Takaful Insurance distributes Sh11m profits to clients

Takaful Insurance has issued Sh11 million surplus made from its general insurance business to one thousand eligible clients who took covers for the year ending December 2012.

Speaking during a ceremony to issue out cheques to some of the clients, Takaful chief executive Hassan Bashir said that unlike last year when half of the surplus profits made were distributed, the company was looking to reserve more profits back into the investment pool to develop their risk fund.

“We are distributing surplus for all covers taken until December 2012 because the period has elapsed and claims made have been investigated and paid out. Those who took covers in last year will have them run until end of December,” he said.

While claims worth Sh146 million were made that year the company was able to collect a surplus of Sh54 million on their risk fund.

Last year Takaful declared a surplus of Sh26 million for the covers taken until December 2011 and distributed Sh15 million to the policy holders who had not made claims.

READ: Islamic insurer sends out refund cheques to claim-free customers

In the 12 months the company has seen their premiums grow from Sh178 million to Sh428 million in 2012.

“The money we are distributing today was not only made from the premiums collected but also from the return on investments that had been made in that year.

The growth we are seeing an increasing number of business coming from those that are non-Muslim but we are not in the business of religious profiling,” said Mr Bashir adding that the company was also getting a lot of business from the county governments.

Apart from not having made any claims clients need to have taken a full annual policy, paid all premiums and have a surplus above Sh1000. Some of the companies that received the payouts include First Community Bank, Tawfiq Group, Hass Petroleum and Gulf Energy.

The chief executive explained that the company was also seeking to grow its year old pension administration while working interested corporates.

“Being the first only sharia compliant pension scheme we agree that we are a small administrator but we are growing and soon we will reach the sh100 million mark,” he explained.

The company has also opened a subsidiary insurer in Somalia and is currently in the process of acquiring operating licenses for other subsidiaries in Kampala Dar es Salam and Djibouti.