Late Mr. M. A. Samad founded BGIC in 1984 soon after he retired as Managing Director of Jiban Bima Corporation. He became BGIC’s first Managing Director. In addition to this, in 1990, he was elected the Chairman of the Board of Directors of BGIC. He served the Company as Chairman cum Managing Director until July 2003 when he voluntarily retired as Managing Director and continued as the Chairman until his death in 2005.
Mr. Samad was born in an distinguished family of Sylhet in 1923. He had an exceptional academic career which culminated at his graduation with honors from the renowned Presidency College, Kolkata, India.
During his illustrious career in insurance stretching into six decades, Mr. M A Samad worked as the Chief Agent and Manager for East Pakistan for Commercial Union Insurance Company United Kingdom, as Life Manager, Great Eastern Insurance Company, General Manager, Federal Life General Insurance Company, Chairman, Surma Jiban Bima Corporation, and Managing Director, Jiban Bima Corporation.
Mr. Samad’s dedication to Insurance perhaps mostly reflected in his never-ending desire to impart Insurance education. In this regard, he attended Chartered Insurance Institute Training Courses in London; visited many important Insurance Training Institutions and Insurance Departments of different Universities in UK and USA under UNDP Fellowship Program; attended Seminar on Insurance Administration at Manila under UNCTAD/UNDP Project, attended many Annual Conference of the Federation of Insurance Institutes of India.
Mr. Samad was the Founder Director of Bangladesh Insurance Academy, the state-owned institution for insurance education and training in the country. He was also a pioneer in setting up of Bangladesh Insurance Association, the apex body of Insurance in the country. He also served the Association as its Chairman in 1999-2000.
In addition to his immense contribution by way of articles, papers and books to the literary world, Mr. Samad also authored four Text Books on insurance, which received high appreciation from a number of renowned insurance organizations of the world. He was enlisted as an international expert in the Technical Assistance Program on Trade and Development of the United Nations
For his invaluable contribution to the Insurance Industry, Mr. Samad received the Institute of Business Administration (IBA), Dhaka University Award in 1993. Among the other notable recipient of the award that year were Dr. Muhammad Younus, the founder of Grameen Bank and Mr. Syed Manzoor Elahi, former Adviser of Caretaker Government. The IBA Award is designed to recognize each individua¾s contribution to their respective industry.
In recognition of his unparalleled professional achievement and accomplishment Mr. M A Samad has been awarded “The Greatest Insurance Personality 2003” Gold Medal by the Bangladesh Insurance Academy, the only state-owned institution for insurance education and training in the country.
Mr. Samad passed away on 17 October 2005, just a few hours after attending a full day at the office in BGIC. He was 82.