Following the Annual General Meeting (AGM)
Takaful International held their 23rd Annual General Meeting today at noon in Seef District. During the course of the meeting the announcement concerning the company's Board of Directors Report, Sharia’a Report, and the Auditors Report and Financial Statement for the year ended 31 December 2012 was approved in the presence of officials and representatives from Central Bank of Bahrain, Ministry of Industry and Commerce and Bahrain Bourse.
Moreover, 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, as follows: Dr. Sh. Abdul Latif Al Mahmood (Chairman), Dr. Sh. Adbul Sattar Abu Ghuda (Member), and Sh. Mohsin Al Asfoor (Member).
On this occasion, Mr. Bara'a A. Al-Qenaei - Chairman of Takaful International stated that "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"
On the other hand Mr. Younis Jamal Al Sayed-CEO of Takaful International remarked 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 BD 9.5 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.
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.