The agreement was signed by Fouad A.Rahman Rashid, Director of the Bourse and Younis Jamal Al Sayed, CEO of Takaful.
According to the agreement, Bahrain Bourse will provide Takaful with a variety of services. Some of these services include maintaining a record of the share register that holds the shares in electronic form, and updating the data of the registry resulted from dealing on the company’s shares in accordance with the rules and regulations of Bahrain Bourse and Central Bank of Bahrain.
In addition, the bourse will provide shareholding confirmations including share movement reports, share holdings report, and other reports. Bahrain Bourse will also provide shareholding reports to Takaful annually and/or upon request.
Fouad Rashid welcomed the joining of Takaful International to the list of companies that BHB provides them with its services as a Registrar. The director also ensures that the Bourse will continue providing listed companies with more services and facilities that enable them to monitor dealings on their securities as well as the updates on its register weather taking place on shareholders or percentage of holdings, using the latest technology in this field.
Rashid also appreciated Takaful international initiative to appoint BHB as its Registrar promising the company to receive professional and quality services from BHB, encouraged by the support BHB gets from the Government that realizes the importance of developing all components of the Capital Market sector in accordance to the international standards, in order to increase the sector’s competiveness in general and the bourse in particular to attract more investments to support the national economy of Bahrain.
Younis Jamal Al Sayed, Chief Executive Officer of Takaful International Company stated that assigning Bahrain Bourse to be the company’s share registrar was in line with the company’s constant efforts to provide all that is new for its customers and shareholders. The system and techniques adopted by Bahrain Bourse will facilitate the shareholders and enable them to view reports and data to remain updated. This transparency in operations will have great benefits in the long run and will deepen the confidence between the shareholders and the company.
It is worth mentioning that by having Takaful on the list, the number of companies that receive BHB’s register’s services increased to four companies. These companies enjoy quality and professional registrar services that enable them to receive detailed reports showing on their shareholders’ dealings similar to the reports issued by the most advanced international houses that provide these services worldwide.
Since 2008, Takaful International Company has been classified by International credit rating agency Standard & Poor’s with the stable (BBB) grade and as of 2012 is the proud recipient of Her Royal Highness Princess Sabeeka bint Ibrahim Al Khalifa’s Award for Empowering Bahraini Women.