Tamkeen Insurance Company’s shares were listed and ready for trading on the Palestinian Exchange

Ramallah - On Sunday June 6th, 2021, after completing all the necessary requirements, Tamkeen Insurance Company was listed and started trading its shares through  Palestine Exchange under the symbol (TPIC). A special ceremony was held at the Carmel Hotel in Ramallah, to celebrate this feat in the presence of the Minister of the Palestinian Ministry of National Economy, His Excellency Mr. Khaled Al-Aseeli; the Minister of Social Development, His Excellency Dr. Ahmad Majdalani; Chairman of the Board of Directors, His Excellency Dr. Majid Atta Al-Helou; the Honorary Chairman of the Company, His Excellency Mr. Rafiq Al-Natsheh; Governor of the Palestinian Monetary Authority, His Excellency Dr. Firas Melhem; Chairman of the Board of Directors of Palestine Exchange, His Excellency Mr. Maher Al-Masri; General Manager of the Palestinian Capital Market Authority, Mr. Buraq Al-Nabulsi; Mr. Nihad Kamal, a member of the Board of Directors of the Palestine Exchange, in addition to Mr. Amjad Jadoua, General Manager of the Palestinian Capital Market, Insurance and Savings Authority, a number of members of the company’s board of directors, and the executive management headed by Mr. Mohammed Al-Rimawi, the company’s general manager.

The event was opened with the Palestinian national anthem and a moment of silence for the souls of the martyrs.

In his speech, His Excellency the Minister of National Economy, Mr. Khaled Al-Aseeli, emphasized the vitality of the role played by Tamkeen, considering that its accession to the stock exchange and the distinguished results it achieved, indicate the professionalism of the company's management, and the great experience it and its staff enjoy.

He announced the purchase of 10,000 of the company's shares, noting in return the company's contribution to strengthening the mechanisms and culture of Islamic finance and banking.

In his speech, His Excellency Dr. Majed Atta Al-Helou spoke to the attendees, stressing that the company's listing demonstrates the strength of its financial position, and its ability to impose itself strongly in the insurance sector in Palestine. The company was able to cover its initial expenses during the second operating year and it currently holds 10% of the Palestine Insurance Market, it was also able to distribute cash dividends to shareholders at a rate of 4% for the year 2020.

He added: “The listing of Tamkeen Insurance Company's shares on the stock exchange is an additional milestone in the company's record of great successes. The company will experience many advantages by listing its shares; for example, it will allow for diversification of the sources of funding available to it. The company will also gain more credibility under a supervisory and monitoring umbrella that guarantees disclosure and transparency to investors.”

His Excellency, Dr. Majed Al-Helou believed that this step would enhance its market position, shareholder rights, and provide more liquidity. He went on to say that the listing of the company's shares on the stock exchange will contribute to increasing the fairness of its pricing, through the interaction of supply and demand forces, and it will also reflect positively on the company's image, activity, and performance.

Mr. Nihad Kamal highlighted how the listing of the Tamkeen Insurance Company’s shares in the stock market signifies the company’s achievements on the one hand and showcases the great potential of the insurance sector on the other, noting that the Palestinian Insurance Sector is a promising sector that can adapt to different political and economic conditions. At the same time, he pointed out that the Insurance Sector constitutes approximately 6% of the total market value in the stock market, and it is the only sector that achieved growth in its profits by more than 17% during the year 2020. He expressed his hope that the listing of Tamkeen Insurance Company will support the advancement of this sector in a way that meets the aspirations of investors and beneficiaries of various insurance services.

Mr. Buraq Al-Nabulsi considered that the listing of Tamkeen Insurance Company's shares is a new achievement to add to the company's journey, which has achieved a lot since the launch of its activities more than two years ago. He said: “The addition of Tamkeen Insurance to the public shareholding companies listed on the stock exchange is a very important issue, given that it gives clear indications about its ability to reach great successes within a record period.”

He pointed out that the inclusion of "Tamkeen" to the stock exchange is the first since 2017, indicating that the insurance sector is one of the most important economic sectors. Despite the Corona pandemic, insurance premiums written by all insurance companies licensed by the authority maintained the same level during the year 2020, as it amounted to $303.2 million, while it was $302.5 million in 2019.

As for Mr. Mohammed Al-Rimawi, he indicated that listing the company's shares on the stock exchange is only the beginning for the company, as it is an incentive for the company to work harder and accomplish more achievements during the subsequent period. He added: “The company has been able, in a short time, to achieve a lot, and its financial results have reinforced its remarkable trajectory at all levels. From here, we are fully prepared and ready to assume our responsibilities and continue our developmental role.”

He indicated that the company would move forward in diversifying its services and investments as well as achieving the company's smart vision by adapting modern technologies. This will ensure an increase in efficiency of internal operations, developing communication tools with insurance policyholders in line with the expectations and aspirations of its members, and providing the best services to insurance policy holders as partners. The company will also strive to improve and develop shareholders' rights.

The event included the signing of the ceremonial agreement by the company and the stock exchange, marking the listing of Tamkeen Insurance Company's shares on the Palestine Stock Exchange. The bell was rung to express a warm welcome to the new guest.