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Thursday, December 25, 2008

Takaful stable rating 'a vote of confidence'

MANAMA: The stable rating from a top international agency to a Bahrain insurance giant is a vote of confidence to both the company and the kingdom.

Standard and Poor's has assigned its long term (BBB) credit and insurer financial strength ratings with a stable outlook to Bahrain-based Takaful International Company.

This rating was awarded to confirm the excellent and ever-improving performance of the company and the growth of its insurance operation over the last few years.

"We are very much pleased with the awarded credit rating in spite of the current crisis, which has affected the financial sector," Takaful International Company chief executive officer Younis J Al Sayed said.

"This proves to be an achievement in eradicating obstacles in the way of our progress.

"Our team of professionals has moved forward to accomplish this honourable triumph. At the same time, the rating proves the financial stability of the kingdom's financial institutions, which was ascertained by our wise government leadership, notwithstanding the international financial crisis.

"Especially that the rating was awarded by one of the most renowned and internationally accredited rating agencies.

"The rating has arrived as a result of our strategy and corporate culture, giving utmost significance to financial system prudency and transparency and absolute adherence to corporate governance protocols.

"It also mirrors our consistently improving performance record over the last 20 years, building a well managed business portfolio.

"This in turn has led to improved market share and expanded volume of business by gaining the confidence of all government, financial and industrial institutes," he said.

"This growth was realised according to strategic planning and to our board of directors' futuristic and strategic vision, which lays emphasis upon far-sighted financial planning," he added.

"Being the first Takaful company in the region we are proud to be the first rated Takaful company in Bahrain and of our position in the market when leadership and progress is the called upon. That is precisely what is accomplished by us at Takaful International."

S&P has said in its report that the rating came as a result of many elements, mainly the good operating performance in managing both policyholders and shareholders' funds, and the good financial flexibility and adequate capitalisation.

Mr Al Sayed dedicated the rating to Takaful International's team, which is very capable in insurance and risk management fields, innovating creative insurance solutions to provide the ultimate insurance protection.

He said that the company has now achieved its short-term goals for this year and will commence the new year by implementing the second part of future business plan prepared by the company in order to tackle the changes facing the regional and international markets.

(Gulf Daily News)

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