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AL-Takaful Palestinian Insurance Company (TIC)

Overview

TIC
Overview
 

Al –Takaful Palestinian Insurance Company was founded in 2006 as the first Takaful insurance public shareholding company in Palestine to operate in all insurance activities, with an authorized capital of $8.50 million divided into 8.25 million shares with a par value of $1.00 per share.

The company is engaged in Takaful which is an Islamic insurance concept that is grounded on the rules and regulations of Islamic law, and on the basis of separation between financial insurance credit balances -Takaful- and shareholders’ transactions, thus allocating the ownership of these credits and their related operations to the policyholders. The collected premiums from the policyholders are considered as contributions to constitute the core of Takaful fund, whereby all claims are compensated from. At the end of each financial year and after deducting administrating and operating expenses, where the company or its shareholders don’t retain any cash surpluses, but rather these surpluses- if any- are distributed to the policyholders in the form of cash distributions. In this context, the operations of "Takaful" are different from the methods of conventional insurance, where the policyholders not the shareholders will exclusively benefit from the profits resulting from the Takaful and investment assets. On the other hand, shareholders invest in the investment assets in the Takaful fund that accumulates retained reserves, surpluses and provisions, therefore shareholders are rewarded by receiving a percentage of the profits from these investments.

 
Year Total revenues Total expenses Net income (Loss) Dividends Capital Subscribed Capital Market Cap
2009 3,765,307 1,199,602 248,503 - 8,500,000 6,375,000 -
2010 6,422,892 1,861,102 859,94 5% Cash 8,500,000 7,435,507 -
2011 9,181,023 2,428,086 335,127 - 8,500,000 8,500,000 8,330,000
2012 11,700,953 2,548,190 932,465 5% Cash 8,500,000 8,500,000 8,755,000
2013 11,891,768 3,268,877 755,334 7% Cash 8,500,000 8,500,000 9,180,000
2014 16,455,632 4,491,664 2,059,418 15% Cash 8,500,000 8,500,000 11,560,000
2015 20,182,317 5,351,206 1,518,480 10% stock 8,500,000 8,500,000 19,550,000
2016 27,183,303 5,674,671 812,974 - 10,000,000 9,350,000 33,940,500
 
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