll 20lo
{Il PRE}I I TIII DI'POSIT Tk. r6J5t5l2
Balance break-up is as under:
First Year Premium-Ekok t6,337,7 t2

First Year Premium-DPS 20,800
16.358.512
2011 20to
o9 I-OA\ }Ro}I BA\K {SECI]RT]D) Tk. 230,5E9,642 171.ts9,5t9
Loan was taken from Shahjalal Islami Bank Ltd. (SJtBL)& Social Islami Bank Ltd. (SIAL)
against the lien ofMTDRS aggregating Tk. 28,s0,00,000/-
20tl 20t0
l0 LOAN oN POLICIES Tk. 319.362 527.143
This balance represent the amount sanctioned to policy holders against policies within their
surTender value.
Balance break-up is as under:
Opening Balance 527,143 393,O87
Add. Payment during the year 155,000 140,651
642,143 s33,744
Less. Realised & adjusted during the year 362,741 6,601
rk.-llllg?- 54;1t :
20ll 2010
ll INVES fltUN t s Tk.707,8t0,150 390,417,996
Statutory Deposit with Bmgladesh Bank CNote 11.01)

4,000,000 4,Un,000
Baryladesh Govt. Trerury Bond 381,600,000 61,600,ff)O
Bangladesh Go!'t. lslami lnvestment Bond 150,000,000 255,OO0,000
Al-Manar Hospiral 22,O00,000 22,000.000
Padma Ishmi Life Mutual Fund 100,000,ux)

Investment in Shares at Marker Price
Vhich is lower thm rhe Cosr (Note: 11.02) 50,210,150 47,411,996
Totsf: 707,610,150 3mAr7,996
ANNUAL REPORT-2011
20t I 20ro
I r.0r Statutory Deposi( with Bangledesh B.nk Tk. 4,00o,00o 4,000,000
In comrrl iancc wi th scction 7( | ) of I nsurancc Act | 93 8, the amouni has been dcposilcd inlo
Bangladcsh Bank for which thc Bank has issued 5 ycars Bansladcsh Covt. Trcasurv Bond in
thvour of thc Company with intcrcst (41 10.14% per annum
20tl 20to
I I.O2 INVI'S'TMEN'T TN SHARES A'T MARKD'T PRICD Tk. ___192!.9J-9L 47.4r7,t t6
Nrmc oathc ComP.nY

Srdndard Brnk 0 42ttoo 32.61 1.395.706 1.292.560
26600 t84.22 5.006.652 4.309,200
o 1620{) 46.t3 1.669.906 t.l t4.960
lslami Bank t6tt750 411.35 8.159,063 9.196.875
o 30000 2lt6.33 8.589.900 3,390,000
o 3t250 105.59 9-549.688 5,r09,375
(;P o 3600 246.13 886,068 729.360
o t7900 99.44 l -7ao-692 1.530.450
I(]B too | 62() 3,4t2.t4 5-527 -667 2.630.O70
Sh!hialal Bank 61000 36_33 2.2r6.130 l_942-500
5600 lo3.ol 1.696.E56 1.153.040
RuD.li Lile o 15700 ltt2.4l 2.864.15 | 2.752.21O
o 3360 20t.02 675-427 554.432
South East Bank 0 lt7000 32.64 2.839,680 2.618.700
o t{t500 52.0s 962-925 823.250
Fisr Sccuritv Bankr S) o t9040 40.22 765.789 5o0,t52
EXIM Bank Ltd. 23500 40.47 9&.445 653.300
NCC Bank Lrd. 0 73750 32-42 2-390-975 1.73.1.t25
o 5000 72.411 362,4@ 389.000
MJL BD LId o I1720 I t5.OO 1.347.600 1.170.828
o 40000 36.09 1.,143.600 1.512,000
o 45000 35_43 r.594.350 t.552.500
Malck Spin 15500 70.5 | I.092.905 503,750
o 2000 96.73 193,460 t 21.000
loooo ,] t.59 941-70o t.o44.ooo

loo 50 1.67{i.lo I E3.915 6l,063
lo toooo 94.55 945.500 351,000
lo 5500 93.06 5l1.830 195.250
Pt-fst_ lo 3500 t75.79 615,265 242,550
AML ]RD NRR M.F.
IC'I} to 4000 13.35 53.400 30,800
lFlL Islami M.lj.-l to 117500 10.37 907-375 55t.250
Phocnix l'inancc lst M.F-. to 55000 t2.44 706.200 407.000
6a.a.$.421 50.21o.130
lt ()l tst \\t)t\(; Pt.at.\Ut \l r3830r.577 2t7.2EE.6ql
opcning Balancc 217,244,690 | 6r.807,599
Add. Outstandina prcmium for lhe ycar l3a3ot,677 2r7,244.690

