Entries in English and Malay (Bahasa Melayu)

Friday, 8 August 2014

Takaful chairman steps down

Dubai: 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 He has been replaced by Vice-Chairman Khamis Buharoon.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 compared to Dh19.9 million in the same period last year.
Takaful could not be reached for comment on Tuesday, however, said last month the fall in net profits was largely due to the increase in net claims incurred in the motor line of business.
“This has resulted in an adverse impact on the profitability of our motor portfolio and also attributable to the prevailing intense competition on prices in respect of all lines of business,” stated Osama Abdeen, chief executive officer.
Al Qubaisi was reported to have said that Takaful is in the process of obtaining an international financial rating.
(Gulfnews.Com / 05 August 2014)
Alfalah Consulting - Kuala Lumpur:
Islamic Investment Malaysia:

No comments:

Post a Comment

Latest Posts

Upcoming Events on Islamic Finance, Wealth Management, Business, Management, Motivational

Alfalah Consulting's facebook


Alfalah Consulting is NOT providing any kind of loan to finance project etc and asking for a fee. If you've received any email claiming to be from Alfalah Consulting, offering loan to you, please ignore it or inform us for further actions. Our official email is If you've received an email from, that's NOT from us. Be cautious!