Amãna Takaful Archives

April 7, 2022

Amana Takaful PLC (ATI), a fully-fledged insurance company operating in Sri Lanka, has braved the Pandemic and other economic pressures of the year 2021. The organization closes the year 2021, with a significant 23% growth in group sales revenue and a 13% surge in group net profits before other comprehensive income.

Elaborating on the Group’s performance, Managing Director of Amana Takaful Insurance Hassan Kassim said: “Resilience is essential for any insurance brand, and Amana Takaful Insurance is no exception. ATI’s 2021 overall annual performance, strengthened by record Q4 numbers, shows that ATI has successfully triumphed over yet another challenging milestone. Our latest provisional reports show ATI as securing an increase of 13% in annual group net profits before other comprehensive income at Rs 250.34 Mn. In the same year, ATI’s total annual group equity level too jumped by 13%-from Y2020’s Rs 2.09 Bn to Rs 2.36 Bn in 2021. As a group we have also enhanced our processes, resulting in an improved claims settlement process, paying out claims worth Rs. 1.94 Bn.”

During the 4^th quarter alone, the organization has more than doubled its (quarterly) group net profits before other comprehensive income by a growth of 132%. Within the general insurance segment too, the latest Q4 results appear to be the continuation of the positive trends maintained throughout Q1-Q3.

Commenting on the general insurance company’s performance, CEO Shehan Feisal adds: “In terms of growth, Amana General was one of the better performers within the Sri Lankan insurance industry, in 2021. The general insurance company witnessed an overall sales growth of 19% during 2021. All growth figures are significantly above industry averages paying testament to the potential of Amana Takaful General Insurance. Our growth rates were also recognized through many local and international accolades during the year 2021. We thank all our channel partners, our employees, our stakeholders and most importantly our customers without whom this achievement would not have been a reality.”

June 1, 2021

Records 27% GWP growth despite Covid-19 pandemic
Substantial growth ratios recorded in all sub-classes; motor, medical, marine and fire insurance

Amana Takaful Insurance, announces its performance in the General Insurance sector for the first quarter of 2021 to have recorded a 27% YoY growth in Gross Written Premium (GWP), the industry dipstick for insurance sales performance.

CEO of Amana Takaful Insurance (General) Mr Shehan Feisal, elaborating on the company’s Q1 performance said: “I am pleased to announce that Amana Takaful Insurance is among the leaders of Sri Lanka’s insurance sector in the First Quarter of 2021. What is significant is that this feat has been achieved amid many pressures of the new normal; macro-economic pressures, insurance sector constraints and the pandemic’s pressure on people’s lives.”

The company also reported strong growth in all insurance classes during the first quarter. Its largest non-motor insurance growth segment was Marine Insurance, growing at a staggering 69% compared to 2020. Amana Insurance’s Fire & Engineering Insurance was the second largest growth area in Q1-2021, growing by 38% while Medical Insurance grew by 35%. The growth in Motor Insurance was also recorded at 19%; one of the highest growth percentages among industry peers.

Commenting on the Q1 financial performance, the Managing Director Mr Hassan Kassim adds, “The rapid growth that we are witnessing at Amana Takaful Insurance in the year 2021 must be attributed to the key strategic changes that were made in 2020 which brought in fresh thinking and modern processes into the organization. Overall, we’re happy with the team’s performance so far, as we look to continuously improve ourselves in being the most customer-friendly insurance company in Sri Lanka.”

It is believed that Amana Takaful Insurance’s novel, innovative and customer-centric approach to insurance in Sri Lanka, coupled with its refreshed brand identity that was launched in January 2021 has provided these significant results despite the current macro-economic situation and health challenges within the country.

September 15, 2020

Amana Takaful PLC (ATPLC) has announced the appointment of Shehan Feisal as the new CEO with effect from 20 July 2020.

As the new CEO, Shehan Feisal’s vision for ATPLC encompasses improving customer service, value chain and introducing a 360-degree approach for stakeholders. He will also focus on aligning ATPLC’s brand portfolio to meet customer requirements which is an increasingly important aspect especially given the challenging economic landscape in the country following the COVID-19 pandemic.

Shehan Feisal has gained a reputation as a result-oriented, growth-driven leader with over 25 years of extensive technical and managerial experience in the insurance industry, having worked for both local and multinational companies. During his longstanding career, he has specialised in several areas including underwriting of property and casualty, medical, marine, motor and miscellaneous classes of insurance including claims and reinsurance.

