OREANDA-NEWS. The Board of Directors of Takaful International Company have approved the financials of the company for the year ended 31st December 2015, during its meeting held on 23rd February 2016.

For the year ended 31st December 2015 the company reported a net loss in the Shareholders Fund of BD 755,372 (BD 843,703 during year 2014) and BD 1.085 Million (BD 964,378 during year 2014) in the General Takaful fund. This was mainly due to the new impairment policy adopted by the Board on the receivables and investments.

Family Takaful Fund reported a profit of BD 141,934 for year 2015 (BD 105,107 during year 2014), a growth of around 35% compared to profit for the previous year.

The Board of Directors stated that "The Company reported losses mainly due to the implementation of impairment policies which are in line with the best market practice and accounting standards to reflect the fair value of the Investments and receivables of the company”.

During the year 2015 the company provided for BD 1.423 million (BD 501,302 for the year 2014) impairment on its Investments.

The Board of Directors have adopted prudent underwriting policies and have managed to control and reduce the operational and management costs. Have also focused on improving the credit control policies and collections of overdue receivables. The Board is confident that these measures will yield positive results and benefit to the shareholders, participants and other stake holders of the company.

Mr. Younis J. Al Sayed, CEO said "The Company has improved its claims ratio compared to last year although there was a reduction in the total annual contributions written during the year compared to last year".

The technical surplus from the operations before wakala fee is BD 2.977 million compared to BD 1.911 million last year representing a growth of 56%.

The investment fund also recorded a decent income of BD 491,418 compared to BD 338,397, a growth of 45% compared to last year.

Mr. Younis also added that, the company managed to adapt itself with the global market change and has shown its presence in the market by providing best market solutions to our participants as well as offering the highest standards of services and Sharia’a complied product’s".

For the quarter ended 31st December 2015 the company reported a net loss in the Shareholders Fund of BD 951,771 (BD 981,758 during same period 2014) and BD 741,010 (BD 990,480 during same period 2014) in the General Takaful fund. Also, Family Takaful Fund reported a loss of BD 38,969 (BD 73,751 profit during same period 2014), Takaful International Company is the first takaful company established in the region back in 1989 and provides all types of Takaful products for both corporate and individuals.