The Insurance Development and Regulatory Authority (IDRA) has imposed a fine of Tk 10 lakh on Takaful Islami Insurance Limited, a publicly listed insurer, for irregularities found in its 2022 special audit report.
IDRA announced the penalty on Wednesday, saying that the fine was initially set at Tk 14 lakh. However, following a request from the company, the regulatory authority waived Tk 4 lakh after a review hearing.
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The fine was imposed after IDRA detected multiple violations in the company’s financial and operational practices during the audit. Details of the specific irregularities were not disclosed in the statement.
Takaful Islami Insurance, established in 2001, was founded by a group of businessmen and clients of a private-sector Islamic bank. The company began operations with a capital of Tk 6 crore, according to its official website.