Feisal was also a team member of Amãna Takaful for over 9 years where he was a key member of setting up the Company during its inception back in 1999. In the recent past, Feisal has held the position of Head of Commercial (Technical P&C)/Chief Underwriting Officer for Allianz Insurance Lanka Ltd. where he was reporting directly to the CEO as well as the regional office in Singapore. Prior to his stint at Allianz Insurance Lanka, he was the AGM-Technical at Janashakthi General Insurance.

Feisal’s life long experience and unmatchable capabilities will be best suited to take Amãna Takaful PLC to the next level.

July 25, 2020

Amana Takaful PLC (ATL) offers Sri Lanka’s first-ever lowest premium health insurance policy that can be obtained with minimum documentation.

Suwasiri is a simple yet valuable medical policy for all Sri Lankans. Lowest priced for just Rs. 2,222/- on a cover that extends to Rs. 100,000/- per annum. The old adage ‘health is wealth’ today can be construed to mean ‘you need to be rich to be sick’. Medical costs are soaring and almost impossible for a daily wage earner or even the domestic at home to seek remedy from a private hospital. Suwasiri takes the worry out! Even if you seek treatment from a government hospital as an ‘in-patient’ the policy provides a per day allowance up to 21 days. In addition, medicine and Laboratory and Radiology tests carried out at private institutions while being admitted to the Government hospital will also be reimbursed.

The process to obtain a Suwasiri is so simple it only requires a very basic proposal form and copy of the National Identity Card. This convenience facilitates a short turn-around time for the busy Executive, while for a factory worker, three-wheeler driver of the domestic at home it’s a hassle-free way of obtaining a medical policy.

ATL is committed to promote and uplift the health and wellbeing of all Sri Lankans by making healthcare simple, convenient and affordable.

For 20 years, ATL has been the leader of the Takaful way of insurance in Sri Lanka, catering to all segments of the market. The Takaful way of insurance operates on the concept of bringing people together in a spirit of solidarity and mutual trust. Since its inception in 1999, ATL has been successful in establishing a strong position for the concept of Takaful amidst competition from established conventional players. As the pioneer Takaful provider, ATL operates 38 branches and is set to expand further to better serve customers across the country. ATL continuously reaches out to customers from all segments of society and offers innovative and state-of-the-art insurance products that are convenient, affordable and reliable – a part of its commitment to remain ‘Open to all’.

June 24, 2020

Wednesday, 24 June 2020, Colombo: Amana Takaful PLC (ATL) was reaffirmed ISO 9001:2015 recertification for both its General and Family (Life) Takaful businesses recently. The renewal underscores the company’s continuous efforts to provide the highest service standards to its valued customers.

The ISO 9001:2015 certificate is a certification that is awarded to organisations that meet with the highest quality management standards stipulated by the International Standards Organization (ISO). The prestigious certification confirms that an organisation has met the requirements for a quality management system that showcases its ability to consistently provide products and services that meet customer expectations as well as applicable statutory and regulatory requirements. Based in Geneva, Switzerland, ISO is an independent, non-governmental international organization with a membership of 164 national standards bodies.

ATL obtained the certification in January 2011 and it has been renewed periodically ever since. The Accreditation Auditors, DNVGL Business Assurance Lanka, carried out an in-depth assessment of ATL’s overall operations for General and Life Takaful and subsequently awarded the recertification at the conclusion of the audit.

As the pioneer Takaful provider, ATL operates 38 branches and is set to expand further to better serve customers across the country. ATL continuously reaches out to customers from all segments of society and offers innovative and state-of-the-art insurance products that are convenient, affordable and reliable.

April 30, 2020

The only fully fledged Shari’ah compliant insurance service provider, Amãna Takaful Maldives conducted the ninth AGM on virtual platform for the first time. Given the trying conditions arising from the global pandemic, Amãna Takaful decided to host this historical AGM adhering to social distancing guidelines set out by the Heath Authorities. The AGM was conducted in the presence of shareholders representing both corporate and individuals with a compelling attendance of 94 % of the total shareholding.

At the AGM held on 23rd day of April 2020, the Board of Directors honored the shareholder expectations with a final payment of dividends of 5%. This adds up to 10% dividend on the face value of shares for the financial year ended 2019.

The company has been registering consistent bottom-line results year on year, and for the period under review, the Profit Before Tax of the company recorded MVR 14.9 Million. Gross Written Premium, the key revenue indicator, soared to MVR 138 Million over-performed Industry growth in 2019. Higher revenues coupled with prudent underwriting, efficient claims management restrained costs and judicious investment management contributed to the improved consolidated results.

Backed by rated Retakaful counterparts, Amãna Takaful honored settlement of claims amounted to MVR 66.2 Million in 2019, an increase of 39% over the previous year. Additionally, 2019 will also go down in the history 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. “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,” said Chairman Tyeab Akbarally.

