Jordan: The Islamic Insurance Co raises capital by 25% to $21 mln
Source: Middle East Insurance Review | May 2017
Shareholders of The Islamic Insurance Co (TIIC) have approved a 25% increase in the company’s share capital to JOD15 million (US$21.1 million) from JOD12 million through a bonus issue.
The Chairman of TIIC, Mr Mousa Shehadeh, said that the company made a pre-tax profit in 2016 of JOD3 million, 3.5% higher than the JOD2.9 million reported for 2015, reported Al Ghad.
Shareholders’ share of the profits amounted to JOD2.4 million compared to JOD2.4 million in 2015, while the share of profits of policyholders amounted to JOD578,000 compared to JOD547,000 for 2015.
Total contributions written for 2016 stood at JOD23 million, up slightly from the JOD22.9 million posted for 2015.
The total assets of the company was JOD37.8 million at the end of 2016 compared to JOD37.2 million a year ago.
Mr Shehadeh described the 2016 financial results as good, saying that they were the outcome of the strategy adopted to maintain the position of the company in the takaful market locally and abroad, in the face of various challenges facing the insurance sector such as the political and economic conditions in the region.
Incorporated in 1996, TIIC has obtained a takaful financial strength rating of ‘A’ from the Islamic International Rating Agency (IIRA), with a stable outlook. M
JOD1 = US$1.41