Takaful International Company B.S.C. held its Annual General Meeting (AGM) on Wednesday, 27th March 2024, at 10:30 am at the company's headquarters in Seef Area with a quorum of 91.55%, and in the presence of representatives of the relevant regulatory authorities. The General Assembly approved the company's financial results for the year ended December 31, 2023, which were announced earlier this year: (Net profit of BD 1.513m compared to BD 1.253m in the previous year, an increase of 21%, and shareholders’ net profit of BD 937k compared to BD 858k in the previous year, and a corresponding earnings per share of 11.03 Fils compared to 10.09 Fils in the previous year).
The shareholders have also approved the distribution of cash dividends of 7.5% an equivalent of BD 673.5K (7.5 fils per share), to the shareholders whose names are on the share register on the record date. As for the elections of the Board of Directors, the shareholders elected the following ten members for Board Directorship for the upcoming term (2024 – 2027): Mr. Ebrahim Mohamed Al Rayes, Mr. Abdulrahman Abdulla Mohamed, Mr. Khaled Saoud Al Hasan, Dr. Abdulla Saleh Sultan, Mr. Ahmed Abdulrahman Bucheeri, Mr. Osama Kamel Kishk, Mr. Rashed Ali Abulrahim, Dr. Osama Taqi Al Baharna, Mr. Yahya Ebrahim Nooruddin and Ms. Fatima Taqi Al Saffar.
Mr. Ebrahim Al Rayes, Chairman of the Board of Directors, explained that the company proactively adopted the newly introduced Islamic accounting standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) for Islamic insurance companies. though these standards will come into effect from 1st January 2025. He further emphasized that the company's Board of Directors has decided to early adopt these standards to promote transparency and align with the governance standards upheld by the Takaful International. This step underscores the company's commitment as a pioneer in the field of Takaful companies.
For his part, Mr. Essam Al-Ansari, Chief Executive Officer, stated that the company made significant progress last year. The company prioritized enhancing customer service through the implementation of new information technology systems, embracing digitalization and artificial intelligence. These initiatives resulted in notable enhancements to the customer experience, streamlined operations, and increased overall efficiency. Takaful International also maintained an outstanding credit rating from AM Best, affirming its strong, solid financial position, and its high-quality services. The company has also won the Best Work Environment Award for the second year in a row, which reflects its continuous efforts to provide an ideal work environment for all employees.