Takaful News - Brunei: Takaful BIBD Records $1.4 Mln in Profit

Source: Middle East Insurance Review | Mar 2007

Takaful BIBD, the insurance subsidiary of Bank Islam Brunei Darussalam (BIBD), has recorded a pre-tax profit of B$1.4 million (US$0.9 million) for 2006, an impressive 47% increase compared to 2005.

Takaful BIBD’s Managing Director, Hj Muhammad Syaipuddin bin Hj Abdullah, revealed the figure at a charity carnival to raise funds for fire victims and to increase public awareness of the dangers of fire.

He said that in 2005, 89 accidental fire cases caused losses of B$8.32 million while in 2006, 60 fire cases led to losses of B$2.57 million.

Takaful BIBD is moving away from motor insurance, its main business line, into other products, including the Fire Takaful Scheme which covers losses incurred by fire and oher accidents and disasters such as floods, lightning, earthquake and theft.

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