Al-Takaful Palestinian Insurance extends branch network
Source: Middle East Insurance Review | Jul 2015
Al-Takaful Palestinian Insurance has opened its latest branch in Jericho, thus increasing its branch network to 20, adding to a network of agents in the West Bank and Gaza Strip.
Chairman Talal Nasser al-Din, speaking at the opening ceremony of the branch, said that the takaful operator has a share of 15% of the insurance market in Palestine since it was established in 2008. He added that Al-Takaful Palestinian Insurance is the only company that offers Islamic insurance services in Palestine, including all areas in the West Bank and the Gaza Strip.
The company officially launched its operations in 2009 and began to make profits the following year. It reported pre-tax profit of US$2.63 million in 2014, making it the second most profitable insurance company in Palestine. Gross contributions for 2014 reached $19.6 million.
For the first quarter of this year, pre-tax profit stood at $1.2 million while gross contributions reached $6.7 million. Gross contributions for this year are expected to hit $25 million.
It has a capital of $8.5 million and is listed on the Palestine Stock Exchange.