PNN Videos and Pictures: The listing and trading of Tamkeen Insurance Company shares on the Palestine Exchange

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(MENAFN – Palestine News Network (Ramallah /PNN/ Filmed and Edited by Jad Jado – Photography Abdel Nasser Al Laham – On Sunday 6/6/2021, Tamkeen Insurance Company listed and started trading its shares on the Palestine Stock Exchange, under the symbol (TPIC). After completing all the necessary requirements, through a special ceremony organized at the Carmel Hotel in the city of Ramallah, in the presence of Minister Khaled Al-Aseeli, Palestinian Minister of National Economy, Dr. Ahmed Majdalani, Minister of Social Development, Dr. Majid Atta Al-Helou, Chairman of the Company’s Board of Directors, and Mr. Rafiq Al-Natsheh, Chairman The honorary of the company, Dr. Firas Melhem, Governor of the Palestine Monetary Authority, Maher Al-Masry, Chairman of the Board of Directors of the Palestine Exchange, Buraq Al-Nabulsi, Director General of the Palestinian Capital Market Authority, and Nihad Kamal, a member of the Board of Directors of the Palestine Exchange, in addition to Amjad Jadoua, Director General of the General Administration Insurance in the Capital Market Authority, and a group of businessmen, economists, managers of banks operating in Palestine, members of the company’s board of directors, and the executive management headed by Mr. Muhammad Al-Rimawi, the company’s general manager.

The event opened with the Palestinian national anthem, and a minute of silence for the souls of the martyrs.

In his speech, Minister of National Economy Khaled Al-Osaili stressed the vitality of the role played by “Tamkeen”, considering that its accession to the stock exchange and the distinguished results it achieved, indicate the professionalism of the company’s management, and the great experience that it and its staff enjoy.

He announced the purchase of 10,000 shares of the company’s shares, noting in return the company’s contribution to strengthening the mechanisms and culture of Islamic finance and banking.

In his speech, Dr. Majed Atta Al-Helou welcomed the attendees, stressing that the listing of the company is nothing but an embodiment of the strength of its financial position, and its ability to impose itself strongly in the insurance sector in Palestine, as it was able to extinguish its founding expenses during the second operating year, and to acquire 10% of the Palestine market Insurance, and distributing cash dividends to shareholders at a rate of 4% for the year 2020.

He added: The listing of Tamkeen Insurance Company’s shares on the stock exchange is an additional brick in the company’s record of great successes.

He continued: There are a large number of advantages that will be achieved for the company by listing shares on the stock exchange. On the one hand, this will allow for diversification of the funding sources available to it, except that the company’s work will gain more credibility under a supervisory and control umbrella, which guarantees disclosure and transparency to investors.

He believed that this step would enhance the company’s market position, shareholder rights, and provide more liquidity.

He went on to say that the listing of the company’s shares on the stock exchange will contribute to increasing the fairness of its pricing, through the interaction of supply and demand forces, and it will also reflect positively on the company’s image, activity and performance.

He considered that the listing of “Tamkeen Insurance” shares on the stock exchange is an additional factor that highlights the company’s achievements on the one hand, and the great potential of the insurance sector on the other hand, noting that the Palestinian insurance sector is a promising sector, capable of adapting to different political and economic conditions.

He pointed out that the insurance sector in the stock exchange constitutes approximately 6% of its total market value, and it is the only sector that achieved a growth in its profits by more than 17% during the year 2020, expressing his hope that the listing of Tamkeen Insurance Company will support the advancement of this reality. sector, in a way that meets the aspirations of investors and beneficiaries of various insurance services.

Buraq Al-Nabulsi considered that the listing of Tamkeen Insurance Company’s shares is a new achievement to add to the company’s journey, which has achieved a lot since the start of its activities more than two years ago.

He said: The joining of “Tamkeen Insurance” to public shareholding companies listed on the stock exchange is a very important issue, given that it gives clear indications about its ability to reach great successes within a record period.

He pointed out that the inclusion of “Tamkeen” is the first since 2017, pointing out that insurance is one of the most important economic sectors, as despite the Corona pandemic, insurance premiums written by all insurance companies licensed by the authority maintained at the same level during the year 2020, as It amounted to $303.2 million, while it was $302.5 million in 2019.

For his part, Muhammad Al-Rimawi indicated that listing the company’s shares on the stock exchange will not be the end for it, but rather an incentive for more giving and work during the subsequent period.

He said: The company has been able, in a short time, to achieve a lot, and its financial results have reinforced its remarkable trajectory at all levels. From here, we are fully prepared and ready to assume our responsibilities and continue our developmental role.

And he indicated that the company will move forward in diversifying its services and investments, and achieve the company’s smart vision by adapting modern technology and related technologies to increase the efficiency of internal operations, developing communication tools with insurance policyholders in line with the expectations and aspirations of subscribers, and providing the best services to insurance policy holders as partners. In the course of its success, in addition to striving to improve and develop shareholders’ rights.

The event included the signing of the ceremonial agreement by the company and the stock exchange, marking the listing of Tamkeen Insurance Company’s shares on the Palestine Stock Exchange. The bell was rung to express the warm welcome to the new guest.

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