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Bahrain-based Sharia-compliant insurance firm Takaful International is to expand its operations across the Gulf.
Plans were outlined by chairman Adel Abdulla Al Mannai following the firm’s annual general meeting, at which it unveiled its financial results for last year.
The firm attributed a drop in profits to a change in its accounting, which was adopted by the company last year in order to comply with the International Financial and Reporting Standard (IFRS).
It said the change impacted profits to the tune of BD467,738, giving a 2006 profit of BD232,024 compared to the previous year’s BD689,122.
But Mr Al Mannai was upbeat on the firm’s other achievements and its ambitious plans for this year.
“We are quite happy. In terms of operations, there was a jump compared with the year before,” he said.
“The company managed to get good deals with some of the large companies, which it was very difficult in the past to get in our portfolio.
“This year, we managed to get the Electricity and Water Ministry plus major companies in Bahrain.
“This is in addition to the normal business which showed good growth compared with the previous year. Overall on the operations side, it was a very good year for us.”
The firm recently moved into a high-profile headquarters in Bahrain’s Seef district and Mr Al Mannai revealed further expansion was planned. “We have opened new branches and are introducing more products in Bahrain,” he said.
“On the other hand, we are also expanding outside Bahrain – we have signed a contract in Kuwait with a company called Takaful Kuwait.
“Our role is as technical advisor, so we are supplying the company with the product, with the IT system and also we are having a role in selecting the senior management within the company and training their staff. This is the first project outside Bahrain.”
Mr Al Mannai revealed the company was already in negotiations with other parties in the UAE and Qatar.
“We would like to expand throughout the Gulf, we are having many enquiries from different parties within the Gulf and even from the Far East,” he said.