355,590,361 379,096,249
Lcss. Rcaliscd & adjusrcd durinA thc yc.r 2t7,2EE,690 161,807,599
_r.:g:w_ 211-248-6m
-57
3*
ANNUAL REPORT-2011
20ll 20r0
PROI .DI\ )t:\t)sRu\t \( (Rt.t_DI]l I \(rI t)l u rL 37.651212 42,012324
25I,139 25t,t39
Bmgladesh Ennk {BCTB) 9,632,4t9
Basladesh Bek (BCllB) 4,o23973 9,416,tt0
4,516.819 2.730,491
1,0t5,262 ?28,t@
Ar-AJalah Islami Bank Ltd 4,38t371 2.124,210
Social Inv€stmcnl Bank Ltd. t6,254344 8,915,892
22,912 15.491
Shaljalal lslani Bank Ld 17,t69,746 t2,662.261
49t63 49,663
Fi6t Sennry lslamiRank Lld. 353,151
L7.6t42t2 _,4plL
20tl
rr r\D\',\\('Es.t)t.P()sfts \\DPRt:P\\,\tE\1S: TK E!.474348 l0a,!|a4,589
Advance Agai$r Sdlory (Der.) 9,346,964 r9,160,846
Adlece AAainsr Omcc R€nr 10J68.282 20,909,249
AAa'hsl Solr' ( dnn.) 371,294 386.04r
^dvdce
Tax de<luction al surccs rDR. ce& O1he6 t4,o9t,69 15,929,046
Advmcc Againsr Car maintenoce 2 t0.954 2to,9s4
Advece Asainst Cd Purchs 96E,990 r,045,971
AdiaceAe.i.srDcvcloDne Sratr 39,104,197 30,603,745
Advance Againsl Dcv. Erpens 65,000
Advance Againsr Rclif Fund 669,983 1,379,783
10,050,0r5
Adlsce AAainsl Exp..scs 125,m0
Advdce As.insl T.A/D.A Exp.
secuity Deposit againsr Car & oihes 438,mO
Advdce Aaainsr Advcniscmsr & Plbtic y 243,sflt
Advance Aeraot Fumiture & Fixture 139,918
Adw.eAe.iftt Printing& Srarion y I,340,000
Advmc€ ABainsr Ccncral Exp. 82.040
Advance Against Led Propenies for Flal Purchds€s 10,600,000
85,47434A r03.484,589
201I 2010
l5 ( ruirrl \\ or|\ in l.r irr\\ ttr,,t r,tti!. Bu'tihr!i Tk f,52.tt3t.9ao 16&967.200
'
This amount is paid ro SAFE Properry Developnenr & Consutranr Ltd.& Landowncr for purchasinq 55395 SR. Ofiic€
P.emises Comprising Coutrd Fl@r to 5ih Fl@r & l0rh ft@r ro |]th Floor (10 Ft@6, and proportionale pe*ing
Space ar Banala Moror, I 15, Kui Nazul lslam Avcnu€. Tte Camihenr amounr as per aSgrenent for tbe above floor
is Tk. 45.22,53.8221. The Compmy has paid upro Decembcr 31, 201I Tk. 15,20.3 t.9001
Balmce break-up is ds under:
16E.967,200 95,567,200
Add. Payh€nt during rhe year 183,064,700 73,400.000
351,031,q'0 r68,967J0O
ANNUAL REPORT.2O11
20t I 20lo
16 slpEtLDEBrgB! 2.0ttEJ96 3,573,E43
Advancc AAainst Molor Cycle 1,72t,610 2,805,701

Advan.e Aeain$ Mobilc Tclcphone 249.O42 466.942
Adv. Agt. Bicycle 1.200
Advancc to ()thcrs aa,2u
2.0!r8.9!16 3. 573J43
20ll 2010
l7 t\tIl.\1,l,l lll-l( (tll.[.R(lP()tl'\fl]\slls 6975,607 2,492,629
()pcning Balancc 2,892,629 1.962,800
Add. Addnbn during ihc ycar 4,042,974 929.429

