Amãna Takaful Maldives hosts first virtual AGM

PUBLISHED April 24, 2020

Amãna Takaful (Maldives) PLC the pioneers of providing Islamic solutions to insurance in the Maldives and the only fully-fledged Shariah compliant insurance service provider, conducted the company's ninth AGM via virtual platform for the first time on 23rd April 2020

Amidst the trying conditions arising from the global pandemic, Amãna Takaful made the decision to host this historical AGM virtually, whilst following social distancing guidelines set out by heath authorities.

At the AGM held on 23rd day of April 2020, the board of directors has honored the Shareholder expectations with a final payment of dividends for the financial year ended 2019. According to Chairman of the Company Tyeab Akbarally, based on the financial results of 2019, a total dividend of 10% will be distributed amongst Shareholders, amounting to a total of MVR 2.6 million

The Profit Before Tax (PBT) of the company recorded MVR 14.3 million for the period under review of registered consistent bottom-line results gathered year on year. in 2019, Gross Written Premium, the key revenue indicator, rose to MVR 138 million, over-performing Industry growth. 

Amãna Takaful honoured settlement of claims amounted to MVR 66.2 million in 2019 which resulted in an increase of 39% over the year 2018. Furthermore, 2019 goes down in history for of Amãna Takaful for having paid large claims with the least possible lead time in settlement.

For the eighth consecutive year Amãna Takaful declares dividends to its shareholders. In addition to the interim dividend payout in August 2019, a final dividend was approved at the AGM.

Chairman Tyeab Akbarally stated: "I am very pleased to announce that the Company has proved its determination, through its steady and consistent performance, despite the overall economic uncertainties and headwinds in the macro environment. Based on the financial results of 2019, a total dividend of 10% will be distributed amongst our Shareholders, amounting to MVR 2.6 million. The Company has paid out 75% of its accumulated profits as dividends from the time it was listed in the Maldives Stock Exchange,"

"The results together with prudent management of the risk fund, enables the company to share a surplus payout of 14% with our participants for the seventh consecutive year. Living true to the ideals of the Takaful concept, and espousing the values of ethical conduct, strengthens our resolve to provide a measure of comfort and stability to all our customers, be they individuals, entrepreneurs or corporates." He added.

Amãna Takaful Maldives as a responsible corporate, fervently observes the principles of mutuality and fair-play embedded in the Takaful system. Managing Director Hareez Sulaiman added, "As a versatile and innovative player in the market, we leveraged on the latest disruptive technology to scale up our front-end systems which enable customers to obtain solutions faster than before. To further enhance our responsiveness to the market needs, the ATM mobile App was also re-launched with the inclusion of new transactional capabilities and additional features to facilitate quick access and speedier service to the user."

Dr. Abdullah Shiham was re-elected as the Independent Director by the shareholders of Amãna Takaful Maldives. Board Directors of the company include, Tyeab Akbarally (Chairman), Hareez Sulaiman (Managing Director) Osman Kassim, Dato Mohd Fadzli Yusuf, M.H.M Rafiq, Dr. Abdullah Shiham Hassan and Abdullah Kassim.

Same as the year before, the AGM was concluded with the decision to provide personal accident cover to all individual shareholders the message will be communicated in due course.

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