BCICAI & Solidarity holds professional seminar on employee benefits & compensation Takaful/ Insurance

Supported by Solidarity, one of the largest Takaful companies and winner of the world's best Takaful provider award, the Bahrain Chapter of the Institute of Chartered Accountants of India (BCICAI) organized a seminar on "Employee Benefits and Compensation Takaful/ Insurance" on May 13 at the Institute of Engineers Hall in Juffair.

The seminar started with an introduction given by Gopi Rao, General Manager Family Takaful of Solidarity. He cited some interesting cases highlighting the need for Takaful protection of employees to supplement other coverage under requirements in the Kingdom. In addition, the seminar included subjects related to group Takaful covers and medical Takaful policies.

The seminar included discussions about corporate savings schemes. These schemes offer a savings mechanism on a contributory basis with both employers and employees participating. They have flexible rules for paying in and withdrawals and provide for lumpsum payment on retirement or death. This type of employee benefit is an incentive for employee encouragement and retention.

Gopi, finally, concluded by discussing about Employer's Liability in the context of the laws of the Kingdom of Bahrain and how employers could protect themselves from legal liability.

Mr. Mani Lakshmanamoorthy, BCICAI Vice Chairman, expressed his gratitude to Solidarity's experts for their contribution and support to increase insurance awareness for professionals in the field of Chartered Accountants.

Mr. Sameer Ebrahim Al Wazzan, Solidarity's CEO, expressed his appreciation to the BCICAI for their efforts in supporting the Takaful/ insurance industry by further providing educational channels about products and services.