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Bahrain Kuwait Insurance Company (BKIC) has signed an agreement with ICICI Bank (Bahrain branch), India's largest private sector bank, for the distribution of its general insurance products.
MANAMA: Shareholders of Bahrain Kuwait Insurance Company (BKIC) have approved a cash dividend of 30 per cent amounting to BD2,145,000 for 2016.
Chairman Murad Ali Murad said the current year marks the 40th anniversary of the founding of BKIC.
AM Best said the rating reflects BKIC's strong capitalisation, conservative investment strategy, excellent track record of technical profits and good standing in the operating markets of Bahrain and Kuwait.
Earnings per share increased to 53 fils as against 51 fils last year, said the BKIC.
BKIC CEO Ebrahim Alrayes said the results were encouraging compared to the performance in the first quarter of this year.
BKIC has deposited and kept the consideration at 95 fils per share ready for settlement for the number of shares surrendered in an escrow account with Securities & Investment Company (SICO).
It will give the insurance provider's customers the opportunity to earn Gulf Air Falconflyer miles when purchasing any of BKIC's home, annual travel and 'Motor Gold+'[euro]oCi and 'Platinum+'[euro]oCi insurance policies, said a report in the Gulf Daily News (GDN), our sister publication.
Datta's first exposure to Takaful was in the late nineties at BKIC, where he managed a feasibility study with Ernst & Young for Kuwait Finance House (KFH), a leading Islamic Bank, for a Takaful company in Kuwait.
Despite exceptional circumstances in Bahrain earlier this year, said BKIC,
The agreement was signed by BKIC chief executive officer Ebrahim Al Rayes and Kontra general manager David Bailey in the presence of the executive management of the companies.
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