Tamkeen Insurance inaugurates its headquarters in Ramallah and Al Bireh Governorate

Under Patronage of Grandeur Mr. President Mahmoud Abbas

Tamkeen Insurance inaugurates its headquarters in Ramallah and Al Bireh Governorate​

 

 

 

 

Ramallah - Tamkeen Palestine Insurance Company (TAMKEEN) opened its Islamic Law compliant public shareholding company, headquartered in Ramallah and Al Bireh, under the patronage of Grandeur Mr. President Mahmoud Abbas.

The opening ceremony is the culmination of the efforts exerted by the Board of Directors and the Executive Management to complete the stage of Foundation followed by the official announcement of the company by the Palestinian Companies Controller, in parallel with the completion of the processing of its branches in the West Bank and Gaza Strip.

The company will officially launch its services in most of the West Bank and Gaza Strip governorates at the end of this month, which will be accompanied by a public promotional campaign aimed at enhancing public awareness of the company and its services.

The opening ceremony began with cutting the tape in front of the company's headquarters by His Excellency Mr. Tayeb Abdel Rahim representing the President of the Palestine state, and a group of businessmen and legal persons.

The ceremony was completed at the Millennium Hotel - Ramallah, where a number of official and corporate figures, businessmen and representatives of the private and public sectors attended the ceremony.

His Excellency Mr. Tayeb Abdul Rahim, representative of President Mahmoud Abbas, said at the opening ceremony of the company's headquarters that President Abu Mazin expressed his pride in the strategic partnership between the Foundation for the Management and Development of Orphans Funds and the Palestinian Pension Commission.

Mr. Abdul Rahim added that the President expressed his support for Tamkeen Insurance Company as an investment arm of the two institutions.

And he added "The establishment of Tamkeen is the embodiment of the principle of strategic partnership between the public and private sectors, based on the principle of participation and not replacement."

Moreover, He noted that Tamkeen Insurance Company, which was blessed by President Mahmoud Abbas, "is a new proof that we are committed to this land, and we do not want an alternative homeland or any other solutions."

 In a speech, His Excellency Mr. Rafiq Al Natsheh, Honorary President of the Company, said: "The establishment of Tamkeen Insurance comes to meet the desire of a large segment of our Palestinian society who are reluctant to provide traditional financial services."

He stressed the company's keenness to inspire the values of Islam, as a constitution as an arm of Islamic investment in accordance with the provisions of Islamic law, under the supervision of a supervisory body with expertise.

Dr. Majid Atta Al Hilo, Chairman of the Board of Directors, said that the Board of Directors of the company is looking forward to building a success story in the Palestinian insurance market, based on several factors, the most important of which is the experienced and efficient staff, in addition to adapting the means of information technology to serve the public and increase efficiency of Internal processes.

He pointed out that the company, in cooperation with a Palestinian company, designed and built the first national computerized program in the Palestinian insurance sector, with national brains.

He also emphasized the Board's interest in governance, best practices, the preparation of the Governance and Policy Guide from the beginning, and the design of innovative insurance programs and solutions targeting low-income segments of the society and what is universally known as micro insurance, and these solutions and programs will be announced later.

For his part, said Buraq Nabulsi, GM of the Palestinian Capital Market Authority (PCMA), the Palestinian studies and research prepared by the Authority during the past two years, "found a growing need for Islamic insurance within the Palestinian market."

Al Nabulsi added in a speech during the opening that Tamkeen Insurance Company has completed all the controls and standards set by the Authority to license a new Islamic insurance company in the local market. The Board of Directors is composed of legal and economic institutions with rich insurance experience.

For his part, Hussam El-Din Afaneh, Chairman of the Shari'a Supervisory Board, said that Islamic jurisprudence dealt with the financial issues related to banks and cooperative insurance. It was studied in depth and discussed by the jurisprudential councils which laid down the foundations, rules and standards before implementation.

Added that Islamic insurance, which is operated by Tamkeen Insurance Company, is a legitimate principle, based on dozens of evidence in the Holy Quran and Sunnah, "because premium in Islamic insurance is a donation premium in order to break the risks that may be exposed to the tenants.

And he provided figures on Islamic insurance around the world. The number of Islamic insurance companies reached 308 companies at the end of 2017. The volume of the cooperative insurance market reached 20 billion dollars.

Also mention, that Tamkeen Insurance was established with a capital of $ 8 million, initiated by a group of Palestinian businessmen and a number of Palestinian institutions and companies, headed by the Foundation for the Management and Development of Orphans Funds and the Palestinian Pension Commission.