The General Assembly Approves the Financial Statements for the Year 2017 and Distributes 8% cash dividends
The General Assembly of the Islamic Insurance Company approved on its ordinary meeting convened on Sunday 22/4/2018 the recommendations of the Board of Directors to distribute 8% cash dividends as it approved the BoD report of the Company's activities, profit and loss accounts for the financial year Ended on 31/12/2017, and the future plan of the company. In addition, it granted release of authorities for the BoD members for the financial year 2017.
Mr. Musa Shehadeh, the Chairman of The Islamic Insurance Company affirmed that the continuity of the company's good results for the year 2017 came as a result of its leading position in the Islamic Takaful Insurance sector in Jordan and abroad, and in-spite the political and economic crises in the region.
Mr. Shehadeh stated that the company has achieved profits JD3,014 Million before tax at the end of 2017, with a growth rate of 1%. And has achieved JD23.5 Million as total written premiums for the same year, with a growth rate of 2%.
The profits of the shareholders account before tax is JD2,592 Million compared to JD2,428 Million for the year 2016. The profits of shareholders account before tax is JD422 thousand compared to JD578 thousand for the year 2016.
The company's total assets were JD39,990 at the end of year 2017 compared to JD37,818 at the end of year 2016, with a growth rate of 6%. The total shareholders' equity reached JD20,685 Million compared to JD18,479 Million in 2016, with a growth rate of 12%. Noting that the company's capital was raised from JD12 Million to JD15 Million in 2017 by distributing 25% free shares of the company's capital.
Mr. Ahmed Sabbagh, General Manager of the Islamic Insurance Company, said that he is proud of the achieved results in 2017 and hope the company will achieve more and more. It's worth mentioning that the company achieved -for the fourth consecutive year- a rating of ‘A (jd)’ (Single A) for the Takaful Financial Strength with a fiduciary score of ‘71-75’from the Islamic International Rating Agency (IIRA), which reflects the adequacy of fiduciary standards in the company. Also, the company has got its (ISO 9001: 2015) license renewed, as a result of our effective Quality Management System. Knowing that the Islamic Insurance Company is the first Islamic insurance company in Jordan that has such effective quality management system.
The company has also has received the Innovation and Excellence Award for the development of Takaful Services for the year 2017.
During 2017, the company has introduced five new social takaful insurance products "life insurance" that are compliant with Islamic Sharia principles.
At last, Mr. Sabbagh confirmed that the company is still working in the same approach since twenty two years, since it is the first Islamic insurance company in Jordan that practices all of its operations according to the Islamic Share'ah principles and contributes in enhancing the national economy and promotes the concept of cooperative insurance in the Jordanian Market.
