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Al Madina Takaful nine months' net profit down 31 per cent.

Oman's Al Madina Takaful (Al Madina Insurance Company) has reported a net profit and surplus for the period to end-September of OMR 1,007,669, down from OMR 1,461,712 a year earlier.

Gross contributions were OMR 17,286,219 for General Takaful and OMR 1,951,650 for Family Takaful, down four per cent and up 19.6 per cent respectively. The surplus from Takaful operations before Wakala fees was OMR 2,941,602 for General Takaful and OMR 303,472 for Family Takaful, up 12.5 per cent and 40.8 per cent respectively.

Al Madina Takaful saw a drop in Wakala fees to OMR 3,847,574 from OMR 3,929,187 a year earlier. Mudharib fees were also down, falling 14 per cent to OMR 44,456. Investment income was down from OMR 628,220 to OMR 480,500.

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Publication:CPI Financial
Date:Oct 13, 2016
Words:158
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