Alpha Islami Life Insurance Ltd (AILIL) has decided to raise capital of Tk 100 crore through an Initial Public Offering (IPO).

The life insurer has signed an agreement with Strategic Finance Ltd (SFL), a merchant bank licensed by the Bangladesh Securities and Exchange Commission (BSEC), to act as the issue manager.

Nura Alam Siddikie Ovee, chief executive officer of the life insurer, and Muhammad Kabir Sadeeq, chief executive officer of SFL, inked the deal at the latter's office in Dhaka recently, read a press release.

Among others, Alamgir Shamsul Alamin, chairman of the life insurer, Muhammad Sayeed, vice-chairman, and Rubel Chandra Paul, head of share and investment, Ehsanul Kabir, group CEO of Strategic Holdings, and Chowdhury Nafeez Sarafat, chairman of SFL, and Asit Kumar Chakraborty, managing director, were also present.