Overview of KIB Takaful Insurance Company
KIB Takaful Insurance Company is a Sharia-compliant insurance company based in Kuwait City, Kuwait. It was established in 2004 with an authorized capital of K.D. 10 million. The company offers various personal and commercial insurance services, including general, medical, motor, marine, fire, group, network, cargo, and liability insurance.
Here are some key points to know about KIB Takaful Insurance Company:
- KIB Takaful Insurance Company is a Kuwaiti insurance company that provides Sharia-compliant insurance services to individuals and businesses.
- The business is dedicated to offering its clients top-notch insurance products and services that satisfy their demands.
- KIB Takaful Insurance Company has a team of qualified experts in the insurance and reinsurancereinsurancereinsurance market, insurance consultants, and a trusted Sharia committee.
- The company offers a range of Sharia-compliant insurance products, including medical Takaful, motor takaful, marine Takaful, fire and general Takaful, travel takaful, and group takaful.
- KIB Takaful Insurance Company is a consolidated subsidiary of Kuwait International Bank (KIB), which owns 73.60% of the company’s issued share capital.
- The company is registered in Kuwait, and its main activity is to provide takaful insurance (cooperative insurance).
- The mission of KIB Takaful Insurance Company is to give its clients the best possible service and assistance while assisting them in risk management and asset protection.
KIB Takaful Insurance Company is a reputable and reliable provider of Sharia-compliant insurance products and services in Kuwait. The company is committed to meeting the needs of its customers and providing them with the highest level of service and support.
History and Foundation
Establishment
KIB Takaful Insurance Company was founded in Kuwait City in 2004 as a Kuwaiti insurance company with an authorized capital of K.D. 10 million. The company was established to provide comprehensive, innovative, and Sharia-compliant insurance services by studying customer needs and the local market and working to provide the best possible solutions. The company’s establishment was in line with the principles of Shari’ah that were formed for the future benefit of every individual.
Growth and Development
Over the years, KIB Takaful Insurance Company has developed into a leading provider of personal and commercial insurance services in Kuwait. The company offers Sharia-compliant insurance, including general, medical, motor, marine, fire, group, network, cargo, and liability. The organization has a specialized team that includes a dependable Shareia committee, insurance advisers, and the most skilled specialists in the insurance and reinsurancereinsurancereinsurance market.
Here are some key points about the history and foundation of KIB Takaful Insurance Company:
- Founded in 2004 in Kuwait City
- Established with an authorized capital of K.D. 10 million
- Aims to provide comprehensive, innovative and sharia-compliant insurance services
- Emerged from the principles of Sharia’h for the better welfare of the community
- Offers sharia-compliant insurance, including general, medical, motor, marine, fire, group, network, cargo, and liability
- It hasIt hasIt has a specialized team of experts in the insurance and reinsurancereinsurancereinsurance market, insurance consultants, and a a a trusted Shareia committee.
Insurance Products and Services
To meet the needs of both individuals and businesses, KIB Takaful Insurance Company offers a broad range of insurance products and services. The company’s offerings are made in accordance with Shariah law and are intended to provide extensive coverage.
Takaful Insurance Plans
KIB Takaful provides a variety of Takaful insurance plans that offer protection against unforeseen events. These plans include:
- Medical Takaful: This plan covers medical expenses incurred due to illness or injury.
- Travel Takaful: This plan covers travel-related incidents such as trip cancellation, loss of baggage, and medical emergencies.
- Group Takaful: This plan provides coverage to groups such as employees of a company or members of an organization.
Health Insurance
KIB Takaful offers comprehensive health insurance plans that cover a range of medical expenses. These plans include:
- Medical Takaful: This plan covers medical expenses incurred due to illness or injury.
- Group Life Takaful: This plan provides coverage for employees of a company or members of an organization.
General Accidents and Liability
KIB Takaful provides insurance plans that protect against general accidents and liability. These plans include:
- Fire & General Takaful: This plan covers damages caused by fire, theft, and other general accidents.
- Liability Takaful: This plan provides coverage for damages caused by third-party liability.
Marine and Cargo Insurance
KIB Takaful provides marine and cargo insurance plans that protect against losses or damages to marine vessels and cargo. These plans include:
- Marine Takaful: This plan covers marine vessels against losses or damages.
- Marine Cargo & Hull (Machinery) Takaful: This plan provides coverage for cargo against losses or damages.
Motor Insurance
KIB Takaful provides motor insurance plans that offer protection against accidents and damages to vehicles. These plans include:
- Motor Takaful: This plan covers damages caused by accidents or theft.
