Takaful International registered a seven per cent growth in business last year with total insurance contributions up from BD14.002 million ($37.14 million) to BD15.02 million.

That helped the company improve profit by 25 per cent to BD560,234.

The company raised its technical reserves by 5 per cent to BD13.53 million and total assets grew by 14 per cent to BD27.36 million, chairman Bara A Al Qenaei told shareholders at the company's annual general meeting at its headquarters in Seef yesterday.

'The board recently approved regional expansion plans to strengthen the companies presence in other GCC countries,' he said.

'We are planning to open a new branch in Qatar, where we consider the market is sound and promising.'

He thanked the shareholders for their support in strengthening the company's paid-up capital by BD1 million to take the total to BD6.26 million.

'The increase will enhance our ability to seize insurance and investment opportunities and help us engage in promising large-scale projects that meet the aspirations of the company.'

'The increase will also create the perfect balance between versatile takaful portfolios achieving growth in insurance contributions and enhancing the claims management operations.'

'Takaful International will continue enhancing its insurance services and launching new products, both for corporate and individual customers, in collaboration with regional partners,' said chief executive officer Younis J Al Sayed.

'In the light of this the company recently launched Takaful Centres that have been activated through branches across the kingdom. These centres provide the best takaful insurance solutions and make a major contribution to customer service.'-TradeArabia News Service