Al Baraka Islamic Insurance Company Holds Its Annual General Assembly and Reviews Its Financial and Operational Results for 2024

SadaNews - Al Baraka Islamic Insurance Company held its ordinary annual general assembly for the fiscal year ending on 31/12/2024, on Sunday, December 14, 2025, at the Carmel Hotel in Ramallah. This meeting was attended by the company's shareholders, members of the board of directors, the executive management, the representative of the Palestinian Capital Market Authority, Amjad Qabha, the representative of the Companies Registration Office at the Ministry of National Economy, Maha Hassouna, the external auditor, Jamal Malhem, along with the chairman of the company's Shari'ah Supervisory Board, Mohamed Hanini. The meeting was opened after the representative of the Companies Registration Office announced that the quorum was complete, with the chairman of the board, engineer Awad Allah Ibrahim Awad, beginning the session with a welcoming speech, emphasizing the importance of the meeting as an annual checkpoint for the company to present its business results, assess its performance, and discuss its future directions.

Prior to the general assembly meeting, a board meeting of Al Baraka Islamic Insurance Company was held, during which the company's business results for the year 2025 were discussed, along with future work plans that include developing insurance products, enhancing digital transformation, and expanding the range of services provided to various segments of society. The board commended the performance and achievements of the current year.

During the general assembly session, the agenda was read and the financial and administrative reports were discussed, highlighting the major financial and operational developments the company witnessed during 2024, in addition to listening to the external auditor's report. The balance sheet and the final accounts for the ended fiscal year were approved, and the board members were discharged for that year, before the general assembly approved the appointment of the external auditor for the 2025 fiscal year.

In reviewing the financial performance, the chairman of the board presented a comprehensive overview of the published financial results, which showed a clear improvement in most indicators compared to the previous year. The company achieved a net profit after tax of $643,901, reflecting continued growth in its insurance and investment operations despite the challenges faced in the Palestinian market. Total assets rose to $9,447,593 compared to $4,593,963 at the end of 2023, representing a growth rate exceeding 105%. Meanwhile, total liabilities reached $5,591,157 compared to $3,631,428 in the previous year, an increase of nearly 54%. Engineer Awad believed that these results reflect the soundness of the financial and operational policies adopted by the company and its ability to enhance its financial stability under complex economic conditions.

The chairman also provided an extensive presentation on operational performance, indicating that the positive results achieved during 2024 were a direct reflection of the operational plan implemented by the company, which included developing internal work systems, improving the quality of services provided, enhancing claim and underwriting management efficiency, in addition to investing in technical infrastructure and expanding the Takaful insurance portfolio to meet the needs of the Palestinian market.

The chairman pointed out that Al Baraka Islamic Insurance Company continues to execute its plan aimed at developing its services and improving the quality of its operational processes, emphasizing that digital transformation is a key focus in the company's direction for the next phase, whether in terms of product development, improving underwriting and claims management procedures, or providing faster and more flexible services that enhance customer experience and increase institutional performance efficiency.

In this context, the chairman stated that the launch of the agricultural insurance campaign was a step aimed at supporting the Palestinian agricultural sector and enhancing the resilience of farmers by providing specialized Takaful insurance solutions that help mitigate the risks faced by this vital sector, aligning with the company's direction to expand the insurance protection umbrella for various productive sectors.

He also addressed the launch of the "Baraka Mobile" application campaign, which falls within the company's strategy to promote digital transformation and facilitate customer access to its insurance services, as the application allows a range of electronic services that contribute to improving user experience, speeding up processes, and enhancing direct communication with customers, keeping pace with the requirements of the digital age and enhancing the company's competitiveness in the market.

At the conclusion of the meeting, the general assembly expressed its appreciation for the efforts made by the management and the board of directors during the past year, while the board reiterated Al Baraka Islamic Insurance Company's commitment to continue working according to the highest standards of transparency and governance, enhancing its presence in the Takaful insurance sector, and preserving shareholders' interests, thanking the regulatory authorities and the company's staff for their continuous efforts.