Takaful International, a leading Islamic insurance company, has achieved significant growth in its total insurance contributions, which were up five per cent over 2010.

The insurance contributions amounted to BD17.1 million ($45.3 million) last year compared to BD16.2 million the previous year. Total revenues amounted to BD8.7 million last year from BD7.6 million compared to the year earlier.

Profit from insurance operations reported 19 per cent growth and was up to BD3.8 million from BD3.2 million and registered improved earnings per share by 9 per cent.

Speaking at the AGM on Wednesday, Takaful chairman Bara'a A Al Qenaei said: 'The results confirm our ability to deal with all the variables of the Bahrain insurance market and adapt to diverse indicators of financial markets, as exhibited by our achievements of 2011 which are in line with our strategy and vision of the future.'

Chief executive Younis Jamal Al Sayed spoke about the company's achievements in 2011 and the steps taken in the promotion of insurance activities by offering new services to individuals and institutions to commensurate with their needs and in collaboration with regional and international partners, which required increasing the paid up capital.

The meeting approved the transfer of the net profit for the year 2012 after statutory reserve to shareholders' retained earnings and the transfer of the surplus for the year 2011 to the surplus in participants' fund.

Bara'a Al Qenaie, Hassan Kamal, Isa Al Manai, Mohammed Ebrahim, Saad Makki, Dr Abdulnasser Al Janahi and Najwa Abdulrahim were elected to the board for a three-year term.

The board also approved the amendments of articles and memorandum of association and agreed to increase the issued and fully paid up capital from BD6.2 million to BD10 million through issuing 37.5 million shares with preference to the registered shareholders at the closing date, which will be announced prior to the commencement of the public offering.

The shareholders also delegated the board of directors, to undertake the process required by relevant authorities in Bahrain to gain approval for the rights issue in the preference of shareholders and carrying out all necessary procedures.

They also authorised the chairman to sign on the amended articles and memorandum of association on behalf of the shareholders.

Takaful International Company which was founded in 1989 is the first Islamic insurance company in the region that provides services and a variety of insurance coverage and is fully compatible with the foundations of Islamic Sharia and the requirements of this era.

Since 2008, the company has been accredited with the BBB classification for financial strength rating by Standard & Poor's.-TradeArabia News Service