Dhaka Bank and Shanta Life Insurance sign MoU

Dhaka Bank, one of Bangladesh's esteemed banks, signed an MoU with Shanta Life Insurance PLC, a new venture under the renowned corporate house Shanta Holdings.

The aim is to provide Bancassurance service through its distribution channel.

Sheikh Mohammad Maroof, Managing Director and CEO of Dhaka Bank, and Nafis A Ahmed, Chief Executive Officer of Shanta Life Insurance, signed the MoU at Dhaka's head office recently.

Mr A K M Shahnawaj, Additional Managing Director, Dhaka Bank PLC; Mr A M M Moyen Uddin, Deputy Managing Director and COO, Dhaka Bank PLC; Mr Mostaque Ahmed, Deputy Managing Director and CEMO, Dhaka Bank PLC; Mr Sheikh Abdul Bakir, Deputy Managing Director, Dhaka Bank PLC, Mosleh Saad Mahmud, Head, Liability and Cash Management Unit, Dhaka Bank PLC, Mr M Khurshid Kaisar, DMD and Chief Distribution Officer. Shanta Life Insurance PLC, Mr Majedur Rashid Chowdhury, CFO and Company Secretary, Shanta Life Insurance PLC, EVP & Head of Bancassurance, Shanta Life Insurance PLC, were also present in the ceremony.

Through this MOU, Dhaka Bank intends to leverage its robust banking channel to offer its clients tailored insurance policies from Shanta Life Insurance. This proposition will help the bank provide more financial products to its customers.

Sheikh Mohammad Maroof, Managing Director and CEO of Dhaka Bank, said, "Bancassurance enhances financial protection by integrating banking and insurance services. Dhaka Bank's collaboration with Shanta Life will provide customers with convenient, customised insurance solutions, promoting financial security and risk management. This partnership reflects our commitment to innovation and expanding financial inclusion across Bangladesh."

"Bancassurance is the new horizon for the insurance sector in Bangladesh. We hope such institutional arrangements will benefit customers in the long run," said Nafis A. Ahmed, CEO of Shanta Life Insurance. 
This MoU will be the starting point for building a complete framework to deliver smooth bancassurance service to customers and build the knowledge of bank employees. Bancassuarracne will allow bank clients to purchase insurance policies through the banking channel. 

The collaboration will further strengthen the partnership between the bank and the insurer, adding more depth to this relationship.