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2007 Archives
Warba Takaful Insurance Company K.S.C.C - Insurance
Services comply with Islamic Sharia.
It is the incorporation of Warba Takaful Insurance
Company on 23 February 2004 which determined its
position as the first sole company specialized in
providing Medical Insurance Services for Citizens and
Expatriates in the State of Kuwait.
From that date, the Company diligently worked to provide
the best services through specialty, which gives better
chances to develop the insurance services, to promote
the accuracy and completion of work to ensure customer
satisfaction.
Recently, Capital was increased to KD 3.5 Million which
allowed variety in the services produced by the company.
Now, WTIC is providing Life Insurance Policies to cover
organization’s staff and also individuals. In addition
to that, the board decision - taken in the ordinary and
extra ordinary General Assembly held to discuss the
balance year for the year ended 31 Dec. 2006 – presented
the Company’s desire to be converted into Takaful
Insurance under the name of Warba Takaful Insurance Company.
The decision of converting to Takaful Insurance,
approved by Ministry of Commerce on 11 March 2007, is in
compliance with the management’s tendency to approach
customers with services conforming with the Islamic
Shareia and to satisfy a public demand which reflects a
major and important category in the Kuwaiti Society,
including the Citizens and Expatriates. Such transfer
came after a careful study of Kuwait Insurance Market
and to provide the best insurance Services on the basis
of Takaful which is – historically - the original source
of the insurance concept.
Therefore, such approach adopted by the Company will
give the opportunity to provide distinguished insurance
plans to the market which serves a large number of
organizations, Individuals and Families.
It is worth mentioning that this transfer to Takaful
Insurance synchronized the enhanced annual profits as a
result of the Company’s improved investments.
The capital revenue increased by 199.5% , achieving a
profit amounting KD 1,792.912 as on 31 Dec. 2006,
whereas the capital and technical reserves amounting KD
3.3 representing 222% of the Company’s Capital. Such
brilliant financial results are due to the Successful
Strategy adopted by the Company’s Board of Directors.
The Shareholders
equity also increased to 41.3% , at a value of KD 1.2
Million to reach KD 4.2 Million compared to the previous
achievement of KD 3 Million, and the subscribed premiums
amounted to KD 2.8 Million.
The Board of
Directors has decided to continue the agenda of building
and supporting the capital and technical reserves to be
a main strong support in the future for the subscribers,
equity to those provided for the Shareholders. Such
achievements would not have been reached without our
customers’ support and trust, their confidence in the
Company, along with the Shareholders’ support and
Employees loyalty.
Press release by the General Manager to
ALQabas Newspaper
The Local Traditonal and Takaful Insurance Sectors
Lack the national competences
Mr. Dawoud Salem Tawfeeq, General Manager of Warba
Takaful Insurance Company, mentioned that the Kuwaiti
insurance Sector, including the takaful and conventional
insurance, lack the professional Human recoursec ,
specially in insurance scheme creation and design of new
products, and to Insurance Experts.
In his exclusive press release to AL-Qabas, Mr. Tawfeeq
said that after Warba Medical Insurance Company is
converted to Takaful Insurance , this lack of creates an
obstacle which delays the development of this Sector,
therefore Warba Takaful adopted two procedures to avoid
this obstacle. The First is the agreements with several
specialized institutions inside Kuwait to arrange for
Training Courses for the Company’s Employees. Such
training courses promote their professional level and
their insurance skills for proper communication with
Customers to attract more clients and acquire their
trust. The second is to initiate the creation of more
new insurance schemes which cover the different aspects
of life for Citizens and Expatriates.
On the other side, Mr. Tawfeeq confirmed that the
industry of Takaful Insurance in Kuwait witnesses rapid
developments in terms of the number of companies working
in this Sector, and the quality of services. He assured
us that Warba Talaful Insurance Co. is fully committed
to the laws and every aspect which leads the insurance
services to comply with the Islamic Sharia.
