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Islamic Insurance Company Celebrates its Twentieth Anniversary

The Islamic Insurance Company held a reception on the occasion of its twentieth anniversary on 11.04.2016 with the participation of various official figures and representatives from governmental and social bodies in addition to our loyal clients.

Mr. Musa Shehadeh, the Chairman of the Islamic Insurance Company, stated that the celebration of the twentieth anniversary of establishing the Islamic Insurance Company is an assurance of the success of the Islamic insurance concept and its safe approach. He continued, "Establishing the Islamic Insurance Company in 1996 has formed the nucleus of the first Islamic Insurance work in Jordan, and was also able to put Jordan experience in Islamic Insurance in the map of  Islamic Takaful Insurance locally, regionally and internationally".

Mr. Shehadeh has valued the efforts of all BoD members during the past twenty years as well as the General Manager efforts, Mr. Ahmed M. Sabbagh, and the Executive Management, Share'ah Supervisory Boards members and employees of the Islamic Insurance Company whom all had such a great effective impact on the company.

At the beginning of this celebration, Mr. Shehadeh rewarded loyal and eldest employees whom has been working at the company since inception and whom has been working in the company for more than 10 years.  He handed them a wristwatch souvenir with a slogan of Islamic Insurance Company in recognition of their efforts.

 

Mr. Ahmed Sabbagh, Director and General Manager of the Islamic Insurance Company, has expressed his great pleasure and said that he is very proud of the company's achievements during the past twenty years by applying the cooperative insurance concept in the Jordanian Insurance Market. During this period the company has gained many well known prizes as; The Best Islamic Insurance Company in the Levant and Africa for the year 2012 and The Best Islamic Takaful Insurance Company award in Jordan for the year 201, in addition to the excellent rating that the company achieved as well as its good financial results. The end of 2015 witnessed a 7% growth rate in the total written premiums to reach 22.9 million JD, the increased rate of growth in earnings achieved a pre-tax 26% to around 2.9 million dinars, and the percentage of the growth in assets of 11% to about 37 million dinars, while the total paid indemnities during 2015 was 13 million JD, and shareholders' share of earnings before tax 2.4 million dinars and the policyholders share from profits was 547 thousand dinars.

 

Mr. Sabbagh concluded " we are proud of these achievements that emphasize our commitment and also continue to exert more efforts to keep the Islamic Insurance Company in the forefront and the prominent Islamic Insurance Company in Jordan.

 

Published on: 11-4-2016

 

The Islamic Insurance Company Joined a Charitable Dinner Held by the "Conservation Association of the Holy Quran"

Under the patronage of the Islamic Bank of Jordan, the Conservation Association of the Holy Quran held a charitable dinner on 09.03.2016 on the occasion of launching the "Conservation Association of the Holy Quran Support Campaign 2016".

Mr. Sabbagh, Director & General Manager of The Islamic Insurance Company, joined this dinner with participation of a group of the most prominent scholars such like, Dr. Ratib Al-Nabulsi, Dr. Ahmad Nofal, Dr. Amjad Korshah and others.

At the end of this ceremony, Dr. Mohammad Al-Majali handed an honorary gift to Mr. Sabbagh in recognition of his continuous support of the Association's activities.

Dr. Mohammad Al-Majali, praised the Islamic Insurance Company and the Islamic Bank of Jordan and highly appreciated their role in supporting the national economy and their commitment to Social Corporate Responsibility, as well as their support to the activities of the Association and support to Holy Quran memorization and honoring the memorizers.

 

Published on: 12-3-2016

 

Mr. Sabbagh Receives an Honorary Shield From

 The Jordanian Businessmen Association

On the occasion of 30-year anniversary of the foundation of the Jordanian Businessmen Association on 13.08.2015, where the Islamic Bank of Jordan was the silver sponsor of this ceremony, Mr. Ahmed M. Sabbagh has received an honorary shield from    the JBA by H.E. Dr. Abdullah Al-Nsour, Prime Minister of Jordan.

Mr. Hamdi Al Tabba' the Chairman of JBA praised Mr. Sabbagh and thanked him for all his efforts and achievements that participated in developing the national economy.

 

Published on: 16-8-2014

The Islamic Insurance Company Sponsor

the 31st Arab Scout Camp

The Islamic insurance company sponsored the 31st Arab Scout Camp, which was organized by the Jordanian Association of Boy Scouts and Girl Guides, under the slogan "We will stay united". There were 750 participants from 15 Arab countries, the camp was held at Al Hussein Youth City in 28/08/2015 till 08/09/2015 .

