Law, Justice and Parliamentary Affairs Minister Moudud Ahmed urged the country's businessmen to refrain from making profit in an illegal way.
He was speaking as the chief guest at an opening ceremony of the 'service month' of Fareast Islami Life Insurance Company Ltd (FILIC) in the city Saturday.
FILIC launched the service month beginning on July 1 on the occasion of its sixth anniversary.
On the occasion of the service month, the FILIC will render quick, efficient and cordial services to its customers.
Chairman of the board of directors of FILIC Tajul Islam opened the service month programme and State Minister for Religious Affairs Mosharref Hossain Shajahan, Malaysian High Commissioner in Bangladesh Abdul Malek Bin Abdul Aziz, Baitul Mokkarram National Mosque Khatib Moulana Obaidul Hoq and Moulana Syed Kamaluddin Jafari also attended the opening ceremony.
"Without adopting any illegal means business organisations can make profit and FILIC has shown an example in shariah-based insurance business," said Moudud Ahmed.
He requested the people engaged in insurance business not to get involved in any unhealthy competition as the country's insurance sector has already been engaged in such illegal practice to make more profit.
He also said the country has increased its food production threefold over the last thirty years, child mortality has come down from 239 to 46 and 97 per cent people have access to drinking water when the economic growth rate for the last fiscal year is estimated at 6.7 per cent.
Like insurance business in other countries, Bangladeshi businessmen have many things to contribute to the welfare of people now, added the minister.
"Only Islami economic system can ensure equity and justice in the global economy. Wide practice of Islami shariah-based insurance may root out the so-called interest-based and unhealthy competition-generating insurance business," said the Malaysian High Commissioner.
Now there are 60 insurance companies in the country, of which 43 are general and 17 life insurance companies. But only three companies are absolutely Islami shariah-based insurance companies and 11 others have started marketing Islami products.
Managing director of the FILIC delivered the welcome address.