Palestine: Tamkeen Insurance opens doors as 10th insurer and 2nd takaful operator
Source: Middle East Insurance Review | Oct 2018
Islamic insurer Tamkeen Insurance has officially opened its headquarters in the city of Ramallah, launching its services in end-September.
Tamkeen Insurance is the 10th insurer in Palestine and the second takaful operator. The first Islamic insurer in Palestine is Al-Takaful Insurance Company, which started operations in 2006.
Tamkeen Insurance was registered as a limited public shareholding company last year with an authorised capital of $8m. It is a strategic partnership between the Foundation for the Management and Development of Orphans’ Funds and the Palestinian Retirement Authority, reported Palestine News Network.
The company will provide insurance services and solutions in accordance with shariah provisions through a network of branches, offices and agents in all governorates of Palestine, said Mr Rafiq Al Natsheh, Tamkeen Insurance’s honorary president.
“The establishment of Tamkeen Insurance meets the desire of a large segment of our Palestinian society who are reluctant to use traditional financial services,” he said.
Company chairman Majed Al Hilou emphasised the board’s interest in governance, best practices, and the design of innovative insurance programmes and solutions targeting low-income segments of the society or what is universally known as microinsurance. M