In The Name of Allah, The Most Compassionate, The Most Merciful,
On behalf of the Board of Directors, I am glad to present the Twentieth Annual Report of Takaful International Company with the audited financial statement for the financial year ended 31st December 2009, prepared in compliance with the Accounting and Auditing Standards for Islamic Financial Institutions (AAOIFI), International Financial Reporting Standards (IFRS) and the Central Bank of Bahrain (CBB) Law.
Your company crossed yet another challenging business year with the global financial system totally unstabled with the political and economical scenarios in turmoil crisis of an unimagined scale.
Despite all the challenges and the unexpected situation I am satisfied with the development and the growth of your company in these difficult times. During the year the gross written contributions (premiums) grew by around 7% from BHD14,022,546 in 2008 to BHD15,018,341 in year 2009.
Operational results were quite satisfactory with a net policyholders’ surplus of BD 405,416, a growth of 15% compared to the previous year, with the shareholders’ net profit for 2009 was BD154,818, a growth of 59% compared to the previous year.
During the year, the Company increased its capital base to BHD 6,250,000 by the injection of BHD 1,000,000 (20%) of rights share in addition to the issuance of BHD 250,000 (5%) of bonus shares, which further strengthened the company’s capital base. The company’s major achievements included its prudent business strategy which resulted into a growth of written contributions that included new business from Governmental and other prestigious accounts written on its business portfolio. Further efficient claims management had contributed to its good underwriting results. During the year the company had a conservative approach on its investment activities looking at the global and regional financial market situation and its investment results were satisfactory. Overall, your company has progressed remarkably in line with its strategic and business plans and has successfully achieved its planned objectives and goals for the year 2009. The company excelled with a growth of around 25% in shareholders’ and policyholders’ portfolio.
Looking forward, Takaful is confidently prepared for facing the challenges in the year 2010 by setting ambitious strategic goals. This is a reflection of the continuous confidence and support of shareholders, customers along with Takaful’s team that is comprised of professionals and technical experts who have helped the company to reach to the current position and I am confident that the company will reach to greater heights in the near future.
Takaful has a very sound Corporate Governance in place and all the regulatory and legislative compliance is made timely thereby reflecting a positive image of the company and entrusting strong confidence amongst its customers, staff and all concerned entities.
On behalf of all my colleagues on the Board of Directors and Takaful’s team, I would like to extend our sincere gratitude and appreciation to His Majesty “King Hamad Bin Isa Al Khalifa”, King of Bahrain, His Royal Highness “Prince Khalifa Bin Salman Al Khalifa”, The Prime Minister and His Royal Highness “Prince Salman Bin Hamad Al Khalifa”, The Crown Prince and Supreme Commander of Bahrain Defense Force for the continued support to the National Financial Institutions.
I would also like to express our sincere appreciation to all the Government Ministers, Central Bank of Bahrain team and other Departments for their support and co-operation.
We also take this opportunity to thank and appreciate the staff and the management of Takaful International Company for their continued efforts, hard work and sincerity. We also express our sincere thanks to Company’s shareholders, clients and all those institutions and individuals with whom the company deals in Bahrain locally, in the region and at the International level.
