Policyholders receive share amounting to 5%

Kuwait,5 February 2017 

“KFH-Takaful announced an insurance surplus distribution to its customers i.e. 2013 policyholders will receive their share of the surplus amounting to 5% at some technical departments. KFH Takaful has been for 5 years the first Takaful insurer to distribute insurance surplus to its customers” said KFH-Takaful General Manager, Barrak Al-Khamis.

He added in a press release that the ongoing process of distribution is completed after taking the approvals from the Sharia board of the company with respect to calculating and distributing the insurance surplus. Policyholders will receive a proportionate share as per pro rata principle taking into account deducting the amount of compensation subscribers received from the surplus in the event of the value being less than the share of the surplus, while subscribers aren’t entitled to receive the share when the amount of compensation greater than or equal to the share of the insurance surplus. He indicated that 60% of insurance surplus value has been distributed.

Al-Khamis illustrated that pursuant to Takaful principle, Islamic Takaful insurance companies have been founded based on cooperation between subscribers. Insurance surplus is considered as a prominent feature of Takaful Insurance companies. He added that the company is in process of issuing the 2017 policies and will announce the details later.

KFH Takaful is continuing its endeavors to improve its products and services to cover the Kuwaiti market. Moreover, it continues its efforts to create innovative insurance coverage, and to develop the current products in an attempt to increase the market share, especially that KFH-Takaful sees growth opportunities in the GCC. KFH Takaful is projected to expand its businesses on the heels of the huge turnout on the Takaful insurance products locally and regionally.

It is worth noting that Moody’s upgraded KFH Takaful rating to Baa2 IFS rating with stable outlook. This strengthens its ability to compete, while qualifies it to foray into new sectors. KFH Takaful has a good market position  in the Kuwaiti market with an overall market share of 3.6%. It also benefits from strong product diversification with a mix of life, health and general insurance products.

-Ends-

Kuwait Finance House (KFH)
KFH was established in Kuwait in 1977 and is enlisted in the Kuwait Stock Exchange. KFH Group is a global pioneer in the field of Islamic banking services, where it offers a wide array of Islamic products and services, not to mention a high standard of innovation and client service.

KFH manages its operations in the GCC, Asia, and Europe through over 480 branches, including KFH-Turkey, in order to offer services for the bank's clients in Turkey, Malaysia, Saudi Arabia, Bahrain, Germany, Jordan, and Dubai.

KFH's mission is to achieve highest levels of excellence and innovation in the field of client service, while developing common interest for all those concerned with the financial institution. KFH's vision is to spearhead the global development in Islamic financial services, and to upgrade the bank into the level of becoming the most sustainable profitable Islamic bank in the world.

KFH's values include cementing leadership through all its businesses, including leadership in the Islamic banking services worldwide, through innovation and in client service and the development of its employees. In addition, KFH is committed to all its procedures, and to setting up long-life partnerships with the concerned authorities.

For more information, please visit: www.kfh.com

© Press Release 2017