Closing Balancc durins thc ycar 6.975,5O7 2$92,629
20t1 20to
|lt t-txt:t) t)uP()sl l \\ | lll l] \\lis rk __!2!{z!l!L 60230420r
r) MTDR A(;AINST GIiNERAL FUND: 'rk 802551.437

80255rJ37 578J04,20r
578J04.20r
Exim Bank Bansladcsh Lrd.. MorijhcclBmnch, Dhaka. 68.159947 53.?52,851
Ei(im Benk BanSladcsh Ltd.. Rajuk Avenuc Branch. Dhaka 47,84 t,981 44,054.273
Exim Bank BanSladcsh Lld.. Nawabpur Branch. Dhaka r0,810,000 10,000,000
Shahajalal lslami Bank Ld.. Forcisn Exchansc aEnch, Dhaka t42,951,983 I t8,331.566
Shakjalal lslamiBanl Lrd.. Culshan Branch Dhaka. 2 t,t 82,010

Shahajal.l lsl.mi Bank Lrd-. Moiijhccl BEnch Dhaka. 197,699,929 I04.582.091
Shahajalal lslami Bank Lld.. Uita6 Branch Dhaka. 44,162449 40,782.062
ICB hlam' Bant Ltd , Kawran bazar Branch. Dhata. 987,300 987,300
Southcasl Bank Ltd.,lsla i Bankine Bmnch. 25,W4t26 23,t74.42E
Al-Arahh Islami Bank Ld.. Motijhccl Branch. Dhaka. t0,m0,0u)
Al-ArafBh Islami Bank Ltd.. VIP Road Branch. Dhaka. t0,849,999 t0.000,000
Al-Arafsh hlami BaDk Lrd., New Elcph.m Road Branch. Dhaka. 50,t33,337 41,635,503
Ssial lslami Bank Lrd.. Principal Bmnch. Dhaka. 21,710,008 20,000,000
S@ial lslami BaDk Ltd.. Rasulpur Branch. Dhaka. ffi,743,373 28,300,504
Seial ldami Bank Ltd., Gulshatr Branch. Dhaka. |.158,571 r0,810,000
Social Islami Bank Ltd., Falullah BraDch, Dhaka. 17,96r,000 35,000,000
Social Islamit Bank Lrd., Farcign Exchangc Brancb. Dhaka. t0,832,500 10.000.000
Soci.l hlamit Bank Ltd.. Nawabpur Br.nch, Dhaka t6,282,500 15.000.000
Dhaka Bank Ld., Islami Banking A.anch, 2,58t,1t8 2,391.621
Fisr Sccurny hbmi Bank Ld.. Dilkusha Bonch. Dhaka. 10,809.000 10,000,000
n) MTDR AGAINST TAAARRU fUND: rk. _ ?q!22!4!_ _ z!,0@,ooo ,

Socill lshmi Bank Lld., Prnrcipal Branch, Dhaka. | 25,522,U8 l1 23.600.000
$s
A\NrJAt Rt F(,Rt-.2r.1 jr
2011 20lo
19 FIXED ASSETS 2J4.854,793 2t7,039,175
schedulc olFix.d Assets us at 3lst Decemb.r 20l I
gL c ("t")
OD.nlnq I D!.lnsthevefu
I l,and & Land DcrelopDrcrr l r1.615..|12 1.546.955
2 1.250
t6.3t
|
32.1t 7_202
3 .r6_e48.0er :.31r-r34?
]
_a:.qr4.o67 . o,".ort
5 a.|r7 l{? |
s.r. n6*
|
87.497.t101
2.021.3r.r t\t_1tJ 2,D1.016

Tclcphonc Insl.ll.tion 1.152.5?5 I 11,665 t.164.240
l,l41..112 ]
| 7t.1lta 1.32t.020
,t'*."-" I *.rtn*
SL Depr.ci r tiotr
L.nd & Land Dc!.bpmem l_l6l_167

2 2,121.42f 2,41l..l2l
l 22,911.512 1.O27,561 22.412.417
2.310.166
5 4.251.:192
l?3,92? 1.t 15.343
Telcphonc lnstallalion '19.523 54U.510
311j!1 lo'1!71 lo-I1L

