Amana Takaful

Takaful: Amana Takaful distributes surplus to policyholders

ICMIF member Amana Takaful, Sri Lanka, recently announced a payment of surplus to its general insurance customers. This means Takaful policyholders will receive a proportionate rate from the surplus of the risk fund. Non-claimant Takaful policyholders will receive their share of the surplus amounting to 12.5% of the residual portion of the Risk Fund shortly, according to Fazal Ghaffoor, Chief Executive Officer of Amana Takaful. As opposed to conventional insurance the Takaful concept not only benefits claimants but also takes care of non-claimants. Non-claimants receive a proportionate share of the surplus from the risk fund at the end of a defined period.

Amana Takaful records 32 % growth for 1H of 2012

Amana Takaful showed a significant growth of 32% for the first half of 2012. According to the figures of the period the total Gross Written Premium(GWP) is as high as Rs 770.8 million. Compared to this, the same period last year had a GWP of Rs.584.7 million. The company's development is in accordance with the 11% growth in overall industry.

Amana Takaful seeking to “kick start” Maldives stock market with landmark IPO

Amana Takaful will launch 800,000 shares in an initial public offering (IPO) on the Maldives Stock Exchange (MSE).
It appears that 20 % of the shares will be made available to expatriates and 15 percent to overseas applicants. The rest of 65 % will be offered to Maldivians.
The IPO was announced at the Nasandhura Palace Hotel. Hareez Sulaiman, CEO of Amana Takaful Maldives, stated that the IPO is going to "change the way the Maldivian Stock Exchange operates as this will be the first time that Maldivians, expatriates and foreigners will be able to purchase securities in a Maldivian listed company.”

Takaful Hurdles

Although bigger claims were asked, Amana Takaful lost less money in 2010. On the other hand, the company was hindered to generate more income because of the lack of compliant instruments.
In Sri Lanka the insurance industry in general is making endorsement losses and the bottom line is propped by investment income. Industry analysts gave a warning by saying that lower interest rates will hit the industry and general insurance premium may have rise.

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