The closure of the books for the purpose of dividend distribution shall be 16th April 2020. Shareholders in the register as of that date, will be entitled for the dividends and other benefits.

He further commented “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 7th 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”.

Amãna Takaful Maldives as a responsible corporate, fervently observes the principles of mutuality and fair-play embedded in the Takaful system; adding value to all its stakeholders through a transparent system underpinned by the principles of Shari’ah. “A key priority to raise awareness regarding the principles of Islamic Finance and the Takaful concept itself, continues unabated. Throughout 2019 we progressed our schedule of Takaful advocacy programs focusing on key target groups such as youth and young adults” Hareez Sulaiman, Managing Director, added.

He further commented “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”.

Shareholders of Amãna Takaful Maldives have decided to re-elect Dr. Abdullah Shiham Hassan as an Independent Director. Subsequently, Messer’s Ernst and Young has been re-appointed as Independent External Auditor for the ensuing financial year.

This year too, AGM was concluded with the decision to provide personal accident cover to all individual Shareholders – the message will be communicated in due course.

At this time of global health emergency, we condole with families who have lost their loved ones. On the same note, we also salute the healthcare professionals who are relentlessly working hard to curb and eliminate this unprecedented global pandemic.

The present directors of the company are Tyeab Akbarally (Chairman), Hareez Sulaiman (Managing Director) Osman Kassim, Dato Mohd Fadzli Yusuf, M.H.M Rafiq, Dr. Abdullah Shiham Hassan and Abdullah Kassim.

February 13, 2018

Amãna Takaful PLC (ATL) recently opened its doors in Nugegoda, Beruwela and relocated its Puttalam Office. The move not only increased but also strengthened the company’s geographic footprint in the Island.

The CEO of ATL, Fazal Ghaffoor, expressing his views on these expansions stated that this is a direct result of ATL’s effort to fulfill its pledge to serve all communities, showcasing its innovative and dynamic products and services across the Island.

ATL’s higher echelon including Tyeab Akbarally, the Chairman of ATL, Ammar Kassim and Hassan Cassim representing the Board of Directors, Mr. Gehan Rajapakse, CEO ATL Life, Zaid Aboobucker, GM Operations, Gayan de Silva , AGM – Sales together with Regional Managers, Branch Managers and ATL staff as well as prominent businessmen, professionals and members of the financial services fraternity participated in these events.

As the pioneer Takaful provider, ATL operates in 34 branches and is eager on expanding further – to better serve its customers from around the country. ATL continuously reaches out to customers from all segments of society and offers innovative and state-of-the-art insurance products that are convenient, affordable and reliable. As part of its commitment to remain ‘open to all’, ATL serves all communities and employs a multi-ethnic team across its network.

January 30, 2018

A solid education is valued above all, in the present society. Education indeed defines an individual and opens up many opportunities for success. It is this distinction that is sought by the schools and the parents alike for their children.

At the end of the day, the hard work and dedication of the parents and schools pay off when the ardently committed student performs academically well at their exams. To emerge as a high achiever a well-defined focus and goal orientation alongside untiring efforts remains the success formula for many.

Amana Takaful’s (ATL) “Adhyapana” policy was introduced with the intention of supporting the hard work and dedication of the students who are academically oriented; in the unforeseen circumstances leading to the demise of the parents, the education insurance policy would ensure that all expenses related to the child’s education is well taken care of. Furthermore, the policy also not only recognizes but also rewards the exceptional achievements of students with cash prizes and scholarships at the Grade 5 Scholarship Examination and G. C E O/Levels.

Fathima Rifna of Hambanthota is one such student who bagged 9 A’s at the GCE O/L examination in the year 2016, ranked number 1 in the Tamil Medium in the Hambanthota District. She hails from an ordinary family and is the second child in her family. Her father, who is a businessman, believes that this exceptional performance is the result of the dedication and hard work put in by Rifna as well as the backing received from members of the family. ATL recognized and rewarded Fathima Rifna with a scholarship, at an event held at the Zahira College, Hambanthota recently.

Furthermore, 25 “Adhyapana” Policy holders who performed exceptionally well at recently concluded 2017 Grade 5 scholarship examination were also rewarded. ATL’s “Adhyapana” is viewed as one of the ‘must subscribed’ policies, to ensure that your children get the much-needed financial backing, making their education dream a reality.

December 12, 2017

Tuesday, 12th December 2017, Colombo: Amãna Takaful PLC (ATL) the only fully-fledged Takaful operator in the country and the flag bearer of the Takaful way of insurance in Sri Lanka, recently relocated its Matale Branch with the intention of serving their customers better.