;.r;;;
r_l
T r02.650.2,t9 234,45.t,793
20r | 2010
ro Prr\ r'tN(;. sI \ | t()\F:n\ & st \\!p\ r\ \\rt !.173.816 s.a73.647

Balancc break-up is as under:
Pnnhg Marrials 2,441.346 3.808.982
308.804 210,t62
417.666 , .-_ t,824.503
-.
_:ry_
-14!!-
60
A t,l l'J UNL ai l?fij.i1 t..2011
20tl 20to
2l PR lttr I I t- \l l\collE r,r r r,a97ta6 r,?90,506141
sL.
FiNt ycrr pEnium(E*ok Bim) r49,256.068 t.t59,128 t47.896.9q
ii Fi6t yclr prcmium (Khudn BiM) 6t.36?,908 6t,367.908
Il Renewal premiuh (Ekok Bima) 474.445.042 474.E45,042
Rene*al premium (Xnudra B jma) 421.459.316 427,459,3t6

Group Premium 328.680 328.680
Totrl20ll r.r 13.257.014 lJ59.t2E 1.111.897.8E6
Tor.l20l0 t.790.506.t41 r.790.506.141
20lt 2010
22 e8qI!r,!t!LD!!!l!Lslr 9559.s35 67.103,202
Profil on fixed Deposil 8 t,5t I,094 56,962.367
Proft on STD A/C with Ba'k 2,t t4,2ll 1,6t6.412
Prcfton BGIIB & BGTB 10,084,219 E,524.363
Dividend lncome 336.191
Income from Otrrce Rent

67,!03,202
!0ll 2010
2:r Q.ll1!l!l!99!!E 13,561,634 11,943,572
CapitalGain on Sale ofListed Companies Shares tt.569,494 I1.019,043
Cain on Molor Vehicles Claim 457,54E 463.500
1,534,592 461,029
_11s5r,631 _lJ.wl_
(..\PI-I'.\I, TJXPE\DITURE CO\I}IIT}IE\T
There was no capital expenditue colmitment authorized by Board as on Decembcr I I . 201 I other lhan Capital
Expcnditure Camitmeni for Hoad Ofiice Building ar Ban8la Moior, I l5 Kui Naal hlam Avelue for
Tk.45.22,53,8221 of whice of Tk.35,20.1 | .90{f has been paid upro 3 I . | 2.20 I I
(t)\1 tN(it:\'I l-tAB|l-n ]

There was no claim against the Conpany nol acknowledged as dcbt as on Decemb€r 3l,201I
PADI/lA ISLAMI LIFE INSURANCE LIMITED
ANNUAL REPORT-2011
26 CRUr)rT FAC .tt \ .\\ . LABLE TO Tlt[ (1)\tp \\)

There was no crcdit facility available to the Company under any contracl as on December 3 I, 201 I other rhan rade
credit available in the ordinary course ofBusiness
27 COITIPA\If,S .\( r t99.1. s( Hl_Dt l,t. xt piR'tJr li\-oT[ 3 (r) (\1) sl

20ll 20r0
i) Number of€mployees drawing salar./ abov€ Tk. 3000 per month 162',7 t407
ii) Number of employe€s drawing salary b€low Tk. 1000 per month 5 4
P1\'\l E\r S I Pt:RQt. TStTES TO DrRr( t ORs , offt( ERs

Th€ aggr€gale amounts paid/provided during rh€ year in respecl ofDirecron and Ofiicers ofrhe Company as defined
in th€ Securities and Exchange Rules 1987 ar€ disctosed below:
Board & Com. Me€ting Fee 2,t79,150 3,330,600
Basic Salary 90,803,25r ?8,460,901
House Renl 16,321,300 31,t84,361
24,214,200
r5 t,338,752 130,768,169
GENERAL
(i) Figures have been rounded off ro the nearesr Taka.
(ii) Last year's figures have been re-arranged wherever necesary to conform to current yeai's
pres€ntation.
PAOMA ISLAMI LIFE INSURANCE LIMITED
ANNUAL REPORT.2O11

