Press releases, Reports & Disclosures for Takaful Emarat (PSC)

The Board of Directors of Takaful Emarat Insurance PJSC has invited its shareholders to the annual general assembly meeting, which will be held both physically and electronically on Friday, 14 June 2024. The agenda includes reviewing and approving the Company’s Board of Directors report, the Auditor’s Report, the Internal Shariah Supervisory Board’s Report, and the Company’s balance sheet for the year ended 31 December 2023. The meeting will also appoint members of the Internal Shariah Supervisory Committee, discharge the members of the Board of Directors and the auditors from liability for the year ended 31 December 2023, appoint the auditors for the year 2024, and approve the reinstatement of the Company Articles of Association. A special resolution will be considered regarding the continuation or dissolution of the company's activity prior to its prescribed term, in accordance with federal law.

Takaful Emarat Insurance (PSC) reported accumulated losses amounting to AED 190,192 (in thousands) in Q1 2024, equating to 127% of its paid-up capital. This is in accordance with the SCA Board of Directors’ Decision No. (32/R.M.) of 2019, which requires disclosure when losses reach or exceed 20% of paid-up capital. The losses were mainly due to reduced margins and higher medical claims expenses, lower-than-expected returns from investments, and business decline following a merger and acquisition project. The company also wrote off some bad debts and revaluated some assets, adding to the losses. To address this, the company initiated a capital restructuring process in early 2024, approved a capital increase of AED 185Mn, and is working to improve its IT systems and investment strategies.

The board meeting of Takaful Emarat Insurance PJSC was held on Wednesday, 15 May 2024, from 15:00pm to 16:30pm. Five board members were present, achieving a quorum of 88.3%. The board ratified the minutes from the previous meeting held on 5th April 2024, and approved the unaudited interim consolidated financial statements for Q1 ending 31 March 2024. Other matters were also discussed. The meeting's decisions were signed off by Board Secretary, Rayan Omer.

Takaful Emarat Insurance PJSC will hold a board meeting on Wednesday, 15th May 2024 at 15:00pm. The agenda includes ratifying the minutes of the previous Board of Directors meeting held on 5th April 2024, discussing and approving the unaudited interim consolidated financial statements for Q1 ended 31st March 2024, discussing the latest insurance business updates, and addressing any other business. The meeting disclosure was signed by Board Secretary Rayan Omer on 13th May 2024.

Takaful Emarat Insurance has released a report detailing its financial situation in compliance with the SCA Board of Directors’ Decision No. 32/R.M. of 2019. The report reveals the company's accumulated losses amounting to AED 181,264 (in thousands), which is 120.8% of its paid-up capital. The losses have been attributed to a series of factors including reduced margin and higher medical claims expenses than expected, lower returns from investments, the impact of a merger and acquisition project, and the writing off of bad debts. The company has initiated steps to address the situation, including a capital restructuring process, the development of a long-term business plan, and enhancements to its IT systems.

On 15th April 2024, the Dubai Financial Market's Board decided to declare Mr. Saeed Al Sharid's seat as vacant due to the absence of a legal requirement. The company will officially disclose any updates regarding the vacant seat after obtaining relevant regulatory approvals. This information was conveyed by the Board Secretary, Rayan Omer.

The board meeting of Takaful Emarat Insurance PJSC took place on April 5, 2024, from 10:30 AM to 11:15 AM, with five members present and a 71% quorum achieved. The board ratified the minutes from the previous meeting held on January 10, 2024. They discussed and approved the Audited Financial Statement and the integrated report for the year ended December 31, 2023. The board also discussed and approved the agenda and date for the General Assembly, pending approval from the Central Bank and the Securities and Commodities Authority (SCA). A recommendation was made to the General Assembly to reconsider their decision from February 27, 2024, to amend the capital increase amount to AED 185 million from AED 125 million, also subject to approval from the Central Bank and the SCA. Other matters were discussed as well. The results of the meeting were disclosed by Rayan Omer.