NEW YORK, December 30, 2025, 22:59 ET
- Al-Arafah Islami Bank and Provati Insurance signed an MoU to support digital premium collection and reporting
- The firms said the tie-up will focus on data security, real-time reporting and faster reconciliation
- Financial terms and an implementation timeline were not disclosed
Bangladesh’s Al-Arafah Islami Bank PLC (AIB) has signed a memorandum of understanding with Provati Insurance PLC to support digital premium collection and related reporting, the companies said in a press release.
The move matters because insurers rely on steady premium inflows, and the partners are pitching a system designed to make collections more secure and easier to track.
The release also points to growing demand for real-time reporting in payment flows, as firms look to reduce delays between money being paid and records being updated.
Under the agreement, the firms said the partnership will enable “seamless” premium collection, stronger data security, real-time reporting and more efficient financial reconciliation.
Financial reconciliation is the process of matching incoming payments with internal records so firms can confirm what has been paid, by whom and when.
AIB deputy managing director Md Abdullah Al Mamun and Provati Insurance chief executive officer Md Zahedul Islam signed the agreement at the bank’s head office, according to the release.
Provati Insurance additional managing director Shakhawat Hossain Mamun and AIB deputy managing director Newaz Mohammad Rashedul Karim attended the signing, along with other senior officials, the release said.
The companies said the collaboration is intended to provide a more secure and effective collection management system for corporate clients through banking technology.
A memorandum of understanding is a framework agreement that sets out how two parties plan to work together, and it is often used as a first step before a fuller commercial rollout.
Neither company disclosed financial terms or gave a timeline for when the services would be rolled out, the press release and local media reports said.
