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Takaful contributions surge

MANAMA: Takaful International, a Bahrain-based Sharia-compliant insurance firm, yesterday announced that last year it achieved a growth of 22 per cent in retained contributions despite intense competition in the market.

The company management is optimistic about growth in the current year, said a statement issued yesterday after the company's 23rd annual general meeting (AGM).

During the meeting, the board of directors' report, Sharia report, auditors report and financial statement for 2012 were approved.

Moreover, the AGM approved the transfer of the net profit for last year after statutory reserve to shareholders retained earnings and the transfer of the surplus to the surplus in participants' fund.

"The results confirm our ability to deal with all variables of Bahrain's insurance market and being able to adapt to diverse indicators of financial markets," chairman Bara'a Al Qenaei said. "Our achievements of 2012 are in line with our strategy and vision of the future."

Takaful International achieved growth rate of 9pc in total revenues to BD9.5m for 2012 when compared with BD8.7m in 2011 and registered 13pc improvement in earnings per share over the same period.

"The company followed a conservative and balanced policy in managing its insurance and investment portfolios," chief executive Younis Jamal Al Sayed said.

During the meeting, Dr Shaikh Abdullatif Al Mahmood was re-elected as chairman of the Sharia board and Dr Shaikh Adbul Sattar Abu Ghuda and Shaikh Mohsin Al Asfoor as its members.



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