IslamicFinance.de

A.M. Best this week moved Abu Dhabi National Takaful Co. (ADNTC) from stable to positive with a financial strength rating of B++. ADNTC’s solid risk adjusted capitalization and track record of excellent underwriting processes are reflected in the new ratings. These positive factors were partially offset by an accumulated deficit within the policyholders’ fund and a modest, albeit growing, business profile. The revised outlook reflects ADNTC’s improved balance of earnings between policyholder and shareholder funds and enhanced enterprise risk management.

The Chairman of Islamic insurer Abu Dhabi National Takaful Co. (Takaful) resigned on Tuesday, according to a statement on the Abu Dhabi bourse. No explanation was giving for Khadem Al Qubaisi’s resignation. He has been replaced by Vice-Chairman Khamis Buharoon. Nasser M. Al Murr Al Za’abi has filled the vacated board seat, according to a separate statement on the bourse. Last month, Takaful reported a nearly 25 per cent drop in second quarter net profits. The company made Dh15 million in net profits for the three months ending June 30. Takaful said the fall in net profits was largely due to the increase in net claims incurred in the motor line of business. Earlier, Al Qubaisi was reported to have said that Takaful is in the process of obtaining an international financial rating.