Registered olfrce: Surma Towq ( I I th Floor). 59/2, Purara Palrln. Dhaka- I 000.
As per Regulation contained in the Schedule ofthe Insurance Act. 1938, as amended, as per Section 40-B of
the said Act, we certiry that:
0l . The value of investment in Sh6res and Debentures has laken at cost.
02. The values of all assets as shown in the Balance Sheet and as classified on Fonn ..AA"
annexed have been duly rcviewed as at 31"'December,20ll and in oul belief. the said
assets have been set forth in the Balance Sheet at amounts nol exc€&ding their realisable or
rnarket values under the s€veral headings as enumerated.
03. All expenses of management in respect of Life Insurance business transacted by the
Company in Bangladesh have been fully debited in the Life Revenue Account as expenses.
@
Managing Director
V
Director
vl
Director
@/"'-
Chairman
lVI.Sl(),\
DHAKA DIVISI()N ]
Dhaka Nlahanaqar Zonal llead Quartcr Dhaka 7-onal Head Quart€r
Na,'r.r'rrr.ur srrrrii pt::zr tnd Flo'ri i+. purrna ] Noor SharifPlaza
Jahan Shan 6'r' F loor). l.l. PurrDx
f Plaza ({6'r'Floor).
Palhn. Dhak 1000 Palrrn. Dhaka-1000.
\{lmensingh Zonal Head Qulrter (;azipur Zonal Head Quarler-
lk)lding No. 6,1. (l'r Floor) Narok (ihar Lanc. ( handana Plaza (2^'Floor). ChandIlnl| ( ho\\'rasla
!Q4& P.s:
P() P s, :adar. V)Iren.rnljh.
ic4{,\4!re!!rs!. _ J,'vdchfur. Ga,,ipu
Faridpur Zonal Il€ad Quarter
Nillloly (t)atl Bhaban). Housc No.49. Nilliuly
Muzib Sar k. Kot$ali, Fa{dp!l. _.._-. L _
CHITTACONC DIVISION
Chittagorg 7,onal Head Quarrrr (r,\'|]stl Chirtagong Zonal Hcad Quarter (Dcst)
llousc No: 49 {2''' Floor). \,loniin Road. Cher!8i Itouse No: 49 (2"' Floor), Momin Road. Chcragr
llill. JJIral Khan. Kor$alr. t l,rttrgong Ilill. Jamal Khan. Kotwali. Chitr{g9rlg:-_
Chandpur Zonal Head Quartcr Cox's Bazar Zonal Head Quarter
Municipalily Nc$ Market (2 "' Floor). Conrilla AIiDur Plaza {4'h Floo0. Main Road.
8!!!,!"!iborn V!!!!!!u4p!r!adrr. ( hallllI ( o\'s Bazar.
:!orkhali i4onal Hcad Quarler z-onut n*a guarter"
cu-mitta I
Jinnxl Pln/r ( l'' Floor). Vain Road (Kodon lrly). llt,||s(\n.JOb 1o'.SdnarKharr(,nrrnl(\l('' l
Mai/di C oart. Noakhali I l,n'r,. Monolarpur. |..on\ali. ( onrllr. I
RAJSHAHI DIVISION
Bogrr Zonrl Ilead Quart€r
Krlil tj(ldir I'laza. Holding No l7l. Shrhjd
.lobbar Sarak..loleshori Tola. Bogra.
BARISAI, DIvISION
Barisal Zonal Hcad Quarter I'atuskhali Zonal Head Quartcr
Zylh Pla^ (l'' lloor). Housc No: 60,l. Nobogmnr Saudia Vansion (l'd Floor), IL\rse No:
Road. Bollola. Barisal. Road. Patuakhali.
KHUL:{A DIVISION
Jessor€ I-onal Head Qutrter
Rashid C cnrcr (ld Floor). 7,A.
IJcssofe Sadar. Jessotc.
SYLHET DIVISION
Sylhct Zonal Head Quartcr Moulovi Blzar Zonll Head QuNrtcr
Rahim lbwer. (4"'Floor) SubahaDi Cihal. Sylhct I{.K. (lomplex, rbuse No: l0l. Sriiirr ltahDran
l(oJd. \\ csr tsr/rr. Moulo\ i Brrir
64
PADMA ISLAMI LIFE INSURANCE LIMITEO
AN NUAL REPORT-2011

Regisl€r€d Oflic€: Su|m Tower (| l'r Flm.),59/2, Pu|M Prllstr, Dhqk -l0@.
Shar€holders' Note
6
ANNUAL REPORT.2O11

Regist.rcd OIAce: SUl@ Tower ( I lri Fl@!), 59/2, Puma Patrrn, Dhata- 1000.
Shareholders' Note
6
ANNUAL REPORf-2011

