Today, life insurance is essential for financial security and planning worldwide. But despite the myriad of benefits, it has seen immense opposition in some parts of the world. Bangladesh is one of the countries where life insurance has struggled to thrive since its inception. The Islamic opposition to life insurance has played a pivotal role in keeping the Bengali population from utilizing the perks of the financial security model.
Despite overwhelming opposition, many intellectuals in Bangladesh believed in the cause and contributed to making life insurance a reality. One of these people was Khuda Buksh, a man who came from a humble background with a dream to add value to the life of his fellow citizens. Buksh's dedication and intent earned him the "wizard of life insurance" title.
This blog will shed light on Khuda Buksh's contribution to the insurance spectrum and how he became Bangladesh's Father of Life Insurance.
Khuda Buksh's Background and Journey
Buksh was born in 1912, in a remote village called Damodya, India. He was the oldest among his six siblings. Khuda Buksh was known to be a bright student and passed the entrance examination from the Symacharan Edward Institution in 1929 in Koneshar with a distinction in mathematics.
Later, Buksh moved to present-day Kolkata and continued his academic journey at Islamia College and Presidency College. With a vision to serve humanity, he served as an agent at the British-run Oriental Government Security Life Assurance Company. The opportunity would later lay the foundation for him to become an eminent name in the insurance industry. as an agentvowed
The Fight Against Opposition
Buksh made it to the insurance industry when it faced opposition from the masses leading to turmoil. It was a time when the masses thought of life insurance as an unIslamic practice that was widely unacceptable. Khuda Buksh, with his determination to change narratives, disregarded resentment and pledged to transform the popular beliefs around life insurance. It began a new dawn for life insurance in the subcontinent. Buksh started to sell life insurance policies through his door-to-door channels and soon became the face of life insurance.
Buksh's Return to Dhaka
His tireless years at the OGSLAC earned him the rank of inspector. Soon in 1952, Buksh moved back to Dhaka as a life insurance manager of Eastern Federal Union (EFU), with more than a decade of field experience. In Dhaka, Buksh trained countless individuals who saw a career in the insurance field and established several field organizations nationwide at the grassroots level. With dedication, vision, and commitment, Buksh successfully trained thousands of life insurance agents while educating people about the benefits of life insurance.
Buksh's Role in Post-Independence Bangladesh
Khuda Buksh remains a prominent name that worked tirelessly to transform the insurance spectrum in the newly independent Bangladesh. Established in 1971, Bangladesh was struggling with administrative turmoil amid financial constraints. At that time, life insurance was a blurred dream for the Bangladeshi state with little support from different sectors.
Buksh joined hands with the Bengali government and took the responsibility of educating the Bengali masses. He helped the government set up a new insurance infrastructure and played a key role in creating a positive narrative.
The history of Bangladesh's insurance boom is worthy of a profound read. Buksh's efforts to transform the insurance industry in Pakistan and Bangladesh are nothing short of a fascinating story. 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.
Authored by Muhammad Obaidur Rahim, the son of the great Wizard of Life Insurance, it offers a complete insight into the transformation of the insurance industry in Bangladesh and beyond.
Order your copy of the book today and read through the story of a hero unsung.
No comments yet