The Board of Directors of Takaful International Company B.S.C. (Trading Code: TAKAFUL) approved the financial results for the period ended March 31, 2024, presented in accordance with the Financial Accounting Standards (FAS) 42 & 43 and 30, issued by the Accounting and Auditing Organization for Islamic Organization (AAOIFI) which are equivalent to the International Financial Reporting Standards IFRS 17 and IFRS 9. The net profit of the shareholders was BD 393K for the three months ending on March 31, 2024, a 2% increase from the net profit of BD 386K for the same period in the previous year. Comparatively, earnings per share increased to 4.6 Fils from 4.5 Fils for the same period in the previous year. The comprehensive income for the three-month period ending on March 31, 2024, was BD 344K, a decrease of 10% compared to BD 381K for the same period in the previous year.

The Company reported a total net profit of BD 546K during the first quarter of the year 2024 compared to BD 483K for the same period in the previous year, an increase of 13%. The improved performance of the Company is attributed to the increase in the income from investments during the quarter. The shareholders’ fund achieved a profit of BD 393K during the first quarter of the year 2024, compared to a profit of BD 386K for the same period of the previous year, an increase of 2%. The Takaful Funds achieved a surplus of BD 153K during the first quarter of 2024, compared to a surplus of BD 97K for the same period of the previous year, an increase of 58%.

Recognized Takaful contributions were BD 5.89 million for the first quarter 2024, compared to BD 6.43 million for the same period of the previous year, a decline of 7%. Recognized Takaful Costs were BD 4.71 million during the first quarter 2024, compared to BD 5.32 million in the same period of the previous year, a decrease of 11%.

The company’s shareholders equity amounted to BD 11.79 million as of March 31, 2024, compared to BD 12.09 million as of December 31, 2023, a slight decrease of 2%.

The company's total assets increased by 6% from BD 41.59 million as of December 31, 2023, to BD 44.08 million as of March 31, 2024.

Commenting on the announced financial results, Mr. Ebrahim Al Rayes, Chairman of the Board of Directors of the Company, stated that the Company had achieved satisfactory results in Takaful operations, which showcases its ability to generate sustainable returns. Additionally, the Chairman expressed his enthusiasm regarding the appointment of new board members, whose diverse expertise and fresh perspectives will contribute to the company's continued success in delivering value to stakeholders and driving long-term growth. He also thanked the board members whose term has ended and wished them continued success. He added: “We remain focused on optimizing our operations, managing risk effectively, and maintaining a strong financial foundation to capitalize on future opportunities.”

For his part, Mr. Essam Al Ansari, the Company's Chief Executive Officer, emphasized that our commitment to digitalization continues to drive our success. By embracing technology, we have transformed our operations, enhanced efficiency, and delivered superior customer experiences. Our focus on digitalization positions us as a forward-thinking organization, enabling us to adapt swiftly to changing market dynamics. Furthermore, we remain dedicated to Environmental, Social, and Governance (ESG) principles. We understand that sustainable practices are crucial for our communities and long-term value creation.

Takaful International Company B.S.C. is the first Islamic Insurance Company in Bahrain. It was established in 1989. The Company provides a wide range of insurance covers and products consistent with the principles of Islamic Shari’a that serves the various needs of individuals and corporates. The Company is a subsidiary of GIG-Bahrain and is assigned a rating of A- Excellent by AM Best Credit Rating Agency.

The full set of financial statements is available on Bahrain Bourse’s website.