MANAMA: Takaful International Company saw significant growth last year in total insurance subscriptions from BD9.186 million to BD14.022m. The participants and the shareholders portfolio reported a net profit of BD449,000 ($1.19m), an increase of 101 per cent. The takaful technical reserves increased by 41pc from last year, to reach BD13m, while the company's assets have been reported at BD24m, an increase of 24pc from last year.
These increases are considered high despite the negative influence of the current credit crunch and financial crisis overall in the market and especially in the insurance sectors.
"We are moving forward with our successful strategy of expanding on regional and international levels," said chief executive officer Younis Al Sayed.
"In addition, we are dedicated to enhancing the quality of takaful services as we peruse our plans to enter a number of promising foreign markets in the insurance sector," he said.
He emphasised the company's commitment to spread the takaful concept by offering special packages of insurance services and developing insurance coverage as well as expanding the company's services to include clients from inside and outside the kingdom and to benefit from the available growth chances in the takaful and re-takaful market.
"This year we look forward to raising the level of insurance services with high standards for our clients and launching new insurance products that meet the vast needs of individuals and corporations and enhance their cover in terms of compensation and protection," he said.
The company's financial statements, which have been approved by the board, will be further discussed at the annual general meeting to be held on March 17.
Takaful International Company is the first takaful company to achieve the 'BBB' rating with a stable outlook from the international credit rating agency Standard & Poor's.
-- Daily News
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