Bangladesh is growing
With growth and stability as its building blocks, the country is on a path of prosperity. As the economy grows and the standard of living improves, there is an increase in civilian consumption, which in turn has increased the country’s per capita income, bringing in a bout of rapid urbanization.
This has also created a demand for life insurance products.
Life insurance wasn’t always widely welcome in Bangladesh. Life insurance is an important risk-mitigating financial instrument. Yet, the rising Islamic opposition to the concept and the lack of understanding kept the insurance boom at bay.
Luckily, things have changed since Bangladesh’s independence in 1971, and one man deserves a huge chunk of credit for it. Khuda Buksh is a name that resonates with the establishment of life insurance and its popularity in Bangladesh. Buksh’s indomitable spirit, unwavering commitment, and determination have cemented his legacy as the Wizard of Life Insurance in Bangladesh.
Let’s discuss the role Khuda Buksh played in popularizing life insurance in the country.
Assistance to the Government
Post-independence, the newly formed government of Bangladesh faced many problems that demanded immediate attention. One such problem was forming a flagship insurance company in the country. This was when the government formed Bangladesh Jiban Bima Corporation in 1973, appointing Buksh as its first managing director.
Soon, Buksh became the face of Bangladesh’s life insurance dream, supporting the government in making life insurance popular. Khuda Buksh utilized his years of experience in Pakistan to build a solid insurance infrastructure in Bangladesh. The newly formed company sold over 40,000 life insurance policies, with an approximate total assured sum of Tk. 400 million under Buksh’s management.
Struggle Against Islamic Opposition
In the initial years, life insurance as a product faced many problems in Bangladesh, including fundamentalist opposition. The primary reason behind this was that Islamic scholars believed that life insurance is a form of gambling, which remains strictly prohibited in Islam. It was a common belief that insurance policies forced people to oppose the Islamic Shariah to provide their families with a financial umbrella.
This is where Khuda Buksh took charge and firmly addressed the misconceptions around life insurance. He educated the masses about the benefits of life insurance, changing people’s perception about the product. Buksh played a pivotal role in convincing the majority of Bengalis to invest in suitable policies. Thanks to his undying commitment, today, the life insurance spectrum in Bangladesh is thriving like never before.
Training and Recruitment
Khuda Buksh played a crucial role in building a solid foundation for life insurance in Bangladesh. He assisted the government and recruited individuals who wished to build a career in the field. With his unwavering devotion and commitment, Khuda Buksh successfully recruited thousands of insurance agents while cultivating a sense of understanding about life insurance among the masses.
Buksh’s role in clearing the misconceptions surrounding the life insurance product is a story that deserves applause. Khuda Buksh implemented his experience as a door-to-door insurance salesman to establish a ground for the Bengali insurance spectrum.
He communicated with the public and informed them about the importance of life insurance. Buksh’s endeavors at Eastern Federal Union Insurance Co. in Pakistan played an important role in helping them shed light on the product and its various benefits. Soon he became the torchbearer of life insurance in Bangladesh and was crowned with the title The Wizard of Life Insurance.
Are you curious about reading the captivating history of the life insurance boom in Bangladesh? If yes, Khuda Buksh: The Pioneer of Life Insurance in Bangladesh is the perfect book for you. Compiled by Muhammad Obaidur Rahim – the son of the life insurance wizard – this book presents a unique never-before-told story of the man who transformed the industry in Pakistan and Bangladesh, and left a lasting legacy that continues to impact millions. Order your copy of the book today and read through the story of a hero unsung.