Takaful International marked its 15th anniversary with a ceremony to be held under the patronage of Shaikh Ahmed bin Mohamed Al Khalifa, Bahrain Monetary Agency Governor at 8.00 p.m. at Crown Plaza Hotel. This event marked the 15th anniversary of the first Islamic insurance company in Bahrain, formally known as Bahrain Islamic Insurance, now known as Takaful International.
The company is credited not only with being the first to embrace the concept of Islamic insurance in the kingdom, but also with developing the Takaful concept into its shape today. Takaful International seeks to achieve global status especially with the growth of Islamic economy and insurance.
In 1989 an Amiri Decree was issued for the incorporation of Bahrain Islamic Insurance Company as the first Islamic insurance company in Bahrain by an initiative from Bahrain Islamic Bank and a number of businessmen representing the various economic sectors jointly with the Islamic Affairs Ministry represented by the Minors Affairs Directorate. The start of the venture began with a capital of BD one million. The first Islamic insurance policy was issued in the Kingdom in August 1989 and this was the cornerstone of Takaful in the Kingdom of Bahrain. With the increase in Islamic Insurance awareness, the Company’s business activities expanded to cover a wide range of Takaful coverages with the exception of life and health insurances. In its early years the organisation improved quickly with bold steps towards providing Islamic products that met the wishes of the individuals and community. In order to meet the expansion requirements and growth of its business, the Company increased its capital to BD2 million. Following this was the listing of Takaful International shares on the Bahrain Stock Exchange as a public joint stock company. One year later, the company embarked upon a new era when International Investment Group (IIG) joined as a 50% partner, increasing the paid up capital to BD4 million. In 2003 the capital was increased to BD5 million paid up and the authorized capital was increased to BD20 million.
Owing to the significant growth experienced by the corporation, all its Takaful portfolios and management staff were restructured and the company’s name was changed to Takaful International to reflect it’s international dimension. In 1999 the Company launched an initiative sponsoring the first accounting standard for Takaful companies that effectively contributed to consolidating Takaful principles. This initiative was considered the first of its kind in the world and was later endorsed by the Islamic Accounting Standards Organisation.
On the 15th Anniversary of the setting up of Takaful International, its Chairman Dr. Bashir Al Rasheedi stated “As we mark the 15th Anniversary, we take into account the vital role and responsibility undertaken to promote the Takaful concept throughout the world, especially in the developed world, to give a model example of Islamic economy and to introduce a new insurance branch based upon fairness, equality and co-operation. It is a concept that meets the community’s requirements without being linked to religious belief. It is indeed a civilized behaviour that is both commendable and worthy of gaining more ground to underline our Islamic identity.” He added that such identity has always been able to provide successful solutions for Islamic financial transactions throughout the ages.
Mr. Younis Jamal, Takaful International’s General Manager said “The achievements so far realized could not have been possible without the firm foundations upon which this Company was built thanks to the insight of intellectuals and businessmen who initiated the incorporation of the Company. The success we witness today is the culmination of continuous efforts of the pioneers who strongly believed in the idea and were determined to make the dream come true.” Mr. Jamal also underlined the importance of developing the Company’s human resources as an ambitious strategy through training, development and acquirement of experts in the market to create a promising insurance generation capable of undertaking our mission along the path of Islamic Takaful.
2004 is considered the year that witnessed the start of the reaping of achievements made over the last 15 years. In January 2004 the Company launched the first insurance scheme of its kind for insuring those who go on the Hajj and Umra pilgrimages in compliance with the principles of Islamic Sharia’a. In May 2004 a joint co-operation agreement was signed with the Ministry of Transportation, Postal Directorate for providing motor insurance policy renewal service (Third Party) through the post offices of the Kingdom. In addition, a motor insurance claims branch was opened in Salmabad to provide the best possible customer care service. These additions underlined Takaful International’s policy of saving time and effort for its customers.