The new branch with its cutting-edge facilities and open office concept is strategically located at 510, Main Street, Matale. The new office was ceremoniously inaugurated recently by
Fazal Gafoor – Chief Executive Officer, ATL in the presence of ATL’s senior regional management, staff members and representatives from the local community.

Commenting on the opening of the new branch, Fazal Gafoor – Chief Executive Officer, ATL said, “It’s indeed a great day for us, Matale is an area where people from all ethnicities live in harmony. At Amãna we are committed to remain ‘open to all’ as we serve all communities. We also employ a dynamic multi-ethnic team across our network. Our aim is to take our innovative and dynamic products and services to all parts of the country.”

ATL is keen on maintaining its ever expanding presence in central Sri Lanka and the new relocation marks yet another milestone in the comprehensive branch network with branches in Kandy, Gampola, and Akurana.

ATL continues to be a leading and progressive player in the insurance industry in Sri Lanka and satisfies all sectors of customers. The Takaful way of insurance operates on the concept of bringing people together to be part of a system that gives them the opportunity to help each other. Since its inception in 1999, ATL has been successful in establishing a strong position for the concept of Takaful amidst competition from established conventional players.

As the innovative pioneer Takaful provider, ATL operates 28 branches and is eager on expanding further to better serve customers across the country. ATL continuously reaches out to customers from all segments of society and offers innovative and state-of-the-art insurance products that are convenient, affordable and reliable. As part of its commitment to remain ‘open to all’, ATL serves all communities and employs a multi-ethnic team across its network.

November 23, 2017

23^rd of November 2017, Colombo: Amana Takaful Groups’ growth and profit momentum continues into the 3^rd Quarter netting in a pre-tax result of Rs. 128.5 Million for the period ending September 2017. This compares with a loss of Rs 96.5 Million in the same period last year.

With a modest 7% upside on Gross Written Premium(GWP) of Rs. 2.8 billion for the 9 months, the re-structured group has been able to harness a return of Rs. 285 Million on its investment assets in a relatively lackluster environment. Amana Takaful PLC, Amana Takaful Life PLC and Amana Takaful Maldives have all positively contributed to this performance.

“Steering a delicate balance of Portfolio restructure, a selective Under-writing & prudent risk appetite, tight productivity measures together with a robust claims management ethos, the Group is better positioned now to meet and exceed stakeholder expectations” says Group Chairman Tyeab Akbarally.

Amana Takaful PLC generated a GWP of 1.32 Billion, 10% ahead over the corresponding period in 2016. The profit before tax out-turn of Rs.46 Million compares with a loss of Rs 111 Million in 2016. A better than expected performance of 32% on the non-Motor classes, Medical and Micro Takaful segments totally mitigated the downside in Motor revenue. Claims on account of the recent flood were disbursed on time and in full. Motor loss ratios improved significantly to 58% vs 76% a year ago. Performance of the company’s new product lines have been exemplary. The combined ratio has improved markedly to 102% from 118% a year earlier.

Following a conscious decision to re-align its portfolio strategy, Amana Takaful Life PLC, listed on the CSE in August 2016, more than doubled its profit to Rs. 32 Million in the nine months to September, from the previous period’s result of Rs. 14 Million. On account of phasing out a product line, the total GWP in the nine months is 95% of the previous year. However, the long term endowment life plans continue to grow in line with expectations, boosting the Life Fund by 11%.

The off-shore operation Amana Takaful Maldives PLC, the only listed entity among industry players in the Maldives Stock Exchange, chugged along steadily with 7% growth in GWP, 61% upside in profit before tax compared to the previous year, while defending its market share despite the advent of new competition. Hereto, new product lines have delivered promising performance. Productivity measures have mitigated the rise in re-takaful expenditure and an upsurge in claims cost.

Both Amana Takaful PLC and Amana Takaful Maldives PLC emerged winners of the Gold Award for single entity Takaful operators at the recent Islamic Finance Forum for South Asia.

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Amana Takaful Insurance completes FY2021 with a significant 23% revenue growth and 13% increase in group profits

Amana Takaful General Insurance records significant growth in Q1

Amana Takaful appoints Shehan Feisal as new CEO

Amana Takaful’s Suwasiri offers hassle-free, ready-made health insurance to all Sri Lankans

Amana Takaful’s ISO 9001:2015 recertification affirms commitment to service quality

9th Annual General Meeting of Amãna Takaful Maldives was held successfully for the first time via virtual platform

Amana Takaful expands its Branch Network

25 Amana Takaful “Adhyapana” policyholders rewarded for their exceptional performance at the GCE O/L’s and Grade 5 Scholarship Exams

Amãna Takaful relocates its Matale branch to serve their customers better

Amana Takaful Group well poised for an exemplary rebound. Growth momentum sustained