- Marine Hauliers Liability Takaful: This plan covers damages caused by third-party liability.
All things considered, KIB Takaful Insurance Company provides a variety of insurance goods and services to meet the requirements of both people and companies. Their products are developed to offer extensive protection while upholding Shariah laws.
Corporate Philosophy and Ethical Practices
Islamic Sharia-Compliant Takaful
KIB Takaful Insurance Company is a Kuwaiti insurance company based on Islamic Sharia-compliant Takaful principles. Takaful is a cooperative system of risk sharing, where the participants pool their resources together to protect themselves against potential losses. The company’s primary objective is to provide comprehensive, innovative, and Sharia-compliant insurance services by understanding the customers’ needs and the local market.
KIB Takaful Insurance Company aims to be the leading provider of distinguished services in Takaful insurance in Kuwait that comply with the provisions of Islamic Sharia. To achieve this, the company creates various Takaful programs with international standards to secure maximum protection for its clients, their families, and their properties.
Ethical Principles and Justice
KIB Takaful Insurance Company operates based on ethical principles and justice. The company’s ethical practices ensure it provides its customers with fair and transparent services. The company strives to maintain high ethical standards in all its operations to ensure that it meets its customers’ expectations.
The company’s ethical practices are based on the principles of cooperation, brotherhood, and solidarity, which are the foundation of Takaful. These principles ensure that the company’s customers receive financial assistance based on mutual aid, brotherhood, and solidarity if they face misfortune.
KIB Takaful Insurance Company has created a code of conduct that describes the expectations for employee behavior in order to guarantee that the business runs on moral principles and justice. The company’s employees are expected to act with integrity, honesty, and transparency in their customer dealings.
KIB Takaful Insurance Company operates based on ethical principles and justice. The company’s ethical practices are based on the principles of cooperation, brotherhood, and solidarity, which are the foundation of Takaful. The company’s objective is to provide its customers with fair and transparent services that comply with the provisions of Islamic Sharia.
Market Presence and Reach
Local Market Integration
KIB Takaful Insurance Company has a strong presence in the local market, particularly in Kuwait City, where it is headquartered. The company is well-integrated into the local market and has established a strong reputation for providing its customers reliable and Sharia-compliant insurance services.
Here are some critical points regarding KIB Takaful’s local market integration:
- The company has a significant market share in Kuwait’s insurance industry, particularly in the takaful sector.
- KIB Takaful has a wide range of insurance products, including medical, motor, marine, fire, general, travel, and group takaful.
- The company has a team of qualified experts in the insurance and reinsurancereinsurancereinsurance market, insurance consultants, and a trusted Shareia committee to ensure their products are Sharia-compliant.
International Operations
KIB Takaful Insurance Company has expanded its operations beyond the local market and has a growing international presence. The company strongly focuses on the Middle East and Asia and has established partnerships with several global insurance companies.
Here are some critical points regarding KIB Takaful’s international operations:
- The company has partnerships with international insurance companies to expand its reach and provide customers with a broader range of insurance products.
- KIB Takaful has a significant presence in the Middle East and Asia, focusing on countries with large Muslim populations.
- The company’s international operations align with its mission to provide Sharia-compliant insurance products to customers worldwide.
Overall, KIB Takaful Insurance Company has a strong market presence and reach, both locally and internationally. The company’s focus on providing Sharia-compliant insurance products and its partnerships with international insurance companies have helped it establish a strong reputation in the insurance industry.
Customer Service and Customization
Client Relations
KIB Takaful Insurance Company prides itself on providing exceptional customer service to its clients. The company has a dedicated professional team to handle all customer inquiries and concerns. Clients can contact the company through various phone, email, and social media channels. The company’s customer support staff is ready to help customers around-the-clock.
KIB Takaful Insurance Company values its clients and strives to build strong relationships with them. The business takes the time to learn about the particular needs of each client and then offers insurance solutions that are specifically tailored to those needs. Because of its client-centric philosophy, the business has amassed a devoted clientele.
Customized Insurance Solutions
A variety of insurance policies are available from KIB Takaful Insurance Company, and they can be tailored to each client’s unique requirements. The company’s team of professionals works directly with customers to comprehend their needs and offer customized insurance plans that provide the appropriate coverage at an affordable cost.
The company’s customized insurance solutions are designed to provide clients with the quality coverage they need to protect their assets and investments. KIB Takaful Insurance Company understands that each client’s needs are unique and works hard to provide customized insurance solutions that meet those needs.