Concerning the participation of the Islamic Insurance Company in sponsoring the camp, Mr. Ahmed Sabbagh, the Director and General Manager, stated that "We are -in the Islamic Insurance Company- committed to play a significant role in our corporate social responsibility by supporting Youth Power in the Jordanian Society", he also said that the Islamic Insurance Company's participation in supporting this activity will emphasize the loving bonds that tie Jordanians with our Arab brothers, in addition, this activity serve our Arab Nation and promote the societies and economies. Finally, we value the Jordanian Association of Boy Scouts and Girl Guides distinctive efforts in organizing this event and  running the camp activities successfully.

HRH Princess Basma, president of the Jordanian Association of Boy Scouts and Girl Guides, has honored participants and representatives of supporters of the 31st Arab Scout Camp during a ceremony held in the Roman amphitheater on Sunday 06/09/2015.

 

Published on: 7-9-2015

Second International Forum for Islamic Banks and Financial Institutions

On 3rd – 4th April 2014, the General Council for Islamic Banks and Financial Institutions (CIBAFI), in cooperation with the Arab-Belgian-Luxemburg Chamber of Commerce, organized the Second International Forum for Islamic Banks and Financial Institutions under the theme “Islamic Finance in Europe: learn from previous experiences”.

Islamic finance is a valuable economic asset for our countries and for the European Union in general

As pointed out by Mr. Abdelilah Belatik, Secretary General of the General Council for Islamic Banks and financial Institutions, “undoubtedly, Islamic finance has become a substantial part of the international financial system and was, certainly, one of its most expeditious growing components over the last decades.”

Mr. Qaisar Hijazin, Secretary General of the Arab-Belgian-Luxembourg Chamber of Commerce, seized the opportunity to express his warmest thanks to the general council for Islamic Banks and Financial Institutions (CIBAFI), Luxembourg for Finance, the sponsors, the speakers, and all participants. He underlined that Islamic finance is a valuable economic asset for our countries and for the European Union in general.

The Forum gathered senior financial sector leaders, market players, and experts from international financial institutions and proved an excellent opportunity to get first hand information on Islamic finance as well as to share experiences and practices from traditional markets.

The Forum was divided into five different sessions:

The First session “success stories in Islamic Finance” was the opportunity to hear about the successful stories of North Africa, Europe, Gulf countries, and South East Asia.

The second session established the legal, regulatory and institutional framework in order to organize a strong Islamic Financial services industry.

The third session entitled “Islamic Finance and its prospects in Europe” explored the prospects for some important components of Islamic Financial services industry such as Islamic Banking Services, and Islamic Financial Instruments (Sukuk) as a funding tool.

The fourth session focused attention on the opportunities and challenges related to the Takaful part of Islamic Financial services industry.

 

Published on: 6-4-2014

The International Federation of Takaful and Islamic Insurance Companies

The International Federation of Takaful and Islamic Insurance Companies held its BoD meeting in Amman at the HQ of the Islamic Insurance Company with participation of elite group of local & international Takaful Insurance companies.

Mr. Sabbagh has affirmed that helding this meeting aims to achieve economic integration between Takaful Insurance Markets in the world. Also, it will strengthen the bonds of cooperation and exchange both knowledge and experience among global insurance markets and seeks to develop leading the industry even occupy a prominent place among the global insurance markets and aims to develop this industry in order to complete the economic circle with Islamic banks and financial institutions.  Islamic economics complete rings with Islamic financial and banking institutions.

Also, Mr. Sabbagh has valued the efforts of The International Federation of Takaful and Islamic Insurance Companies in maintaining the solidarity between Takaful Insurance companies in all insurance markets.

 

Published on: 26-6-2014

IIRA Assigns Fiduciary Ratings to Islamic Insurance Company 2015

Manama, January  2015 – Islamic International Rating Agency (IIRA) has assigned a national scale Takaful Financial Strength (TFS) rating of ‘A (jd)’ (Single A) to Islamic Insurance Company Jordan (IIC). Outlook on the assigned rating is ‘Stable’. The fiduciary score has been assessed in the range of ‘71-75’, reflecting adequate fiduciary standards. The fiduciary score is an aggregation of scores assigned to its two sub-sections i.e. Asset Manager Quality and Share'ah Governance.

 

IIC is the oldest Islamic and one of the most prominent insurance companies operating in Jordan, having a market share of 4%. The company also derives business synergies from its main sponsor, Jordan Islamic Bank (JIB), the country’s largest Islamic bank and part of Albaraka Banking Group (ABG). The company enjoys strong franchise in the local market and has generated steady business growth over its recent operating history.

