DUBAI, 7 March 2008 — Takaful Re Limited (TRL) announced net profits of $11.6 million for the 2007 financial year compared to $1.3 million in 2006 achieving a spectacular growth.
From the second year of operation, TRL’s board of directors has recommended a cash dividend of 5 percent on the company’s paid-up capital ($0.05 per share). The dividend remains subject to approval by the company’s annual general meeting to be held on March 25.
Gross contributions increased by 35 percent to $20.34 million in 2007 from $15.05 million in 2006; in a very competitive market.
The total investment earnings increased in 2007 to $11.8 million from $ 5.4 million in 2006; the average rate of return on investments was 9.1 percent despite the volatility of the regional markets.
Khalid Al-Bustani, Takaful Re’s chairman, said: “The continuous support of our Takaful and cooperative partners, and shareholders was the main driver in achieving this outstanding results.”