Takaful International announces growth of 39% profit in insurance operation

Takaful International announced growth in total written Takaful insurance  contributions estimated at 7% compared to the same period in 2008 with the contributions crossing BD 15 Million compared to BD 14 Million in the previous year. The total of Takaful revenues earned was BD 8.1 Million compared to BD 6.7 Million in the same period last year. The profits achieved from Takaful operations were BD 2.9 Million compared to BD 2.1 Million last year; which registered a growth of  39%.
Moreover, the total shareholders and participants portfolios income increased to reach BD 0.560 Million with a growth of 25% compared to last year.
The technical reserves reached BD 13.5 Million; an increase of 5% compared to 2008, and the assets increased 14% to BD 27.4 Million while the earnings per share improved by 39% compared to last year.

In light of the published financial statements, Mr. Bara'a A. Al-Qenaei Chairman, Takaful International said: "Our financial results state our capability and strength in dealing with the variability of Bahrain insurance market and adapting to various financial scenarios to ensure effective market performance. We have been able to increase our share in the insurance market by implementing successful strategies and marketing plans; in addition to our commitment in providing innovative insurance services that are in compliance with our Islamic principles."

Al-Qenaei explained that the company has successfully increased its paid-up capital by BD One Million, bringing the total paid up capital to BD 6.250 Million. The increase will enhance seizing insurance and investment opportunities and engaging in promising large-scale projects that meet the aspirations of the company.

On the other hand, Mr. Younis J. Al Sayed, CEO of Takaful International said “The company's aspiration in implementing the constructive strategies and operational expansion is strengthened further by the renewed BBB rating with stable outlook from the reputed rating agency Standard and Poor's. With no doubt this rating assures the company's financial strength and the professionalism in its services”.

Also the company successively launched Takaful Centres specialized in providing Takaful insurance products through the activation of all company's branches in the Kingdom.

Mr. Younis attributed achieving such accomplishments to the efforts of the highly qualified Bahraini staff in the insurance industry, risk management field and as a specialist in innovative insurance solutions to provide the required insurance protection, in addition to the Strategic success in the company's business.

The company's financial statements, which have been approved by the Board of Directors in the meeting held on 24th February 2010, will be further discussed in the Annual General Meeting to be held on 14th March 2010.