Islamic management is a new organizational approach in the world today. This approach is different from the traditional management system by its concept, ideas, philosophies and application. The target of Islamic Management is not only to gain economic development but also social harmony, material will being and spiritual refinement. Insurance is an established business idea to the people of Bangladesh. In 2000 Shariah based life insurance business was introduced in the country. The main objective of the study is to analyze the Islamic management practice in the Islamic life insurance companies of Bangladesh. The study examines the managers‟ opinions on Islamic management practices in Islamic life insurance companies. Primary data were collected from 30 managers by using a structured questionnaire in this study. The research shows that most of the employees of this sector are interested to follow the Islamic management. The respondents give their positive opinions regarding various aspects of this management system. They feel that Islamic management maintain legal strategies, lawful objectives, participative and consultative process, meaningful responsibility, proper motivation and reward according to accomplishment. The study find that respondents are not satisfied their management system, must agreed in practices Islamic Management in their company. There are some common reasons- rules and regulations, lack of education on Islamic management, lack of cooperation among Islamic organizations, shortage of skilled and trained manpower and absence of efficient research works are considered as the constraints of practicing Islamic Management in Islamic insurance companies. There are some recommendations, such as Islamization of knowledge, cooperation among Islamic financial organizations, build up Islamic management based organizations, efficient research activities; positive media role and legal supports may be considered for the successful applications of Islamic Management system in this regard. Finally, if the Islamic insurance companies of Bangladesh adopt the ethics and principles of Islam that will be Islamic management and success will be obligatory as Allah promises in the Quran.