KIB Takaful Insurance Company is committed to providing its clients exceptional customer service and customized insurance solutions that meet their unique needs. With a dedicated team of professionals and a client-centric approach, the company is well-positioned to continue providing its clients quality insurance products and services.
• The company has a dedicated team of professionals trained to handle all customer inquiries and concerns. • Clients can contact the company through various phone, email, and social media channels. • The company’s customer service team is available 24/7 to assist clients with any issues. • KIB Takaful Insurance Company values its clients and strives to build strong relationships. • The company takes the time to understand each client’s unique needs and provides customized insurance solutions that meet those needs. • The company’s customized insurance solutions are designed to provide clients with the quality coverage they need to protect their assets and investments.
Strategic Partnerships and Collaborations
KIB Takaful Insurance Company has been actively partnering with other companies in the industry to provide comprehensive and innovative insurance services to its customers. Some of the notable partnerships and collaborations are discussed below:
Warba Health Insurance Company
KIB Takaful Insurance Company has signed a strategic partnership agreement with Warba Health Insurance Company to provide health insurance services to its customers. Warba Health Insurance Company is a leading health insurance services provider in Kuwait known for its quality services. The partnership will enable KIB Takaful Insurance Company to expand its health insurance services and provide its customers with a broader range of options.
The partnership will also enable KIB Takaful Insurance Company to leverage Warba Health Insurance Company’s expertise in the health insurance industry. The two companies will work together to develop new and innovative health insurance products that meet the evolving needs of their customers. The partnership is expected to benefit both companies and their customers.
The key highlights of the partnership are:
- KIB Takaful Insurance Company will offer health insurance services to its customers through Warba Health Insurance Company.
- The partnership will enable KIB Takaful Insurance Company to expand its health insurance services.
- The two companies will work together to develop new and innovative health insurance products.
Other Industry Partnerships
Apart from the partnership with Warba Health Insurance Company, KIB Takaful Insurance Company has also signed strategic alliances with other companies in the industry. These partnerships aim to provide comprehensive and innovative insurance services to its customers.
Some of the other industry partnerships of KIB Takaful Insurance Company are:
- Alkhaleej Takaful Insurance Company: KIB Takaful Insurance Company has signed a strategic partnership agreement with Alkhaleej Takaful Insurance Company to provide health insurance services to its customers. The partnership will enable KIB Takaful Insurance Company to expand its health insurance services and provide its customers with a broader range of options.
- Cigna Healthcare: KIB Takaful Insurance Company has signed a strategic partnership agreement with Cigna Healthcare to provide health insurance services to its customers. The partnership will enable KIB Takaful Insurance Company to expand its health insurance services and provide its customers with a broader range of options.
The partnerships with these companies will enable KIB Takaful Insurance Company to provide its customers with a broader range of insurance services and products. The company is committed to providing its customers comprehensive and innovative insurance services and will continue exploring new partnerships and collaborations in the industry.
Financial Performance and Stability
KIB Takaful Insurance Company has provided its clients insurance services for several years. The company has maintained a stable financial performance over the years, contributing to its growth and success in the market. Here are some key points to note about the economic performance and stability of KIB Takaful Insurance Company:
- KIB Takaful Insurance Company has been able to maintain a healthy financial position over the years. The company has generated steady revenue from its insurance services, contributing to its economic stability.
- The company has achieved a good return on its investments, contributing to its financial performance. KIB Takaful Insurance Company has been able to invest its funds in a diversified portfolio, which has helped to mitigate risks and generate good returns.
- KIB Takaful Insurance Company has a solid capital base, which has helped to support its operations and growth in the market. The company has maintained a good level of capital adequacy, which has helped to ensure that it can meet its obligations to its clients.
- The company has maintained good liquidity, which has helped ensure it can meet its short-term obligations. KIB Takaful Insurance Company has managed its cash flows effectively, which has helped ensure that it can meet its operational and financial needs.
- KIB Takaful Insurance Company has a good reputation in the market, which has helped to support its financial performance and stability. The company has built a firm brand name, which has helped attract new clients and retain existing ones.
KIB Takaful Insurance Company has maintained a stable financial performance over the years. The company has generated steady revenue from its insurance services and investments, contributing to its economic stability. The company has also maintained a strong capital base and liquidity position, which has helped support its operations and growth in the market.
