Takaful International Company, established in 1989, is the first Islamic Insurance Company in the Kingdom of Bahrain and one of the pioneering Islamic insurance companies in the Middle East. The company provides insurance coverage and services that cope with the individuals/corporations needs and the vast growing demands of the new millennium. Over the past twenty five years Takaful International was able to achieve a high ranking position and build upon a trustworthy reputation in the local and international insurance market which has enabled us to compete with elite Takaful insurance companies worldwide.
- Established in 1989.
- In 1998 the Takaful International Co. was re-launched. The new name reflects the company’s new futuristic vision and ambition to expand its business operations within and outside the Kingdom.
- Listed in the Bahrain Stock Exchange as well as a member of the Bahrain Chamber of commerce and industry.
- In 2008 the company was rated (BBB) with a stable outlook from Standard and Poor’s rating agency.
- In 2011 Awarded Her Royal Highness Princess Sabeeka Bint Ibrahim Al Khalifa award for Women Empowerment.
- In 2013 the company was rated (B++) Secure with Stable Outlook by A.M.Best Rating Company.
- In 2017 Awarded eGov Best application for smart devices on private sector award.
- Takaful International Co. (TIC) is a subsidiary of GIG Bahrain. Rated A- (Excellent) by AM Best with stable outlook and is one of Gulf Insurance Group’s members, the largest insurance groups in the MENA Region.
Why Takaful International?
- Specialized Centers with Takaful services spread throughout the Kingdom.
- Direct communication center (Takaful Hotline) for servicing clients and any urgent inquires.
- Provide excellent service for both Islamic and conventional companies.
- Highly trained professional workforce of nearly 80% of whom are Bahrainis with executive management being 100% Bahrainis.
- The paid up capital is BD 6.250 MM and the authorized is BD 20 MM.
- Active participation in large government and semi government accounts in Bahrain.
Corporate Governance Code of Conduct
Takaful International Company commits to ensure high standards of Corporate Governance practices and the Implementation of the policies and procedures in line with the measures set by the Central Bank of Bahrain “ CBB “ and the Ministry of Industry and Commerce “ MOIC “.
The Company is controlled through its Board of Directors, The board of directors’ key purpose is to ensure the company’s prosperity by collectively directing the company’s affairs, whilst meeting the appropriate interests of its shareholders and stakeholders. In addition to business and financial issues, boards of directors deal with challenges and issues relating to corporate governance, corporate social responsibility and corporate ethics.
In order to meet its objectives the Board of directors has formed 3 sub-committees – the Audit Committee, the Executive Committee and the Nomination & Remuneration Committee. The roles and responsibilities have been defined by the Board of Directors as per the CBB Corporate governance guidelines.
The Business of Takaful is conducted by the senior management under continuous supervision and command from the Board of Directors. Strategies, business plans, monitoring authority and evaluation of the policies and procedures implemented are under the leadership of the Executive Management.
Policies and Procedures of the company are developed and reviewed on regular basis by the management to address all the issues set by the CBB’s “Volume 3 “rulebook including addressing the Anti-Money Laundering requirements and the Financial Crime module of the rulebook issued by the Central Bank of Bahrain. The role of the Internal Audit Function that is established under the authority of the Audit Committee, is to provide independent assurance that the organization’s risk management, governance and internal control processes are operating effectively.