Everyone wants to ensure that their loved ones are financially taken care of in the event of their untimely demise. This is exactly what life insurance is for. It is a legal contract signed between an individual and an insurance company where the individual pays a large protective sum in exchange for financial protection in case of their loss of life or other health-related circumstances.

Khuda Buksh is the name that stands out as the pioneer of the life insurance industry in Bangladesh. Let us find out who Khuda Buksh is and the role he played in popularizing life insurance in the country and the entire region.

The Legacy of Khuda Buksh

Khuda Buksh was an eminent life insurance salesman as well as a humanitarian in the Indian subcontinent. Buksh served as the life and soul of the insurance industry in the region for four decades and made a lasting impact on the three countries that were later formed. He is sometimes even referred to as the “Father of Life Insurance” in Bangladesh. As of today, life insurance has become an essential financial tool for individuals and families across the country, rather than the luxury that it was previously considered.

Educating the Public

The commitment Buksh displayed to raising awareness and educating the masses about the importance of life insurance played a key role in its growing popularity in Bangladesh. It was an uphill battle for Buksh to fight against an Islamic fundamentalist society where religious-minded people believed that the idea that one could reduce risks in life and business through insurance went against the sovereignty of God. Moreover, people had no respect for insurance agents. As a  life insurance manager of Eastern Federal Union Insurance Co., Buksh started educating and spreading the insurance business by recruiting, motivating, and training young people, as well as establishing organizations across the country. Buksh removed the ignorance of insurance by engaging himself with the community, joining various clubs and social organizations, and campaigning for the benefits of insurance to the masses. Gradually, people shed their misconceptions.

Social and Religious Responsibility

Takaful is an Islamic cooperative insurance model that promotes solidarity and mutual support. It is because of Buksh’s pioneering efforts that Takaful is an important part of the Islamic financial system today.

His efforts in the insurance movement paid off. A new class of insurance workers evolved in society offering insurance coverage while ensuring that premiums were used for community welfare and charitable endeavors.

Employment Opportunities and Economic Growth

Buksh strongly believed in giving back to society. He brought popularity to life insurance by emphasizing job creation and economic growth. His untiring effort in the insurance campaign helped lay the foundation of the insurance industry’s contribution to the country’s economic growth.

Khuda Buksh’s Endeavors Will Never Go Unrecognized

The life insurance industry of Bangladesh owes a lot to Buksh. How he managed to change people’s perceptions of life insurance and contributed to their financial planning by using innovation, educational efforts, and a dedication to social responsibility is truly extraordinary.

If you are interested in learning more about the rise of life insurance in Bangladesh and Buksh’s role in it, Khuda Buksh: The Pioneer of Life Insurance in Bangladesh, written by Muhammad Obaidur Rahim, would be an excellent choice for you.

The book takes you through Buksh’s leadership strategies that helped the industry succeed and secure the future for millions of Bangladeshis. Find your copy on Amazon today!