Fareast Islami Life Insurance Company Limited announcements
417 Dhaka Stock Exchange announcements for Fareast Islami Life Insurance Company Limited (FAREASTLIF) since 2007: results, dividends, board meetings, AGMs, record dates and other price-sensitive information. Showing 2021 (26).
- Resumption after record date
Trading of the shares of the Company will resume on 22.11.2021 after record date.
- Suspension for Record date
Trading of the shares of the Company will remain suspended on record date i.e., 21.11.2021.
- Spot News
Trading of the shares of the Company will be allowed only in the Spot Market and Block transactions will also be settled as per Spot settlement cycle from 17.11.2021 to 18.11.2021. Trading of the shares of the Company will remain suspended on record date i.e., 21.11.2021.
- The auditor of the Fareast Islami Life Insurance Co. Ltd. has given the \"Qualified Opinion\" & \"Emphasis of matters\"
The auditor of the Fareast Islami Life Insurance Co. Ltd. has given the \"Qualified Opinion\" & \"Emphasis of matters\" paragraphs in the Auditor\'s Report for the year ended on 31 December, 2020. Qualified Opinion: Basis for qualified opinion: Fixed Deposits with Banks: As disclosed in note no. 19 to the financial statements the company has MTDR maintained with different Banks and Financial Institutions. The company has not disclosed the liens of those MTDR instruments against Quard and (cont.1)
- (Continuation news of FAREASTLIF): advances of Mollah Enterprise ltd. Investment in Shares and Bonds: We could not obtai
(Continuation news of FAREASTLIF): advances of Mollah Enterprise ltd. Investment in Shares and Bonds: We could not obtain sufficient appropriate evidence of BDT 7,186.9 million included in the investment in shares and bonds in note no. 14 to the financial statements. Those investments have been made in previous years in various entities and individuals and have not been generating any cash flows for the company. (cont.2)
The first part of this announcement is missing from the archive. - (Continuation news of FAREASTLIF): Additionally, included in the investment in shares and bonds in note no. 14 of the fi
(Continuation news of FAREASTLIF): Additionally, included in the investment in shares and bonds in note no. 14 of the financial statements no impairment has been charged tor the significant decrease in the net realizable value of investment in Bonds of Banglalion Communications Limited (BDT 986.3 million) and in the bonds of PFI Securities Limited (BDT 1,853.1 million). However, the company has decided not to impair the investments in bonds of Banglalion Communications and (cont.3)
The first part of this announcement is missing from the archive. - (Continuation news of FAREASTLIF): PFI Securities in accordance with the legal opinion obtained. Advances, Deposits and
(Continuation news of FAREASTLIF): PFI Securities in accordance with the legal opinion obtained. Advances, Deposits and Prepayments: We could not obtain sufficient appropriate evidence of BDT 2,901.1 million included in Advances for Construction Land and Land Developments in note no. 17.04 of the financial statements made in previous years. In addition, included in the Other Advances in note no. 17.02 of the financial statements an amount of BDT 1,222.5 million that (cont.4)
The first part of this announcement is missing from the archive. - (Continuation news of FAREASTLIF): we could not verify. Furthermore, included in the advances for Construction, Land and
(Continuation news of FAREASTLIF): we could not verify. Furthermore, included in the advances for Construction, Land and Land Developments in note no. 17 of the financial statements, we could not verify the purpose of advances made in 2018 as an adjustment of investment carried forward from previous years. Furthermore, we could not verify if any impairment was necessary to these advances, deposits and prepayments. (cont.5)
The first part of this announcement is missing from the archive. - (Continuation news of FAREASTLIF): Fixed Assets: Included in the fixed assets in the note no. 22 of the financial statem
(Continuation news of FAREASTLIF): Fixed Assets: Included in the fixed assets in the note no. 22 of the financial statements an amount of BDT 1,832.5 million as Land and Land Development as an adjustment of advances to FILIC Cooperative and PILIC Cooperative Society. Of the total land an amount worth BDT 711.5 million was registered in the name of FILIC as a settlement amount of loan to PILIC Cooperative Society made in 2017 and BDT 1,011.4 million (cont.6)
The first part of this announcement is missing from the archive. - (Continuation news of FAREASTLIF): as an adjustment of advance to FILIC Cooperative Society made several times since 201
(Continuation news of FAREASTLIF): as an adjustment of advance to FILIC Cooperative Society made several times since 2013. However, we could not obtain sufficient appropriate audit evidence regarding the purpose of the loan to another entity. In addition, we could not obtain sufficient appropriate audit evidence of BDT 1,069.6 million of the Land and Land Developments. Furthermore, no depreciation has been charged on the revalued amount of buildings. (cont.7)
The first part of this announcement is missing from the archive. - (Continuation news of FAREASTLIF): In our opinion, depreciation expense should have been recognized in the Life Revenue
(Continuation news of FAREASTLIF): In our opinion, depreciation expense should have been recognized in the Life Revenue Accounts on the revalued amounts of the Building as per IAS- 16 Property, Plant and Equipment. If the depreciation expense had been so recognized the effect would have been to decrease the carrying amount of the Revalued building by BDT 1,176.1 million, the Balance of life fund at 31 December 2020 by BDT 1,176.1 million. (cont.8)
The first part of this announcement is missing from the archive. - (Continuation news of FAREASTLIF): Estimated Liabilities in respect of outstanding claims whether due or intimated: We w
(Continuation news of FAREASTLIF): Estimated Liabilities in respect of outstanding claims whether due or intimated: We were unable to confirm the actual amount of claim liability in the previous years due to there being instances of non recording, non-measurement of various types of claims-intimated or matured and related liabilities and unavailability of necessary documents and controls thereon. Given the interactions of multiple uncertainties related to above we could not (cont.9)
