The General Assembly Approves the distribution of cash dividends at 6% of the Nominal Value of the Share
“Tamkeen Insurance” holds its ordinary general assembly meeting
Ramallah: “Tamkeen Insurance” held its ordinary general assembly meeting on Thursday March 31st, 2022, in the company’s headquarter – Ramallah, with the attendance of the representative of companies’ controller Mrs. Liana Al-Atrash,the chairman his excellency Dr. Majed Atta Al Helo’,the chairman deputy Mr. Rafeeq Al Natsha, board members and a crowd of shareholders, the head of the Sharia Supervisory Board, Professor Dr. Hussam Al-Din Afaneh, along with Mr. Munther Al-Bandak - external auditor “Deloitte & Touche”, Mr. Amjad Jadou General Manager of the Insurance directorate in Capital Market Authority, Mr. Ahmad Safi representing Paletine exchange market and the Executive Management represented by Mr. Mohammad Al-Rimawi, General Manager of the company.
The session was started by the chairman, his excellency Dr. Majed Atta Al Helou’ who welcomed those who attended especially the shareholders, after Ms Liana announced the completion of the quorum with 86.97%. He then explained the major challenges faced by the public and private sectors during the past year and the future aspects of the insurance sector in particular.
Al Helou’ also praised the continues success of the company during 2021, which will be an additional milestone in the company's record of great successes; one of the achievements is the listing of the company’s shares in the Palestinian exchange under the symbol of (TPIC) after completing all the necessary requirements. This step demonstrates its credibility and strong position in the insurance sector in Palestine. This comes through working under professional control, supervision and transparency with investors, which will lead to fair stock pricing.
He added: the share price reflects the faith of the public who are involved and interested in our company’s achievements and its bright future that’s filled with opportunities and continuous success. The share’s closing price reached 2.35 US dollar by the end of the year; while the highest trade price reached 2.55 US dollar.
He continued: The company was able, under the directives of the Board of Directors and the efforts of its employees during the past year, to achieve written premiums in the third operational year amounting to (US$ 30,637,883), despite all the challenges and the fierce competition in the insurance sector.
He pointed; the company’s net profits before taxes reached (US$ 1,790,884), which is considered an accomplishment since the company is fairly new and starting up; indicating that it would make more profits in the upcoming years.
Mr. Rafeeq, the chairman deputy, expressed his joy with the company’s achievements; emphasizing its role in improving and promoting the insurance sector.
He also explained that the company represents an investment model in line with the provisions of the Islamic sharia, and ensured that the company will continue its contributions to society at all levels.
During the meeting, the Board of Directors' report on the company’s activities for the year 2021 was discussed and approved, in addition to hearing the report of the Sharia Supervisory Board represented by Dr. Hossam Al-Din Afanah, who expressed the opinion of the board, and concluded that the company's work during the year 2021 was in line with the provisions of the Islamic sharia.
He stated that 100% of the reinsurance contracts were made with Islamic reinsurer companies, noting on the other hand that the financial statements and the report of the independent auditor for the year ended 31-12-2021 took into consideration the accounting standards issued by the Accounting and Auditing Authority for Islamic Financial Institutions (aaoifi). The Sharia Supervisory Board also set the Agency's fee for fiscal year 2022, at 25% of total insurance premiums.
The company's external auditor's report for the financial year 2021 was also heard, and the financial statements were discussed and certified. The General Assembly also approved the Board of Directors’ recommendation to distribute cash profits to shareholders for the financial year 2021 at 6% of the share's nominal value, in addition to the discharge of the Board of Directors for the activities of mentioned financial year, and the election of “Deloitte & Touche” as the External Auditor for the year 2022.
The meeting also included the election of a new board of directors for the company for the next four years, as the election was completed by acclamation because the number of candidates was seven and therefore no elections were required since the seven candidates were elected by acclamation, they are: Orphans Management and Development Corporation (two members), Palestinian Pension Authority (member), Al-Mashriq Insurance Company (member), Station Trade Company (member), Mudmak Public Contracting Company (member), and Mr. Youssef "Mohamed Kamal Hassouna ".
Mr. Mohammad Al-Rimawi, the general manager of the company, said that the achievements of the company prompts it to establish a more visible and strong presence in the insurance market and to solidify the company's board of directors’ vision in it as a prominent model in the insurance industry and the Palestinian economy.
He also said: In light of the insurance market in our country, which is generally a small and highly competitive market, the company succeeded in asserting itself strongly, by adopting well-organized plans and scientific strategies based on the rules of governance and good management, in addition to introducing technology as a fundamental basis in its activity; noting that the market share reached to 10% of the total Palestinian insurance market. He continued: Our firm and unwavering commitment to our shareholders and policyholders will not stand in the way of moving ahead with our best efforts to not only achieve the best returns to shareholders and provide the best services to policyholders, but to continue to lead in the area of social responsibility and sustainable development as well.
He added: In the year 2022, the executive management of the company and its staff will continue to work to translate the priorities and visions of the company’s board into realities, by investing in technology and realizing their vision of a smart company, as well as introducing new insurance programs and products, and contributing to the spreading and strengthening of insurance awareness.