(18/02/2010) AL KHALEEJ TAKAFUL INSURANCE & REINSURANCE ANNOUNCES PRELIMINARY 2009 FINANCIAL RESULTS AND RECOMMENDS 30% CASH DIVIDEND DISTRIBUTION  
     
 

Al Khaleej Takaful Insurance & Reinsurance announces that the Board of Directors have met on Thursday 18th February, 2010 in order to discuss the draft of financials, the profit and loss accounts. 

The company’s financial statements revealed a net profit of QR 73.8 Million in 2009 compared to QR 87 Million in 2008, and the Earning per Share (EPS) amounted to QR 5.19 in 2009 compared to QR 6.12 in 2008.

The Board of Directors have recommended dividend distribution of 30% in cash dividends (QR 3/share).

The recommendation will be submitted to the Ordinary Assembly General Meeting for their approval which will be held on Tuesday 30th March, 2010 at Ramada Hotel – Doha – 4.00 PM.

 

(27/12/2009) AL KHALEEJ INSURANCE & REINSURANCE SHIFTS OPERATIONS TO TAKAFUL: SHARIAH COMPLIANT INSURANCE PRACTICE

Alkhaleej Insurance & Reinsurance is pleased to announce that it is set to embark on its activities according to the Islamic Insurance Practice and shifts from Conventional Insurer to Takaful based Insurer commencing 1st January 2010.       
           
With respect to the above amendment, the company name is changed to Alkhaleej Takaful Insurance and Reinsurance, effective from January first of the forthcoming year. The name change should be perceived as an acknowledgement of the Islamic Insurance practice the company has formally adapted. Despite its significant transformation, the establishment will continue to operate in its current location and all its contact information will remain un-changed. The new logo that reflects the strengthened identity of the company is to be published on its website very soon.

Alkhaleej Takaful Insurance & Reinsurance seeks to be a leading player in the Islamic Insurance Industry adapting the Shariah Compliant Insurance Practice: Takaful. With its redefined identity, the company intends to contribute to the growth and development of the Cooperative and Mutual Insurance Industry-Takaful in the country, utilizing the experience gained from Conventional Insurance System for over the past thirty plus years.      

The corporation recognizes the power of the Islamic Insurance method and thus takes pride in implementing it. Alkhaleej Takaful Insurance & Reinsurance appreciates that Takaful-Shariah Compliant Insurance does not focus on profit alone but rather addresses risk factors and alleviates their impacts securing the needs of people through reaching to them in unfortunate times. The company hopes to introduce & establish more innovative Islamic Insurance schemes far beyond its traditional activities for the benefit of its clients to keep offering the best products and services they need.

 

(23/07/2009) AL KHALEEJ INSURANCE & REINSURANCE COMPANY DISCLOSES THE REVIEWED SEMI ANNUAL FINANCIAL STATEMENTS

  
     
 

Al Alkhaleej Insurance & Reinsurance Company discloses the semi annual financial statements for the period ending June 30, 2009.  The reviewed financial statements for the period ending June 30, 2009 revealed a net profit of QR 43.8 million in comparison to QR 103.8 million for the same period last year.  The company’s Earning per Share (EPS) amounted to QR 3.08 as of June 30, 2009 versus QR7.29 for the corresponding period in 2008.

 

(17/02/2009) AL KHALEEJ INSURANCE & REINSURANCE COMPANY ANNOUNCES AGENDA FOR ITS AGM EXPECTED ON MARCH 9, 2009  

Al Khaleej Insurance & Reinsurance announces the Ordinary General Assembly meeting invitation to be held on Monday 9th March, 2009 at Millennium Hotel (Simsima Hall) – 4.00 PM, in case the required quorum is not maintained a second meeting will be held on Monday 16th March, 2009 same venue and time

The Agenda of the Ordinary General Assembly Meeting:

1-Hearing and approving the Board of Directors Report on the activities of the company, its financial positions for the year ended 31st December, 2008 and the future plan.

2-Hearing the External Auditors Report of the company's balance sheet and the accounts provided by the Board of directors for the year ending 31st December, 2008 .

3-Approving the balance sheet, the Profit and Loss Accounts for the financial year ending 31st December, 2008.

4-Approving the Board of Directors distribution of 30% as cash dividends to shareholders, equivalent to QR 3/share.

5-To consider discharging the members of the Board of Directors and fixing their remunerations.

6-Appointment of External Auditors for the financial year 2009 and specifying their wages.

 

(11/02/2009) AL KHALEEJ INSURANCE & REINSURANCE COMPANY ANNOUNCES SELLING PART OF ITS STAKE IN BAHRAIN NATIONAL LIFE ASSURANCE COMPANY TO DOHA BANK ASSURANCE COMPANY.  

Al Khaleej Insurance and Re-Insurance Company announced its approval to sell part of its stake in Bahrain National Life Assurance Company to Doha Bank Assurance Company for an amount of QR 5 million, after obtaining the necessary approvals from the Board of Directors of the company and the competent authorities in Manama-Kingdom of Bahrain.

It is noteworthy to state that Al Khaleej Insurance and Re-Insurance Company owns 25% stake on Bahrain National Life Assurance.

 

(11/02/2009) AL KHALEEJ INSURANCE DISCLOSES 2008 AUDITED FINANCIAL RESULTS & DECLARES QR 87 MILLION IN NET PROFIT  

Al Khaleej Insurance & Reinsurance disclosed the financial statements for the year ended December 31, 2008.  The financial statements revealed a net profit of QR 87 million versus QR 77.4 million in 2007.  The Earning per Share amounted to QR 6.12 in 2008 versus QR 5.44 in 2007.

It is not worthy to state that the BOD has recommended to the Ordinary Assembly Meeting for their approval the distribution of 30% cash dividends (QR 3).  The Ordinary Assembly Meeting is expected to take place on Monday, March 9, 2009, at the Millennium Hotel.

 

(11/02/2009) THE BOD AT AL KHALEEJ INSURANCE APPROVED THE PURCHASE OF AL JISR TAKAFUL COMPANY FOR QR 5,050,000.  

Al Khaleej Insurance & Reinsurance announces that the Board of Directors has approved the purchase of AL-Jisr Takaful Company (Q.S.C. under formation) for a value of QR 5,000,000 in addition to 1% (formation expenses) for a total value of QR 5,050,000, representing 2% of the company’s paid-up capital which equates to 250 Million.

Al-Jisr Takaful Company is established between the National Insurance Companies and participation of other parties in both countries. The establishers own 40% of the paid-up capital and the remainder of the paid-up capital which is 60% will be equally divided between the citizens of both countries for the public (I.P.O.)

 

(13/01/2009) THE BOD OF AL KHALEEJ INSURANCE & REINSURANCE RECOMMENDS 30% CASH DIVIDEND DISTRIBUTION FOR THE YEAR 2008.  

The Board of Directors (BOD) at Al Khaleej Insurance and Reinsurance Company announces the board meeting results held on Monday, January 12, 2009.  The BOD has decided to recommend to the Annual General Assembly the distribution of 30% cash dividends, equivalent to QR 3/share for the year ending December 31, 2008.