Bahrain: BKIC quadruples stake in Takaful International to 41%
Source: Middle East Insurance Review | May 2015
Bahrain Kuwait Insurance Co (BKIC) has increased its stake in Takaful International to 41%, barely a week after acquiring a 10.8% holding in the Islamic insurer, according to a statement on the Bahrain Bourse. The latest acquisition makes BKIC the largest shareholder in the takaful company.
In the latest deal, BKIC acquired 18,840,340 shares in Takaful International at 100 fils per share. The sellers were Investors Bank, International Investment Group and Kuwait Gulf Monetary Group, with each retaining small stakes in the company.
After BKIC, Takaful International’s next largest shareholder is Bahrain Islamic Bank, with an increased holding of 22.75%, and the Kuwait Awqaf Public Foundation, with an 8.4% stake.
In a separate development, Takaful International has elected a new board of directors for the next three years. The board now comprises Messrs Murad Ali Murad as Chairman and Khalil Ebrahim Nooruddin as Vice Chairman, with Messrs Khalid Saoud Al Hasan, Othman Al Askar, Jamal Ali AlHazeem, Ebrahim Al Rayes and Ebrahim Hussain Aljassmi as members.
Takaful International is the largest Islamic insurance firm in Bahrain. It fell into the red last year with a net loss of BHD843,703 (US$2.24 million), compared to a profit of BHD231,335 for 2013.
BHD1 = US$2.65