Takaful firm posts 12pc growth
Manama, April 1, 2014
Bahrain-based Takaful International Company said its gross takaful contributions grew by 12 per cent in 2013, exceeding growth achieved in previous years.
During the company's annual general meeting held yesterday at the Ritz-Carlton Bahrain Hotel and Spa, shareholders approved the board recommended cash dividends for the year at 5 per cent of paid-up capital, or five fils per share, reported the Gulf Daily News, our sister publication.
Vice-chairman Dr Kamal Hassan Ibrahim said the company continues its underwriting policies and expansion of insurance business in Bahrain, pointing out that its growth was a good indicator of the improvement in the insurance market and the economy.
"We are optimistic about the results achieved by the company, which is reflected in the accreditation of the company by the international credit rating agency AM Best with rating of B++ stable," chief executive Younis Jamal said.
"The performance reflects the financial strength and corporate governance received by the company since the year 2008 as the first Islamic insurance company awarded a global rating within the kingdom," he added.
Jamal said the company's plans include a strategic alliance with Bahrain Islamic Bank to provide insurance products under the 'Bancassurance' concept.
Compliant with Sharia, takaful is a co-operative system of reimbursement in case of loss, paid to people and companies concerned about hazards, compensated out of a fund to which they agree to donate small regular contributions managed by a takaful operator.-TradeArabia News Service