-Reasons for misrepresentation and false information
-Mizanur Rahman appointed as Acting Chief Executive Officer
Shah Shah Jamal Howlader has to resign from the post of chief executive of NRB Islamic Life based on allegations of various irregularities. According to the decision of the company's board meeting last Wednesday, he was removed from the post of CEO.
It was learned that Shah Jamal Howlader got approval for appointment as Chief Executive Officer of NRB Islamic Life Insurance by giving false information about the experience. Also, previous workplaces did not give him clearance. There are specific allegations of embezzlement against him. Hiding this massive information of irregularities, he applied to the Insurance Development and Regulatory Authority (IDRA) for appointment as Chief Executive Officer. The regulatory body appointed him without verification despite knowing about the allegations against him.
It should be noted that in 2021, the Insurance Development and Regulatory Authority (IDRA) approved the appointment of Shah Shah Jamal Howlader as the Chief Executive Officer of NRB Islamic Life. At that time, the salary and allowances were fixed at Tk 2 lakh 50 thousand. He took nearly double his salary in violation of the conditions of the appointment approval.
Meanwhile, the NRB Islamic Life Authority has applied for the renewal of Shah Jamal Howlader's appointment by fixing double the salary and allowances despite poor business performance in the last 3 years. The company's vice chairman M Mahfuzur Rahman sent this application to the authorities on April 18. His appointment renewal was approved in the last 16th board meeting of the company. The board meeting of the company approved his appointment but the Insurance Development and Regulatory Authority (IDRA) did not approve. As per the Insurance Act, the principal executive is not permitted to discharge his duties after the expiry of his term without the approval of the regulatory body. But even after the expiry of the term, he continued in that position for a long time in violation of the Insurance Act.
The Daily Post's inquiry revealed various details of Shah Jamal Howladar's irregularities and the insurance sector regulatory body sat in Narechar after publishing a two-part report on it. On April 18, NRB authorities applied to 'IDRA' for the reappointment of Shah Jamal Howlader as CEO, but the regulatory agency did not approve it. As a result, Shah Jamal Howlader was relieved from the position of chief executive in the company's board meeting last Wednesday (May 29).
Mizanur Rahman, the former deputy controller of the insurance department, was appointed as the acting chief executive officer (CEO) of NRB Islamic Life Insurance from the same assembly. Mizanur Rahman joined NRB Islamic Life Insurance as a consultant on January 1, 2024. This information was revealed by the Insurance Development and Regulatory Authority. Mizanur Rahman joined the Directorate of Insurance as a first-class officer on the recommendation of the Public Service Commission in 1994. Later, he was promoted to Deputy Insurance Controller. He served in this position from 2004 to 2011.
Why did Shah Jamal Howladar have to move? He gave false information about work experience to get appointment approval for the post of Chief Executive Officer of NRB Islamic Life. In his professional career, he has not worked in any insurance company immediately below the chief executive, but he has filed multiple job postings below the chief executive. Shah Jamal was most recently at Best Life as Deputy Managing Director. Previously, he worked at Protective Islami Life, as Senior Deputy Managing Director. But, neither of the two companies gave him clearance. Shah Jamal resigned from Protective Islami Life after the formation of an investigation committee in the case of money embezzlement and temporary exemption notice.
He was expelled on June 17, 2020, accused of embezzling Tk 13 lakh premium from Protective Islami Life Insurance. On the same day, he submitted his resignation letter from the company. However, he applied for resignation effective from 17 September 2020. 5 charges were filed against Shah Jamal from Protective Islami Life. These include - account discrepancies of Tk 8 lakh 60 thousand 374 from the Narsingdi office; Two drivers were shown employed and he collected salaries, but none of the drivers existed; Cashier's salary was taken but no cashier was appointed; Tk 13 lakh of premium collected from customers of Bhola branch was not deposited in the company's account; At the Motijheel branch, on 27 November 2019, the PR was deducted and the money was credited to the company's account in June next year, which is a violation of the Insurance Act.
Md Yusuf Ali Mridha, the then Chief Executive Officer of Protective Islami Life, signed a notice to show reasons and suspend him from duty because of these allegations of money embezzlement raised against Shah Jamal.
Based on the information that the investment is less than the paid-up capital, all the customer's money has been spent; IDRA's report revealed that NRB Islamic Life got approval on May 6, 2021. The total premium income for the 3 years from approval to 31 December 2023 is Tk 78 crore 79 lakh. Of this, Tk 61 crore 71 lakh was spent. As such, if expenses are deducted from business income, the company has a surplus of Tk 17 crore 8 lakh. According to calculations, this surplus should be Tk 17 crore 8 lakh investment.
However, according to IDRA's capital inquiry report, the company has an investment of Tk 2 crore 50 lakh from its premium income till December 31, 2023. And the total investment is Tk 16 crore 69 lakh. Out of which investment from capital is Tk 12 crore 69 lakh. And there is an investment of Tk 1 crore 50 lakh in securities bonds. On the other hand, the paid-up capital of the company is Tk 18 crores. As such the investment is Tk 2 crore 89 lakh less than the paid-up capital. That is, almost all the premium income from the customer has been spent.
ZH
