Tamkeen Insurance Company Officially Launches Operations in Ramallah and Al Bireh Governorate

4/03/2018

Ramallah- Tamkeen Insurance Company, a Palestinian limited public shareholding company, announced the official launch of its services in Ramallah and Al Bireh governorate through its branch in Al-Masyoun neighborhood. The Company will gradually provide services in the West Bank, Jerusalem, and Gaza Strip during the first half of this year through a network of branches, offices and agents. .

The Company foundation phase is completed after its registration by the Controller of Companies at the Palestinian Ministry of National Economy and Obtainment from the Palestinian Capital Market Authority of the license to operate Islamic insurance services compliant with the provisions of the Islamic Sharia'a, the Islamic financial accounting standards approved by the Jurisprudence Councils (Majaami’) and the Accounting and Auditing Authority for Islamic financial institutions.

The Company was founded upon the initiative of a group of Palestinian businessmen and a number of Palestinian institutions and companies, headed by the Foundation of Orphans Funds and the Palestinian Pension Commission, with an authorized capital of 8,000,000 shares. The founders subscribed to 77% of the authorized capital and a total of 1,840,000 shares were included in the company’s initial public offering publically traded between 25/2/2018 until Thursday evening, 22/3/2018.

Mr. Mohammed Al Rimawi, General Manager of the company, expressed his pleasure for the launch of services in Ramallah and Al-Bireh district. Applauding the determination of the Founding Committee and the executive management for building a success story in the Palestinian insurance market, Al Rimawi expressed belief that Tamkeen would also make a difference to this sector through its wide range of innovative insurance solutions and programs and adoption of the latest technologies to ensure highest quality of the service delivered to the Palestinian public.