 

Growth in gross contribution written by IIC has averaged ten percent over the past five years. The company has presence in both general and social Takaful segments. Overall both participants’ Takaful and shareholders’ fund have been profitable, and improving further in recent periods. Liquidity and profitability indicators of the company are also strong. Underwriting results vary amongst business lines, with social and marine segments being consistently positive, whereas motor and medical segments produce weak results. Regulated pricing and business generation under compulsory third party liability motor insurance have affected financial results of motor segment across industry.

 

Published on: 20-1-2015

IIRA Assigns Fiduciary Ratings to Islamic Insurance Company

Manama, April 1, 2014 – Islamic International Rating Agency (IIRA) has assigned a national scale Takaful Financial Strength (TFS) rating of ‘A (jd)’ (Single A) to Islamic Insurance Company Jordan (IIC). Outlook on the assigned rating is ‘Stable’. The fiduciary score has been assessed in the range of ‘71-75’, reflecting adequate fiduciary standards. The fiduciary score is an aggregation of scores assigned to its two sub-sections i.e. Asset Manager Quality and Shariah Governance.

 

IIC is the oldest Islamic and one of the most prominent insurance companies operating in Jordan, having a market share of 4%. The company also derives business synergies from its main sponsor, Jordan Islamic Bank (JIB), the country’s largest Islamic bank and part of Albaraka Banking Group (ABG). The company enjoys strong franchise in the local market and has generated steady business growth over its recent operating history.

 

 Insurance industry is highly competitive and fragmented in Jordan. While the socioeconomic situation in the country has restricted growth in traditional lines of business such as fire and marine insurance, low insurance penetration overall leaves room for further growth. Domestic regulatory environment is also encouraging, with specific licenses issued to Takaful operators and restriction on establishing Takaful windows.

 

     Growth in gross contribution written by IIC has averaged ten percent over the past five years. The company has presence in both general and social Takaful segments. Overall both participants’ Takaful and shareholders’ fund have been profitable, and improving further in recent periods. Liquidity and profitability indicators of the company are also strong. Underwriting results vary amongst business lines, with social and marine segments being consistently positive, whereas motor and medical segments produce weak results. Regulated pricing and business generation under compulsory third party liability motor insurance have affected financial results of motor segment across industry.

 

Senior management team of IIC has a high level of understanding of Takaful precepts, which bodes well for implementation of Shariah principles in the company as well as execution of business operations. Members of SSC are qualified and renowned Shariah scholars, promoting Islamic finance through research, serving Shariah Boards of other financial institutions and academic linkages. Organizational culture encourages transparency and Shariah conformance though there remains room for improvement in policy documentation and disclosures available to various stakeholders. Board of Directors has adequate presence of independent directors and actively monitors key organizational matters. Overall governance infrastructure in place at the institution is considered satisfactory keeping in view the size of the organization.

 

Mr. Musa A. Shehadeh, chairman of the Board of Directors of the Islamic Insurance Company commented on this rating saying that it is an assertion of the company's competencies in applying the Islamic Insurance concept with an exceptional success and obtain a great importance in the Islamic Cooperative Insurance Industry which have an important role in supporting the National Economy. Also, this rating came as a motivation to make more efforts in improving the Islamic Insurance Industry both locally and internationally.

 

While Mr. Ahmed M. Sabbagh, the General Manager of the Islamic Insurance Company, said that he is proud of this Rating as it is a new achievement added to the Islamic Insurance companys' achievements that had been attained through eighteen years of continuous dedicative work. He continued that the experience of the Islamic Insurance Company attract the attention of International Rating Agencies which assert the prominence level achieved by the Islamic Insurance Company where it exceeded different challenges and proved efficiency in Takaful Insurance locally and internationally.

 

Published on: 1-4-2014

Lecture on Takaful Insurance inside the Islamic Insurance Company

On 09.06.2015, Mr. Ahmed M. Sabbagh, the General Manager of the Islamic insurance company has presented a lecture about the Takaful Insurance (its legitimacy, development, mechanisms and products ). The lecture was held at the Islamic Insurance Company for training purposes to our employees in addition to some employees from the Islamic bank of Jordan and also employees from Fact Systems and Solutions Company.

 At the end of the lecture there was an open discussion about Takaful Insurance and its practices.

