“Tamkeen Insurance holds its ordinary general assembly meeting”
“Tamkeen Insurance holds its ordinary general assembly meeting”
Ramallah - The General Assembly of the Palestinian Tamkeen Insurance Company held its ordinary meeting, on Monday, April 17th, 2023, at the company's headquarters - in Ramallah, with the attendance of the representative of the Companies’ Controller, Mrs. Liana Al-Atrash, the, Chairman of the company’s Board of Directors, His Excellency Dr. Majed Atta Al Helo, Vice Chairman of the Board of Directors, His Excellency Mr. Rafiq Natsheh, members of the Board of Directors, a crowd of shareholders, the Chairman of the Sharia Supervisory Board, His Excellency Dr. Hossam El Din Afana, in addition to Mr. Munther Al Bandak, the external auditor "Deloitte & Touche", and Mr. Osama Darawsheh, Director of the Insurance Companies Supervision Department in the Capital Market Authority, and the executive management of Tamkeen Insurance Company, represented by Mr. Mohammad Al-Rimawi, General Manager of the company.
After the representative of the Companies’ Controller announced the completion of the quorum at 84.55%, the meeting was initiated by His Excellency Dr. Majed Atta Al Helo- Chairman of the Board of Directors, who welcomed the attendees, and delivered his speech, during which he indicated that the Palestinian insurance sector is working hard with the regulatory and supervisory authorities, led by The Capital Market Authority, with the aim of overcoming the fundamental challenges and issues it has been facing and has been dealing with for years, foremost of which is the modesty of insurance awareness, and the public’s reluctance towards non-compulsory insurances, in addition to the intensity of price competition at the expense of competition in the quality of insurance services and the innovation of new and qualitative insurance services and solutions that satisfy the needs and requirements of various segments of society away from the typical and traditional services currently provided to the public, and the continued increase in the vehicle compensation bill in recent years, with the continuation of the minimum tariff since 2008.
He added, "We thank the Capital Market Authority for its important and prominent role at all levels, by adapting work mechanisms and issuing relevant instructions with the aim of moving forward towards the advancement of the insurance sector."
He also presented a summary of the most prominent achievements of "Tamkeen Insurance" during the past year, especially the written insurance premiums, which amounted to (33,640,058) US dollars, as the company was able to acquire (9%) of the total insurance portfolio in Palestine and achieved a growth of (9%) in Written premiums, net profit after tax amounted to (2,193,592) US dollars.
The meeting included a discussion of the report of the Board of Directors on the company’s business for the year 2022 and its approval by the General Assembly, in addition to hearing the report of the Sharia Supervisory Board, represented by its Chairman, His Eminence Dr. Hossam El Din Afana, who expressed the opinion of the Commission, and concluded that the company's business during the year 2022 was consistent with the provisions of Islamic Sharia.
The report of the company's external auditor for the fiscal year 2022 was also heard, and the financial statements were discussed and approved. The General Assembly also approved the Board of Directors' recommendation to distribute dividends to the shareholders at 8% of the paid-up capital for the fiscal year 2022, (4%) in cash, and (4%) free shares that will be approved in an extraordinary meeting of the general assembly accordance with the provisions of the law since the free shares constitute an increase in the capital, in addition to the discharge of the Board of Directors’ liability for the work of the aforementioned fiscal year, and the election of “HLB Palestine" as an external auditor for the year 2023.
For his part, Mr. Mohammad Al-Rimawi - General Manager of the company stressed, "The traditional challenges in the sector did not constitute an absolute obstacle in realizing achievements that we are proud of, thanks to God and the efforts of the workers," adding, "The financial results are satisfactory and will be a prelude to better results in the coming years." He also pointed out that the current year will be the beginning of qualitative achievements in terms of expanding the benefits of insurance solutions, extending some insurance coverages beyond the Palestinian geography, in addition to providing innovative new insurance services and solutions, in coordination with the Capital Market Authority, pointing out that "Tamkeen Insurance" will have a clear imprint on the reality of the insurance industry and its development in the near future.
He also discussed the strategic directions of the company, and the updated plan for the coming years, under the title "First Moves Towards Innovation", which will have positive repercussions on the company at various levels, specifically through the introduction of new products and services, digital transformations, and many planned achievements, while preserving the company's Islamic identity, and enhancing the values of credibility, speed of response, and compensation, in order to achieve fair returns for shareholders.