Statement by the Chairman of the Board

ALTAKAFUL Insurance Co., A Future Sharia’a-based Vision

ALTAKAFUL Insurance Co. is the first takaful-based insurance company to be incorporated with an aim to develop its sharia’a-compliant products to provide insurance coverage in accordance with an Islamic view that is ambiguity-free and distant from gambling.

In the context of its future vision and based upon the past years of experience and fine reputation, as well as the transparency in its conduct, in complete respect of the terms of creative competition, the company is looking forward in the next few years to cement its name and enhance its presence in the Libyan insurance market, aiming to hold the flag of leadership in takaful-based insurance up high.

ALTAKAFUL Co. is driven by its strength factors such as: Firstly, the success achieved in signing and renewing of its agreements with an internationally renowned reinsurance company. Secondly, the company’s technical team and their expertise. Thirdly, its advanced, modern information system. Fourthly, the existence of a sharia’s committee of distinguished scholars and experts in sharia’a and fiqh (jurisprudence) of transactions.

Based on these factors, the company offers varied insurance services in accordance with and in compliance to the rules of Islamic Shasria’a.

In such way, the company will work towards developing its services in commercial health insurance as it enjoys an exclusive agency-agreement with Allianz Worldwide Care, one of the biggest international health reinsurer players in global markets, with an excellent reputation. In the field of health insurance, the company also operates a service in managing medical expenditure budgets on behalf of certain institutions and enterprises, with the help of an advanced information management system designed specifically for this aim as it seeks to expand its activities in this regard. Also, the company seeks to develop its activities in many other insurance areas including fire insurance and its risks, land insurance, engineering insurance, travelers insurance and car insurance of different types, among other types of insurance.

In order to develop its operations, the company is investing in modern insurance information systems that will enhance such developments. The company will also seek to develop its investment programmes to strengthen its financial position and its reserves, in addition to developing and training its recruits as well as improving its existing products and launching new products into the Libyan market while aiming to expend our geographical reach to all main cities and regions.

In conclusions, our future vision builds on advocating and spreading TAKAFUL-based insurance, respecting the terms of creative competitiveness in the Libyan market, coordinating with sister companies and creating new insurance products. That being said, we will also continue engaging with strong reinsurer global companies while developing our human resources and expanding our geographical reach in various Libyan cities.