The first part of this announcement is missing from the archive. - (Continuation news of FAREASTLIF): determine the adjustments that would be necessary to restate company\'s separate as w
(Continuation news of FAREASTLIF): determine the adjustments that would be necessary to restate company\'s separate as well as group\'s consolidated financial statements and ascertain impacts of these on company\'s going concern ability. Employment benefits and commission: We could not verify the amount of forfeiture in the PF due to non-availability of necessary documents. The company has not recognized any provision for the post-employment benefits: Defined Benefit Plans. (cont.10)
The first part of this announcement is missing from the archive. - (Continuation news of FAREASTLIF): In our opinion, provision should have been recognized in the Balance Sheet as require
(Continuation news of FAREASTLIF): In our opinion, provision should have been recognized in the Balance Sheet as required by IAS-19 Employee Benefits. If the provision had been so recognized the effect would have been to increase the provision for gratuity fund and decrease the Balance of life fund at 31 December 2020. Emphasis of Matters: We draw attention to the note no. 14.01 to the financial statements which describes the recognition of investment in shares at Fair value. (cont.11)
The first part of this announcement is missing from the archive. - Qualified Opinion & Emphasis of matters
(Continuation news of FAREASTLIF): The management has decided to recognize the investment in share at cost and maintain a Share Value Fluctuation Account for the adjustment of increase or decrease in the Fair value. In addition, we draw attention to note no. 10.02 to the financial statements which describes the loans taken from the FILIC Employee's Provident Fund Trustee Board. Our opinion is not modified in these regards. (end)
The first part of this announcement is missing from the archive. - (Q2 Un-audited): Decrease in consolidated life revenue account for Apr-June, 2021 was Tk. 795.19 million with consolidat
(Q2 Un-audited): Decrease in consolidated life revenue account for Apr-June, 2021 was Tk. 795.19 million with consolidated total life insurance fund of Tk. 22,943.49 million as against decrease in Tk. 43.76 million and Tk. 32,767.76 million respectively for the same period of the previous year. (cont.)
- Dividend Declaration
The Board of Directors has recommended No dividend for the year ended on December 31, 2020. Date of AGM: 22.12.2021, Time: 11:00 AM, Venue: Digital Platform. Record Date: 21.11.2021.
- Price Limit Open
There will be no price limit on the trading of the shares of the Company today (01.11.2021) following its corporate declaration.
- Q3 Financials
Q3 Un-audited): Decrease in consolidated life revenue account for July-September, 2021 was Tk. 2354.82 million as against increase in Tk. 5.25 million for July-September, 2020. Whereas decrease in consolidated life revenue account for Jan- September, 2021 was Tk. 3681.23 million with consolidated total life insurance fund of Tk. 21082.06 million as against decrease Tk. 916.45 million and Tk. 32,773.91 million respectively for the same period of the previous year.
- Q2 Financials
(Continuing of FAREASTLIF): Decrease in consolidated life revenue account for Jan-June, 2021 was Tk. 1,819.80 million with consolidated total life insurance fund of Tk. 22,943.49 million as against decrease in Tk. 922.60 million and Tk. 32,767.76 million respectively for the same period of the previous year. (end)
The first part of this announcement is missing from the archive. - Q1 Financials
(Q1 Un-audited): Increase in consolidated life revenue account for Jan-Mar, 2021 was Tk. 98.68 million with consolidated total life insurance fund of Tk. 24,861.96 million as against decrease in consolidated life revenue account of Tk. 879.64 million and Tk. 32,810.72 million respectively for the same period of the previous year.
- Board Meeting schedule under LR 19(1)
As per Regulation 19(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the Company has informed that a meeting of the Board of Directors will be held on October 31, 2021 at 2:30 PM to consider, among others, audited financial statements of the Company for the year ended on December 31, 2020.
- Board Meeting schedule under LR 16(1)
The Company has informed that meeting of the Board of Directors of the Company as per Regulation 16(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, will now be held on October 31, 2021 at 2:30 PM respectively to consider, among others, un-audited financial statements of the Company for the First Quarter (Q1) period ended on March 31, 2021, Second Quarter (Q2) period ended on June 30, 2021 and Third Quarter (Q3) period ended on September 30, 2021.
- Reconstituted Board of Directors
The Company has informed that as per letter of BSEC dated September 1, 2021, The Board of Directors of Fareast Islami Life Insurance Co. Ltd. reconstituted on September 05, 2021 with 10 Independent Directors where Dr. Md. Rahmat Ullah, (Professor and the Dean of the Faculty of Law, University of Dhaka) has been appointed as Chairman of the Board.
- The Company has informed that Mrs. Farida Yeasmin, Sponsor of the company passed away on 01.05.2020. His total holding o
The Company has informed that Mrs. Farida Yeasmin, Sponsor of the company passed away on 01.05.2020. His total holding of 15,23,500 shares (Demat shares 13,73,500 and paper shares 1,50,000) in which Demat 13,73,500 shares will be transmitted to his successor Mr. Md. Shamsul Hoque (Husband) according to the Succession Certificate issued by the Honorable Court and Power of Attorney of the successors.
- The Company has informed that it has disbursed the cash dividend for the year ended on December 31, 2019 to the respecti
The Company has informed that it has disbursed the cash dividend for the year ended on December 31, 2019 to the respective shareholders.
Source: Dhaka Stock Exchange announcements. Some posts before 2014 have no title, and 2014–2020 coverage is incomplete.