GIG-Takaful Insurance Company (GTIC), previously known as Gulf Takaful Insurance Company, has completed a capital increase exercise, according to a statement issued by Kuwait Financial Centre "Markaz", an asset management and investment banking institution that served as the lead manager and subscription agent of the rights issue..
The increase was effected through a rights issue that raised a total of KWD7m ($22.9m). The rights issue involved 70,286,789 ordinary shares at a subscription price of KWD0.10 per share (100 Kuwaiti fils per share), representing 70% of the issued and paid-up capital of the company.
The subscription period for the rights issue ran from 10 June to 24 June 2025.
In the statement, Mr Mubarak Othman Al-Ayyar, GTIC CEO, said that the successful rights issue reflected shareholders' confidence in the quality and performance of the company.
He also said, "The proceeds from the capital increase will be directed toward enhancing the company's solvency margin in line with prevailing regulatory requirements. It will also contribute to implementing the company’s expansion strategy, supporting its general corporate purposes, continuing the execution of its plans, and strengthening its position in the takaful insurance sector both locally and regionally.”
Gulf Takaful Insurance Company was established as a closed Kuwaiti shareholding company on 6 September 2004. Gulf Insurance and Reinsurance Company acquired a majority stake in the company in 2020. The acquisition contributed to the development of the company, and it became part of the Gulf Insurance Group. Following the acquisition, the company rebranded as GIG Takaful – Kuwait, establishing itself as the takaful insurance arm of GIG in the State of Kuwait. GIG maintains a strong presence in the Arabian Gulf & MENA regions. The GIG group is owned by the Fairfax Financial Holding Company, a global financial services holding company.