Takaful International records 12% growth rate and 5% cash dividend to the shareholders
Takaful International Company held its Annual General Meeting yesterday afternoon at the Ritz-Carlton Hotel, Bahrain and discussed on the agenda of the Assembly and the confirmation of the company's financial statements which featured a remarkable growth in gross Takaful contributions by 12% exceeding the growth of what has been achieved in previous years.
It also adopted the Board's proposal to transfer the amount of BD23,134 to the statutory reserve and the distribution of cash dividends to shareholders for the year 2013, to be 5% of the paid-up capital (5 fils per share) and transfer the excess of the participants net surplus for the year 2013 of BD69,089 to calculate the surplus in participants funds. The board further advised the shareholders to distribute Zakat imposed on them, which amounted to BD144,927 at the rate of 2.32 fils per share for the fiscal year ended 31 December 2013 , and discharge the Board of Directors on all matters relating to their actions for the financial year ended 31 December 2013.
On the sidelines of the General Assembly meeting, Dr Kamal Hassan Ibrahim, Vice Chairman of the Board said that the company continues its underwriting policies and the expansion of the insurance business in the Kingdom of Bahrain, pointing out that the growth of the company is a good indicator to improve the insurance market and harmony in our Kingdom.
On the other hand, Mr. Younis Jamal, the Chief Executive Officer, said: "We are optimistic about the results achieved by the company, which is reflected in the accreditation of the company by the international credit rating agency AM Best with credit rating degree of B++ stable performance, which reflects the financial strength and corporate governance received by the company since the year 2008 as the first Islamic insurance company awarded a global rating within the Kingdom of Bahrain.
Mr. Al Sayed also added that the company has expansion plans of strategic alliance with Bahrain Islamic Bank to provide insurance products that comply with Islamic Sharia’a principles within the Bank's financial Islamic concept which contributes to the deployment of Takaful through which the banks offer Bancassurance which is very popular globally.