TAKAFUL reports 646 per cent increase in net profits for the years' first quarter

The insurance company reported a 646% increase in net profits for the first three months of 2005, reaching AED 3.7 million.

Takaful contributions grew from AED 1.1 million to AED 10.8 million in the first quarter 2005, a record achievement of 888 per cent. The company's assets also recorded a healthy growth reaching AED 94.3 million.

Hamad Brook, Chairman of the Board of TAKAFUL, said: "The Company has shown great results and achieved significant growth over the first quarter of 2005. We are committed and focused to deliver on our promises to all our stakeholders and to the TAKAFUL concept in the UAE."

Abu Dhabi National Takaful Company is a subsidiary of Abu Dhabi Islamic Bank. Last month, the company was listed on the Abu Dhabi Securities Market (ADSM), having approved its shares to be traded. The move brought the number of joint stock companies listed on the bourse up to 40.

Brook adds: "Takaful was listed on the Abu Dhabi Securities Market (ADSM) in April 2005, as a further commitment to our shareholders and to the development of our economy; this will portray the policy of transparency that we have adopted as a Board and Management to keep our shareholders abreast of the company's financial position and future plans."

The management of the Company reported that they will be launching a number of Shariah compliant products within the next few months and will also be working closely with a number of financial institutions to distribute their products.