Al Baraka Islamic Insurance Company Announces Its Financial Results for 2024

Economy SadaNews - Al Baraka Islamic Insurance Company announced its audited annual financial results for 2024 following the completion of its accounts audit by Talal Abu Ghazaleh and Partners International, which revealed a significant improvement in most financial and operational performance indicators compared to 2023.

According to the published data, the company achieved a net profit after tax of $643,901, reflecting the continued improvement in its insurance and investment operations despite the challenges faced in the Palestinian market. The total assets increased to $9,447,593 compared to $4,593,963 at the end of 2023, with a growth rate exceeding 105%. The total liabilities reached $5,591,157 compared to $3,631,428 in the previous year, an increase of nearly 54%.

In a statement regarding the results, Engineer Awad Allah Awad, Chairman of the Board, confirmed that the financial performance achieved during 2024 embodies the robustness of the policies adopted by the company in managing its operations. He stated: "These results affirm the viability of the approach the company has adopted over the past years, as Al Baraka was able to strengthen its financial stability and enhance the efficiency of its operations despite the surrounding circumstances, aligning with its future plans aimed at expanding its presence in the Takaful insurance market."

Engineer Awad added that the company is continuing to develop its products and services to meet public needs, noting that digital transformation and increasing operational efficiency are fundamental components of its plan for the upcoming phase.

On his part, the company’s General Manager Abdul Hakim Qassem praised the efforts of the work teams, confirming that the positive results are a direct reflection of the operational restructuring process implemented by the company during 2024. Qassem said: "We focused on enhancing the efficiency of claims management and underwriting and improving service quality, which reflected in increased profitability and improved financial indicators. We will continue to work on providing modern insurance services characterized by speed and flexibility that enhance customer confidence."

The General Manager pointed out that the company is moving forward with the implementation of its strategic plan, which includes expanding the Takaful insurance portfolio, innovating new solutions and products, and developing digital service channels to ensure faster and more effective access for citizens across various governorates.

It is worth noting that Al Baraka Islamic Insurance Company is one of the leading Palestinian companies operating in the field of insurance compliant with Islamic Sharia law, offering a wide range of services including vehicle, home, travel, and accident insurance, in addition to agricultural insurance, which the company introduced for the first time in the Palestinian market.