Al-Baraka Islamic Insurance Company Delivers Compensation to Farmers Benefiting from the Agricultural Insurance Program within the Project "Building Palestinian Agricultural Insurance Systems and Services"

SadaNews - As part of its continuous efforts to enhance the insurance protection system for the Palestinian agricultural sector, Al-Baraka Islamic Insurance Company has delivered a new batch of financial compensations to a number of farmers benefiting from the agricultural insurance program. This initiative is part of the "Building Palestinian Agricultural Insurance Systems and Services" project, funded by the European Union and implemented by Oxfam and the Palestinian Economic and Social Development Center, in partnership with the Ministry of Agriculture.

The delivery of these compensations comes as a culmination of the joint efforts made to establish a practical model for agricultural insurance in Palestine, based on clear technical and professional foundations. The goal is to protect farmers from losses resulting from climatic, health, or emergency risks that may affect crops or livestock production, ensuring the continuity of the production process and mitigating negative financial impacts on farmers and their families.

The compensations included Wajdi Mazouz Sheikh Ali, valued at 64,346 Shekels from Qalqilya Governorate, from the town of Baqa al-Hatab; farmer Qusay Awda Jumaa Awda, valued at 72,678 Shekels from Jenin Governorate; farmer Zakaria Muhammad Ma'ali, valued at 14,751 Shekels from Jenin Governorate, from the town of Ajja; and farmer Alam Joudat Said Khalifa, valued at 132,329 Shekels from Jenin Governorate, also from the town of Ajja. The amounts were disbursed after completing field inspection and technical evaluation procedures according to the standards set in the insurance documents, ensuring fairness and transparency in calculating compensations.

This step reflects the actual impact of agricultural insurance as a risk management tool. The program contributes to enhancing farmers' confidence in agricultural investment, enabling them to plan their upcoming seasons with greater certainty, especially in light of the increasing challenges facing the agricultural sector from climatic fluctuations and rising production costs. Moreover, having insurance coverage is an essential pillar for facilitating farmers' access to financing by reducing the level of risks associated with agricultural activities.

In a statement on this occasion, the General Manager of Al-Baraka Islamic Insurance Company, Abdul Hakim Qasim, confirmed that the delivery of compensations represents a practical milestone that affirms the success of the agricultural insurance model in Palestine. He pointed out that the company has treated this project as a national responsibility aimed at supporting the resilience of Palestinian farmers and enhancing national food security. He added that the swift completion and disbursement of compensation transactions reflect the company's commitment to professionalism, transparency, and respecting the rights of the insured. The company will continue its efforts to develop this product to encompass a wider range of crops and agricultural sectors in the upcoming phase.

He stressed that agricultural insurance is no longer a secondary option but has become an essential element in managing agricultural risks and forms part of an integrated system seeking to achieve economic stability in Palestinian society, enhancing farmers' ability to face crises and challenges with confidence and sustainability.

Farmer Wajdi Sheikh Ali, who has over fifteen years of experience in poultry breeding, stated that agricultural insurance is a true security element for farmers, especially given the unexpected risks that can cause significant losses in a short period. He explained that over the past five years, he has not faced any significant losses; however, he took the initiative to insure the chickens he raises, believing in the importance of preventive measures. When his farm recently suffered a sudden loss, having insurance made a direct impact in alleviating his financial burden and enabling him to continue his work without disruption. He affirmed that his experience with agricultural insurance has been positive and encouraging, wishing that insurance would be generalized to include all farmers for the real benefit of the entire agricultural sector.

For his part, farmer Qusay Awda noted that he approached Al-Baraka Islamic Insurance Company and insured his farm, recognizing the magnitude of risks poultry breeders may face. He pointed out that when his flock was affected by Newcastle disease, leading to complete loss of the flock, the company stood by him and handled the case with high professionalism, as the loss was assessed and compensated according to the approved procedures. He explained that receiving the compensation made a significant difference in his ability to restart the farm and continue his activity, affirming that agricultural insurance is an urgent necessity for every farmer seeking to protect their investment and ensure the continuity of their work amidst ongoing challenges.

Al-Baraka Islamic Insurance Company is one of the leading companies in the Palestinian insurance sector, providing comprehensive insurance solutions compliant with Islamic law. The company has built its strategic vision on quality, professionalism, and innovation in service delivery. Since its inception, the company has been keen to consolidate its position in the market by developing its insurance products, enhancing its digital infrastructure, and expanding its network of branches and offices to ensure easy access to its services across various governorates. Furthermore, it is committed to corporate social responsibility and supports economic and developmental initiatives.