Corporate Governance and Management
Leadership and Vision
Corporate governance and management are important to KIB Takaful Insurance Company. A group of experts dedicated to provide cutting-edge, sharia-compliant insurance services runs the business. The leadership team of the company is committed to offering a future vision that is centered on satisfying the demands of its clients while upholding the highest standards of corporate governance.
The company’s board of directors is responsible for setting its strategic direction and overseeing its operations. The board comprises experienced professionals who bring a wealth of knowledge and expertise to the company. The board is committed to ensuring that the company’s operations are conducted transparently and ethically.
Professional Team
KIB Takaful Insurance Company has a professional team of experts committed to providing its customers the highest level of service. The company’s team includes underwriting, claims management, risk management, and customer service professionals. The team is dedicated to providing innovative solutions to meet the needs of its customers.
The company’s professionals are committed to maintaining the highest standards of corporate governance. They are responsible for ensuring that the company’s operations are conducted transparently and ethically. The professionals are committed to providing the highest level of service to the company’s customers while maintaining the highest standards of corporate governance.
Overall, KIB Takaful Insurance Company is committed to providing its customers innovative and Sharia-compliant insurance services. The company’s leadership team and professional staff are committed to maintaining the highest standards of corporate governance and providing the highest level of service to the company’s customers.
Contact Information
Head Office Address
KIB Takaful Insurance Company (KSCC) is headquartered in Sharq, Kuwait City. The company is located at Gravity Tower, Building No. 23, Ahmad Al-Jaber Street. Customers can send their inquiries or feedback to the following mailing address:
- P.O. Box: 53056, Al-Nuzha, 73061, Kuwait.
Customer Support Channels
KIB Takaful Insurance Company offers several channels through which customers can contact them. These channels include:
- Phone Number: +965 1830033
- Fax Number: +965 22438981
- Email: [email protected]
Customers can call the phone number provided to speak with a customer service representative. They can also send an email to the email address provided. The company aims to respond to all customer inquiries within a reasonable timeframe.
Customers who prefer to send their inquiries via fax can use the fax number provided. The company also has a mailing address where customers can receive inquiries or feedback.
KIB Takaful Insurance Company provides its customers comprehensive, innovative, and Sharia-compliant insurance services. The company’s specialized team consists of the most qualified experts in the insurance and reinsurancereinsurancereinsurance market, insurance consultants, and a trusted Shareia committee.
Kuwait MLS
Our platform integrates technology, insights, and a thriving community, revolutionizing the real estate journey and empowering individuals to make informed property decisions. Discover more by clicking here.
Frequently Asked Questions
What are the career opportunities available at a takaful insurance company?
- Takaful insurance companies offer a wide range of career opportunities, including but not limited to:
- Insurance underwriters
- Claims adjusters
- Sales representatives
- Actuaries
- Risk managers
- Customer service representatives
- These positions may require different levels of education and experience, depending on the company and the specific job.
How can I contact customer service for a Takaful insurance company?
- To contact the customer service of a takaful insurance company, you can:
- Call the company’s customer service number
- Email the company’s customer service email address
- Visit the company’s website and use the online contact form
- The contact information for the customer service department of a takaful insurance company can usually be found on the company’s website.
What are the salary ranges for positions within takaful insurance companies?
- The salary ranges for positions within takaful insurance companies vary depending on the job and the employee’s level of experience.
- According to Glassdoor, the average salary for an insurance underwriter in Kuwait is around 1,200 KWD per month, while the average salary for a claims adjuster is around 800 KWD per month.
- Sales representatives may earn commissions in addition to their base salary.
What is the role of executive management in takaful insurance companies?
- Executive management in takaful insurance companies is responsible for setting the overall strategy and direction of the company.
- They also ensure the company complies with all relevant laws and regulations.
- Executive management may include the CEO, CFO, and COO positions.
How does workmen’s compensation insurance work in Kuwait?
- Workmen’s compensation insurance in Kuwait is mandatory for all employers.
- The insurance provides coverage for employees injured or ill due to their work.
- Employers must pay premiums based on the number of employees and the risk associated with their industry.
- If an employee is injured or becomes ill, they can file a claim with the insurance company to receive compensation for medical expenses and lost wages.
What are the criteria for evaluating the best takaful insurance company?
- The criteria for evaluating the best takaful insurance company may include:
- Financial strength and stability
- Customer service and satisfaction
- Range of products and services offered
- Competitive Pricing
- Reputation and track record in the industry
- Researching and comparing different takaful insurance companies is essential before deciding which one to use.
