This year marks the passage of 25 years since the founding of Symbosis (Takaful) International Company as the first Islamic insurance in Bahrain and the Gulf, to put blocks of industry which were not fully deployed until the past few years.
On this occasion, CEO of "AL Takaful International" Younis Jamal Mr. tell us about the great march of the company which punctuated with difficulties and challenges, but it culminated in the successes made it in the ranks of the Bahraini insurance companies in both sectors of (Islamic) and conventional.
Jamal, who joined the company about ten years ago says:, The Takaful International Company managed through an ambitious plan to double the size of its insurance premiums amounted to about 21 million to become the third largest insurance company in Bahrain and the largest in the Takaful sector.
Gamal also explained that the company now accounts for about 11 percent of total premiums in Bahrain and control of 30 percent of the Islamic insurance market.
The company is waiting for a new step to expand its business with plans to raise its capital within the next three years to reach 10 million dinars.
The following is the text of the meeting:
* No doubt that a quarter of century is a long march at the age of any company, can you summarize the genesis of the company in the conditions were not yet ripe or no body knows about Islamic insurance or takaful?
- Takaful International Company, which was founded in 1989 as the first Islamic insurance in the Kingdom of Bahrain and the first in the Gulf and the first in the Middle East, as the Bahrain Islamic Bank has established the company and the bank was established before the Takaful company about 10 years and the insurance was done with traditional companies, which require the existence of an Islamic insurance company , and the insurance was then «LC» insurance& marine insurance, auto insurance and fire securing , which were the most common types of insurance as well as credit insurance, and the Bahrain Islamic Bank believes in the company, which he managed and was going well, but it had limited capital.
The name of the company, while when established was Bahrain Islamic Insurance Co. In 1998,then Kuwaiti Group entered as shareholders and raised the capital to five million dinars,so the company name was changed and the company began to take its role in the market.
I've received the company in 2003 and premiums were about 3.7 million dinars, and today we talk about premiums of around 21 million Bahraini dinars.
* You talked about a quantum leap in the company's activity until about ten years ago, what you have done to achieve these results?
- We worked to change the image of the company and to change the reinsurance companies that we deal with and we have taken global companies «Hanover Re» & «Lloyd» & «scent» & «Trust» and others either from Bahrain or outside Bahrain..
When we re-insurance to the large global companies, this means increasing the company's underwriting capacity and increase the proportion of retention and we got the ratings of « Standard & Poor » and then the «AM Best» and this category has given us more strength and payment in the market.
Besides, there was a change in the team and we relied on Bahraini staff to manage the company at all levels, both technical level, staff or IT affairs.
It was listed on the Bahrain Stock Exchange and succumb to the supervision of the Central Bank of Bahrain and the company began to take its role and made great strides in the past few years, we will mark the days after the passage of 25 years of achievements and success and appreciation and thanked the staff for their role in this process and the success of the company.
* What is the market share that you control?
- Our share of about 11 percent of the total insurance premiums in the market of around 259 million Bahraini dinars between about 25 active company in the market.
But in the Takaful market our share of 30 percent. Today we come in first place among the takaful companies in terms of market share.
* A growing trend by service providers to direct service delivery over the Internet, do you think that the insurance companies are able to achieve such success achieved by the banking sector?
- We are the first company in Bahrain and the Gulf market provide insurance through the application of the «iPhone». This service was invented by one of our employees in information technology. This is a source of pride for us has been honored by the company is more than an official party.
We are constantly trying to reduce paperwork, and I think that electronic transactions began to take a role-based approach in all fields, including insurance, of course.
Q: When do you expect the capital increase and how much would it be?
- We expect over the next three years that the capital increase from 6.25 million dinars to 10 million dinars.