“Tamkeen Insurance” holds its ordinary and extraordinary general assembly meeting
The premiums exceeded $ 23 million and an 8% market share
for the first operating year
“Tamkeen Insurance” holds its ordinary and extraordinary general assembly meeting
Ramallah: “Tamkeen Insurance” holds its ordinary and extraordinary general assembly meeting on Thursday May 21st, 2020, in the headquarter – Ramallah, with the attendance of the representative of companies’ controller Mr. Bilal Kataneh, and the chairman his excellency Dr. Majed Atta Al Helo’, and the honorary president Mr. Rafeeq Al Natsha, and the board members and a crowd of shareholders, and the head of the Sharia Supervisory Board, Professor Dr. Hussam Al-Din Afaneh, the shareholders, along with Mr. / Munther Al-Bandak - external auditor “Deloitte & Touche”, and Mr. / Amjad Jadou General Manager of the Insurance directorate , Mr. Osama Darawsheh, Manager of the Control on insurance Companies Department, and the Executive Management represented by Mr. Mohammad Al-Rimawi, General Manager of the company.
The session was started by the chairman his excellency Dr. Majed Atta Al Helou’ who welcomed those who attended especially the shareholders, after Mr.Bilal announced the completion of the quorum.
Al Helou’ also praised the shareholder’s trust in the company, He also mentioned the success the company has made in the past year, as it was able to achieve $23,581,589 of written premium, which is an 8% of the insurance share sector “underwritten premiums” in Palestine, despite all economic and political challenges in Palestine, and the strong competition in the insurance sector.
He also mentioned that the company wants to extend its reach to all segments of people, through its 18 branches, and 18 insurance dealers spread in the West Bank, Jerusalem and Gaza, With the aim of providing its services compliant with Islamic Sharia, glue in the form of modernity and innovation, best practices, and relevant with global standards and trends.
He also pointed that the company accomplished with the supervision of the BOD and the efforts of its executive management and employees a PBT worth $1,260,973 in its first operating year, which can be considered a qualitative and historical achievement in the Palestinian insurance sector, the company, as a new company, it is considered an achievement that is established to make higher profits in the upcoming years.
Through the meeting, there was a discussion about the BOD’s report on the company’s activities in 2019 and got an approval, in addition to hearing the report of Sharia Supervisory board represented by its Chairman, Professor / Dr. Hossam El-Din Afaneh, who gave his thoughts on the company’s activities in 2019 which was in line with the provision of Sharia Islamic.
He mentioned that the contracts of reinsurance were done with reinsurance in the Islamic way by 90%, in return, the financial statements and the independent auditors report in Dec 31st, 2o19, has taken in consideration the accounting measures issued by Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
The meeting involved hearing the external auditor’s report for the year in 2019, and discussing the financial statements released in Dec 31st, 2019, and approving them, In addition to release the members of the Board of Directors from their liability for the aforementioned fiscal year, and the election of Deloitte & Touche as an external auditor for the year 2020.
The extraordinary general assembly of the company also approved the recommendation of the company’s board of directors to increase its capital from 8,000,000 USD to 12,000,000 USD, divided into (12,000,000 shares) twelve million shares, with a nominal share value of one US dollar.
Mr. Mohammad Al Rimawi, general manager, assured the “Tamkeen Insurance” was able to achive important results in the market share, profits and expansion in only one year, with the blessings of god, and the efforts of over 140 employee of “Tamkeen Insurance”, despite the difficulties facing the Palestinian economy, mentioning the insurance qualitative products that will be launched this year, along with digital services that will be announced soon.
Adding “Our upcoming digital services are qualitative and entrepreneurial aiming to manage the insurance policy virtually by policyholders such like customers’ Portal, mobile application, and online system for medical network.
He also assured the company’s restriction to its role to the society, especially in the political and economic circumstances that the Palestinians are going through. “