Registered Offcer Su|m Tower (l lo Fl@r). 59/2. Plllu Pali.n, Dhal€-1000.
of............... . . . . . . . . . ..........
being a nenber of Padma Islmj Life Insunnce Limited do hdeby appoinr
Mr M6.Miss...................
o[ . . . . ... ................... . . .
d my/our Puy ro enmd ed vote for retus on by/ou behatf ar rh€ l2rh Anntral ceneBt M€€ting of the Compdy to b. hcld on
Septembe! 20. 2012 at 11.00 m !r Rdgmaii Warerion! Safipur, caips ro E nsact rhe fotto*in8 business and ar any
sign.hrc of rhe Sheholdd

BO ID No
Dated.......-,.....-'..-------,-- *.---''-._
Note: The P.ory form rlould rcrch rte Corpontc Ofice of the Coopr.y &r ts tt.. 4a horB b.forc th. dnc fired for tne |Ndnl.
Sianatu.e Vqifid
Authonz€d Signatory
Padna hlani Lif€ lnsurance Lrd.

PADMALIFE-Annual Report - 2011

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Padma Islami Life Insurane Limited

Padma Islami Life Insurance Limited

The Profile J-O

Notice of the l2th AGM 08

Contents Compliance Repon on SEC'S Notiication 16-17

of Shareholding Position & Attendance of Me€ting 17-18

Statistics of Business Performanc€ for 05 years 19

Managing Dircctor's Message 30-31

Director's Report 32-38

Statement of Shariah Boad 39

Life RevenueAccount 4547

Statement of Life lnsuaoce Fund 48

Cash Flow Statement 50

Statement of Changes in Equity 5 I

Company Name Padma lslami Life Insurance Limited

Re-lnsurer Asean Retakaful International (L) Ltd., Malaysia

LegalAdviser Mr [r.AYousuf (Advocate)

Padma Islami Life Insurance Limited

Padma Islami Life Insurance Limited

By Order ot the Board

Mr. Zsltrd Abedln zafar

Dr. A.B.M Zrf$ U[rh

Mr. A.F.M Obddlr Rrhmrn

Mr. A.T,M Amyet lrl|'h

Mr. Nadm Uddln Ahmed

Mr. Abdul Mujib Chowdhury

lldr. Yourdwscd Ali Chowdhuy

M|r Frtemr Begum

IIr. Abu 'Iaher :lIr. Zainal Abedin Zafar

Dr. A.B.M Zafar Ull.rh lUr. A.T.M Rafique

Mr. A.F.)I Obaidur Rahman ]lr. A.T.U Anayet Ullah

Mr. Nurul Alam Bhuiyan NIr. Nazim Uddin Ahmed

Nlr. Abdul Mujib Chowdhutt' Ilr. I ousuf $a/cd \li Cho$dhur!

Engr. Abul Basher tllr\. Frlema Bcg0m

Dr. A.B.M Zafar Ullah Chairman

Members of audit committee :

Mr. A.F.M Obaidur Rahman Chairman

Members of Executive committee :

Mr. A.T.M Rafique Chairman

Members of Finance committee :

Mr. Nazim Uddin Ahmed Chairman

Mr. Abdul Mujib Chowdhury Member

Mr. A.T.M Anayet Ullah Member

Mrs. Fatema Begum Member

Mr. Abu Taher (Chairman, Board) Member

Mr. Zainal Abedin Zafar (Vice Chairman, Board) Member

Members of Claim committee :

Engr. Abul Basher Chairman

Mr. Nurul Alam Bhuiyan Member

Mrs. Fatema Begum Member

Mr. Abu Taher (Chairman, Board) Member

Mr. Zainal Abedin Zafar (Vice Chairman, Board) Member

Members of Investment & Real Estate committee :

Mr. A.T.M Anayet Ullah Chairman

Dr. A.B.M Zafar Ullah Member

Mr. AMul Mujib Chowdhury Member

Mr. A.T.M Rafique Member

Mr. Nurul Alam Bhuiyan Member

MIs. Fatema Begurn Member

Mr, Abu Taher (Chairman, Board) Member

Mr. Zainal Abedin Zafd (Vice Chairman, Boad) Member

MUMBDRS 0rr sItAttIAIt tt0Atu)