Bahrain-based region’s oldest Islamic insurance Co Takaful International, which held its 23rd Annual General Meeting at Company’s HQ in Seef District, said that its revenues were up 9% in 2012 to BD9.5 million.
Younis Jamal Al Sayed-CEO of Takaful International said that the company followed a conservative and balanced policy in managing its insurance and investment portfolios and achieved a growth of 22% in the retained contributions despite the intense competition in the market, and expressed a great optimism for the year 2013.
Takaful International had achieved significant growth in the proportion of total revenues amounted to BD9.5 million from BD 8.7 million compared to the same period last year with growth rate of 9%, and registered improved earnings per share by 13% compared to last year.
The AGM approved the transfer of the net profit for the year 2012 after statutory reserve to shareholder’s retained earnings and the transfer of the surplus for the year 2012 to the surplus in participants’ fund.
During the meeting the Sharia’a board members were re-elected Dr. Shaikh Abdul Latif Al Mahmood (Chairman), Dr. Shaikh Adbul Sattar Abu Ghuda (member) and Shaikh Mohsin Al Asfoor (member).
“The company’s results confirm our ability to deal with all the variables of Bahrain insurance market and adapt to diverse indicators of financial markets, as exhibited by our achievements of 2012 which are in line with our strategy and vision of the future,” Bara’a A. Al-Qenaei – Chairman of Takaful International, said.
Takaful International Company which was founded in 1989 the first Islamic insurance company in the region that provides services and a variety of insurance coverage is fully compatible with the foundations of Islamic Sharia and the requirements of this era. Since 2008, the company has been accredited with the (BBB) classification for financial strength rating from the internationally prominent credit rating agency Standard & Poor’s.
The company had also been awarded in 2010 the 3rd edition of Her Royal Highness Princess Sabeeka bint Ibrahim Al Khalifa Award for Bahraini Women’s Empowerment in the private sector to honor the company’s continuous encouragement and support for developing and enhancing the role of Bahraini working Women.