 

Published on: 9-6-2015

Ahmed M. Sabbagh Receives The Golden Medal of Merit Respectively in Recognition of his Wise Management from Tatweej Academy for Excellence Awards

Mr. Ahmed Sabbagh, General Manager of the Islamic Insurance Company of Jordan, has received a Golden Merit and a Certificate of Excellence as awards in recognition of his Wise Management from The Excellence Awards Academy (The Tatweej Academy for Excellence Rewards). This ceremony was jointly organized by the Excellence Awards Academy (Tatweej) and the General Council for Islamic Banks and Financial Institutions.

The Tatweej Islamic Awards in its 6th annual honoring ceremony will witness the coronation of selected leaders of Islamic Financial Sector for the “Nibras” BIFA AWARD the Best Islamic Financial Award in recognition of their achievements and leadership. This ceremony was held in participation and with the valuable attendance of high ranked officials, business leaders, chairmen, presidents, managing directors, bankers, investors from different countries of the Middle East.

Whereas Mr. Sabbagh was honored for his effective leadership of the Islamic Insurance Company of Jordan, which was also classified during the ceremony as one of the best Islamic Insurance Companies in the Middle East. Noting that the Islamic Insurance Company is the first Islamic Takaful Company in the Hashemite Kingdom of Jordan and played a huge and important role in supporting the national Economy, as it provides several Insurance services in compliance with Shari’ah Principles to different segments of society.

Mr. Sabbagh expressed his gratitude for this recognition of his effective leadership for the Islamic Insurance Company of Jordan and he said that this reward is considered as additional achievement for the Islamic Insurance Company, then he added “Receiving such an award respectively is a great motivation for the Islamic Insurance Company to reach the highest ranks in Islamic Insurance Industry based on its three satisfying (C)s pillars; Conscious, Client and Company.”

 

Published on: 1-12-2013

The Islamic Insurance Company is the Best Islamic Insurance Company

in Jordan for the year 2013

 VThe Islamic Insurance Company has received the Best Islamic Takaful Insurance Company award in Jordan for the year 2013 at the 7th International Takaful Summit activities which was held in Cairo during this February with an organization of Afkar and Istishar Financial services situated in London, and with the attendance of various key note figures and International Insurance and Reinsurance Commissions.

Also, The Islamic Insurance Company has received the award of the best Islamic Insurance Company in the Levant and Africa for the year 2012 at the 6th International Takaful Summit activities held in London in 2012.

Mr. Ahmed Sabbagh General Manager of The Islamic Insurance Company has expressed his proud of receiving this award which is considered a medal of  The Islamic Insurance Company accomplishments during (17) years in spreading and developing the Takaful Industry locally and abroad and in consideration of The Islamic Insurance Company being the 1st Islamic Takaful Insurance Company in Jordan.

 

Also, this award in an incentive to achieve more advancements and accomplishments and develop the Islamic Economy Tool which have proven extra capabilities in facing the challenges and the International financial Crisis.

Mr. Sabbagh has explained that receiving this award was commensurating with the announcement of the distinguished financial results for the year 2012 as the written premium reached JD 18.5 million at an increased percentage of 14.5% compared to the year 2011. The growth percentage of the Company's Assets was 15% and the shareholders Equity reached JD 15.9 million withthe Company position to distribute profit to the shareholders and policyholders annually.

 

 These results confirm The Islamic Insurance Company capability and strength to apply the Islamic Insurance System which has formed a vital and important role in servicing the National Economy and other Insurance Services to the Community according to The Islamic sharia'h  principles.

 

Published on: 25-2-2013

The Islamic Insurance Company

The best Islamic Insurance Company 2012

The Islamic Insurance Company has received the award of the Best Islamic Insurance Company in the Levant and Africa for the year 2012 during the 6th International Takaful Summit held in London during the period from 11th- 12th July 2012 by Afar and Istishar for Banking and financial services/ London.

 

The Award ceremony was under the patronage of his Excellency Parliament member lord Sheikh Mohammad and the presence of various keynote figures, and International Insurance and Reinsurance Commissions.

 

Mr. Ahmed Sabbagh General Manager of The Islamic Insurance Company has expressed his proud of receiving this award in consideration of the great efforts spent by the Company to spread the Islamic Insurance principles in the Arabic and International levels and according to the distinguished results on the Company which has proven an outstanding capabilities and strength to apply Islamic Insurance System and produce an important vital role to services the National Economy and the services sector to generate many various Insurance services to the community and according to Islamic Sharia'h Principles Mr. Sabbagh has confirmed that receiving this award is part of many accomplishments which has been added to The Islamic Insurance Company records Established in 1996 as the 1st Islamic Insurance Company and being the pioneer of Islamic Insurance during the past sixteen years.

 

Published on: 20-7-2012

 

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