Takaful International Company saw the profit of insurance operations increased to BD3.26 million ($8.65 million) last year, compared to BD2.91 million in 2009.

The total income for the portfolios of participants and contributors was BD631.294, a 13 per cent growth rate from the previous year, while earnings per share improved by 3pc.

The total of takaful revenues rose to BD8.7m from BD8.1m.

"The financial results of the company demonstrates our ability to deal with all the variables of Bahrain insurance market and our adaptability to various indicators in financial market, as well as our constant commitment to providing distinctive services with several innovative insurance," said chief executive officer Younis Jamal.

"The company continues its strategy of expanding beyond the regional level to interact on an international platform to attain better standards in the insurance sector, where we have a keen interest to engage in a number of promising foreign markets in the insurance sector.

"We are keen to apply the productive plans and expand the development base of insurance services in facilitating all procedures for customers, as recently Takaful International proposed the first e-service in the region in the form of the e-bidding service to provide auction service - for salvaged cars and goods - in a simple, convenient and secure means by using the latest technology," he said.

"In the new year the company hopes to raise the level of insurance services to customers by offering a bouquet of varied insurance products that meet their different needs and offer them a better, safer and stable option."

The board approved the financial statements at their meeting and will present the results to shareholders at the annual general meeting on March 22.