Mr. Tawfeeq cleared that he is quite confident of the
society increased awareness of the concept of Insurance
in general and the Takaful Insurance in particular. Such
awareness shall increase even more during the few coming
years, which allows new prospects to open and to expand
its products and services. He indicated that it is easy
to promote the awareness of the Gulf societies due to
their cordial linkage with the religious instructions
which distinguishes the Takaful Insurance from the
conventional one by the full application of the Islamic
principles.
Mr. Tawfeeq mentioned also that there are several
indicators in the Insurance Market in Kuwait and other
gulf Countries, such as the remarkable demand on the
Takaful Insurance , also the size of investment chances
in the Gulf markets, in addition to the level of Success
which the Takaful Insurance attained, emphasizing also
the increase in the Islamic Banks which take part in
building the Takaful Insurance Companies is a good sign
of a prosperous future for this promising industry.
The Employees of Warba Takaful Insurance joined an
intensive Training Course
The employees of Warba Takaful insurance Company joined
an intensive Training course organized by the Center of
Insurance Studies at the Institute of Bahrain Banking
and Financial Studies , in Abdul Aziz Hamad ALSaqer
Training Center –Kuwait Chamber of Commerce & Industry
during the period from 29 April to 21 June.
Mr. Dawoud Salem Tawfeeq, General Manager of Warba
Takaful Insurance Company, mentioned that many insurance
companies’ employees participated in the Course, which
is divided to several stages, to provide the
participants with different techniques of insurance
services provided to the Customers at two training
levels in order to be qualified for the Insurance
Diploma for the First and second levels in.
Mr. Tawfeeq added that the of the Course advanced
stages, which last for two years, according to the
specialty, and certificate to be awarded for the
Trainees and approved by Bahrain Banking and Financial
Studies shall be joined later, because the period of the
Course is more than two years according to the type of
specialization and the required certificate.
Mr. Tawfeeq explained that the trainees finished several
insurance courses such as : introduction to insurance
Principles & Insurance Policies, types of insurance
accidents , motor insurance ( Comprehensive and third
party) , re-insurance , medical insurance , Takaful
Insurance, life insurance, and the relation between
insurance and Financial services.
Mr. Tawfeeq said that a group of competent employees
were selected in Warba Takaful Company to take part in
this Training Course organized by the Insurance
Companies working in Kuwait , in order to promote their
awareness and develop their marketing skills in the
Insurance Sector generally, and the Takaful insurance in
particular.
The General Assembly of
Warba Takaful Company Increases its Capital to KD. 10
Million
The ordinary and Extra-ordinary General Assembly of
Warba Takaful Insurance Co. held its meeting to approve
the increase of its Capital from KD 3.5 Million to KD 10
Million , in addition to the Board of Directors increase
in number of members from 6 to 7 members, as Mr. Anwar
Jawad Bu-Khamseen is now entitle of the position “Vice
Chairman”.
Mr. Tawfeeq Shamlan AL-Bahar, Chairman and Managing
Director said that the Capital increase indicates WTIC”s
distinguished financial position and avails many fields
to expand its insurance business based on the Islamic
provisions. The increase of the members of the Board of
Directors enriches the Company’s work and help in
achieving the desired corporate Competence, specially
that Mr. Anwar Bu-Khamseen has a significant experience
in the insurance sector.
Mr. Al-Bahar said that the Company shall issue new
Islamic Insurance scopes inn order to preserve its
distinguished rank in the local and regional insurance
markets in order to satisfy the requirements of the
current Customers and attract new Customers to achieve
more success to the Company.
Mr. Al-Bahar also declared that the Company had recently
received the Quality management Certificate ISO
9001-2000, due to the proper management policies being
followed by the Company Administration, which reflects
the Company’s proven compliance with the its Plans.
It is worth mentioning that Warba Takaful Insurance Co.
received the Quality management Certificate ISO
9001-2000 From Mr. Yousuf AL-Wattar , General Manager at
ambition Consultants Co., in a celebration held for this
occasion. Chairman and Managing Director Mr. Tawfeeq
Shamlan AL-Bahar ,Mr. Anwar jawad Bu-Khamseen , and the
General Nanager Mr. Dawoud Salem Tawfeeq attended.
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