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 OLD NEWS - WARBA TAKAFUL NEWS

 Warba Takaful Insurance Company K.S.C.C - Insurance Services comply with Islamic

   Shareia:

It was this incorporation on 23 February 2004 which determined Warba Takaful Insurance Company's position as the sole company specialized in providing medical insurance services for citizens and expatriates in the state of Kuwait.

Hence forth, the Company diligently worked to provide the best services through specialty, which gave better opportunities to develop insurance services that would promote the accuracy and completion of work to ensure its customer's satisfaction.

Recently, the capital was increased to KD 3.5 Million allowing the introduction of variety in the services produced by the company. Now, WTIC is providing Life Insurance Policies to cover the organization’s staff and also individuals. In addition to that, the board decision - taken in the ordinary and extra ordinary General Assembly held to discuss the balance year for the year ended 31 Dec. 2006 – presented the Company’s desire to be converted into Takaful Insurance under the name of Warba Takaful Insurance Company.

The decision of converting to Takaful Insurance, approved by Ministry of Commerce on 11 March 2007, was in agreement with the management’s tendency to approach customers with services conforming to the Islamic Shareia and to satisfy a public demand reflecting a major category in the Kuwaiti Society, including the citizens and expatriates. Such a transfer came after a careful scrutiny of the Kuwait Insurance Market and the historical fact that 'Takaful' is the original source for the concept of insurance

The Company believes that, such an approach will provide distinguished insurance plans to the market serving large number of organizations, individuals and families.

It is noteworthy that the transfer to Takaful Insurance had enhanced the company's annual profits as a result of its improved investments.

The capital revenue increased by 199.5% , achieving a profit amounting KD 1,792.912 as on 31 Dec. 2006, whereas the capital and technical reserves amounting KD 3.3 representing 222% of the Company’s Capital. Such brilliant financial results are due to the Successful Strategy adopted by the Company’s Board of Directors.

The Shareholders equity also increased to 41.3%, at a value of KD 1.2 Million to reach KD 4.2 Million compared to the previous achievement of KD 3 Million, and the subscribed premiums amounted to KD 2.8 Million.

The Board of Directors have decided to continue the agenda of building and supporting the capital and technical reserves to be a strong support in the future for the subscribers, equity to those provided for the Shareholders.

Our achievements are truly attributable to our customers, shareholders, and Employees. Their loyalty, support and enduring trust in the company are highly commendable.

 

 Press release by the General Manager to Al-Qabas Newspaper

 

The Local traditional and Takaful Insurance sectors lack the national competence

 

Mr. Dawoud Salem Tawfeeq, General Manager of Warba Takaful Insurance Company, mentioned that the Kuwaiti insurance Sector, including the Takaful and conventional insurance, lack professional human resources, specially in insurance scheme creation and design of new products.

In his exclusive press release to AL-Qabas, Mr. Tawfeeq stated that after Warba Medical Insurance Company converts to Takaful Insurance, this lack would be an obstacle to the development of their sector. Therefore they adopted two procedures. The first was an agreement with specialized training institutions in Kuwait to train the company's employees. This would promote both their professional level and insurance skills for proper communication with customers, to attract more clients and acquire their trust. The second is to initiate the creation of new insurance schemes which would cover different aspects of life for citizens and expatriates.

On the other side, Mr. Tawfeeq also confirmed that the Takaful Insurance sectors in Kuwait witness rapid developments in the number of competitors in this sector and the quality of services. He assured us that Warba    Takaful Insurance Co. is wholly committed to the laws and aspects which lead insurance services to comply with the Islamic Shareia.

Mr. Tawfeeq made clear about his confidence in the society's increased awareness about the concept of Insurance and Takaful Insurance in particular. Such awareness will gradually increase during the up coming years, allowing new prospects to open and expand its products and services. He indicated that it is easy to promote the awareness among the Gulf societies due to their cordial linkage with religious instructions distinguishing Takaful Insurance from the conventional one by the complete application of Islamic principles.

Mr. Tawfeeq also mentioned that there are several indicators in the Insurance Market in Kuwait and other gulf Countries, such as the remarkable demand on the Takaful Insurance, also the size of investment chances in the Gulf markets, in addition to the level of Success which the Takaful Insurance attained, emphasizing also the increase in the Islamic Banks which take part in building the Takaful Insurance Companies is a good sign of a prosperous future for this promising industry.

 

 WTIC Employees join intensive Training Course


The employees of WTIC joined an intensive Training course organized by the Center of Insurance Studies at the Institute of Bahrain Banking and Financial Studies. It was held in Abdul Aziz Hamad AL Saqer Training Center, located in the Kuwait Chamber of Commerce & Industry during the period from 29 April to 21 June.

Mr. Dawoud Salem Tawfeeq, General Manager, WTIC, mentioned that many insurance companies’ employees participated in the Course to provide the participants with different techniques of insurance services provided to the Customers. This course was divided into two training levels in order to be qualified for the Insurance Diploma

Mr. Tawfeeq added that the Course would last for two years, according to the specialization and required certificate. The certificate would be approved by Bahrain Banking and Financial Studies.

Mr. Tawfeeq explained that the trainees completed several insurance courses such as: introduction to insurance principles & insurance policies, types of insurance accidents, motor insurance (Comprehensive and third party), re-insurance, medical insurance, Takaful Insurance, life insurance, and the relation between insurance and financial services.

Mr. Tawfeeq said that a group of competent employees were selected from WTIC to take part in this training organized by the Insurance Companies working in Kuwait, in order to promote their awareness and develop their marketing skills in the Insurance Sector generally, and the Takaful insurance in particular.

 

 WTIC Increases its Capital to KD. 10 Million


The ordinary and extra-ordinary General Assembly of Warba Takaful Insurance Co. held its meeting to approve the increase of its capital from KD 3.5 Million to KD 10 Million, in addition to the Board of Directors increase in members from 6 to 7. Mr. Anwar Jawad Bu-Khamseen is now entitled the position “Vice Chairman”.

Mr. Tawfeeq Shamlan AL-Bahar, Chairman and Managing Director said that the capital increase indicates RTIC’s distinguished financial position and avails many fields to expand its insurance business based on the Islamic provisions. The increase in the members of the Board of Directors enrich the Company’s work and help in achieving the desired corporate competence, especially when Mr. Anwar Bu-Khamseen has a significant experience in the insurance sector.

Mr. Al-Bahar said that the Company shall issue new Islamic Insurance scopes in order to preserve its distinguished rank in the local and regional insurance markets and to satisfy the requirements of the current customers and attract new ones to achieve additional success.

Mr. Al-Bahar also declared that the Company had recently received the Quality management Certificate ISO 9001-2000, due to proper management policies being followed by the Company Administration, reflecting the Company’s proven compliance with the its plans.


It is worth mentioning that Warba Takaful Insurance Co. received this certificate from Mr. Yousuf Al-Wattar, General Manager, Ambition Consultants Co., in a celebration held for this occasion. Chairman and Managing Director, Mr. Tawfeeq Shamlan AL-Bahar, Vice Chairman, Mr. Anwar Jawad Bu-Khamseen, and the General Manager, Mr. Dawoud Salem Tawfeeq attended this occasion.


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