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Friday, 11 April 2014

Amana Takaful posts Rs 117 m profit in 2013

Amãna Takaful has posted a profit after tax of Rs. 117 mn for 2013, representing an eightfold increase over the previous year's restated profits. Following its turnaround in 2012, the company has consistently demonstrated its capability in improving results supported by all aspects of its business 

Taking into consideration the challenges faced in the operating environment by extraneous circumstances in early 2013, Amãna Takaful continued its track record of growth in both Life and General segments of the business. Consolidated Gross Written Premium (GWP) of Rs. 1.9 bn showed an increase of 19.7% over 2012. Commenting on the achievements for 2013, CEO of Amãna Takaful Fazal Ghaffoor said the Life segment contributed to the overall growth in volume, the modest increase in the General segment contributed largely to profits.
This was possible mainly due to our ability to hold price, in addition to productivity gains and efficiency improvements, despite pressure on margins."
This growth is twice the industry pace, a feat the company has consistently achieved in the last 3 years. Individually, GWP of the General and Life segments of the business recorded Rs. 1.32 Bn and Rs. 543 Mn respectively.
The Life business growth was balanced with new subscriptions between the Regular Portfolio and Prosper, with the wealth management product growing collectively by almost 50% over 2012.
The motor and non-motor classes improved by 9.8% and 13.3% respectively. Motor class achieved product-line profitability for the first time in a full year while all other classes continued their profit momentum.
Ghaffoor said: “The net claims experience was Rs. 595 mn, which is 2.9% over 2012. Industrywide, Amãna Takaful has a record of a relatively low claims ratio, attributable to astute claims management due to prudent underwriting and risk assessment. This is reflected in our claims ratio of 54.2% for the segment, which is the lowest amongst the insurance players who are listed in the Colombo Stock Exchange. The combined ratio of the segment is 97% and as a consequence the risk fund is in surplus for the second successive year, enabling the Company to distribute a surplus to non-claimant participants this year too. This keeps in line with our momentum in 2012 where we distributed a surplus of 12.5% to all non-claimant participants.
(Daily News / 09 April 2014)
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Bahrain-UK in major Islamic finance deal

LONDON: Bahrain and the UK yesterday agreed a joint framework to enhance collaboration on Islamic finance at the UK-Bahrain Islamic Finance Summit held in London.
A memorandum of understanding (MoU), signed by Senior Foreign Office Minister Baroness Sayeeda Warsi and Central Bank of Bahrain Governor Rasheed Al Maraj set out plans to boost co-operation through an education and skills programme and the establishment of a working group devoted to the development of Islamic finance-driven trade and investment between the two countries.
Islamic finance is currently growing 50 per cent faster than conventional banking and is worth £1.3 trillion ($2.2trn) globally reaching an expanding market of over two billion people.
It accounts for over 25pc of banking in the Gulf.
Over the last six months, the UK has successfully hosted two major Islamic finance events - the World Islamic Economic Forum and the Global Islamic Finance and Investment Conference.
"I am delighted to host today's UK-Bahrain Islamic Finance Summit," Baroness Warsi said.
"It is an honour to welcome so many prominent experts from both countries at this first bilateral Islamic Finance sovereign summit of its kind in the UK.
"As a leading global financial centre, the UK has a great track record on Islamic Finance.
"We have more than 20 institutions offering Islamic finance and six wholly Sharia-compliant banks.
"We also have over 12 universities offering related specialist courses and qualifications," she added.
"This year we celebrate the 200th anniversary of UK-Bahrain relations.
"As well as the close and longstanding relationship enjoyed by our two countries, Bahrain is considered an established innovator in Islamic finance.
"It issued the first international sovereign sukuk in 2001, which drove the GCC Islamic capital market.
"And with the largest concentration of Islamic finance institutions in the region, Bahrain is one of the pre-eminent Islamic finance centres in the Gulf," she said.
"We have much to share about how to grow the industry successfully.
"To underscore this ambition, a MoU was signed at the summit, which gives the UK and Bahrain a strong framework on which to develop our ongoing collaboration," she added.
"Today marks an important day in the long history of Bahrain-UK relations as the two countries will be extending significant co-operation to each other to promote Islamic banking and finance," Mr Al Maraj said.
"A joint committee has been formed for this purpose and an MoU has been signed.
"Both the UK and Bahrain have their strengths in Islamic finance education, training and practice, and their co-operation will open new opportunities for the Islamic finance industry." he added.
(Gulf Daily News / 10 April 2014)
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