The Insurance Development and Regulatory Authority (IDRA) has fined Takaful Islami Insurance Limited Tk 10 lakh.

The insurance regulator imposed the fine through hearings based on audit objections raised in the special audit report of 2022 on the insurance company, according to an IDRA document.

The Daily Star tried to contact Mohammad Shaheen Miah, the company secretary of Takaful Islami Insurance, for a comment, but he did not respond.

Takaful Islami Insurance was established in 2001.

A group of businessmen who had previously launched an Islamic bank in the private sector sponsored the company with a capital of Tk 6 crore, according to the company's website.