The General Manager of Palestinian Takaful Insurance Company met with Al-Bayan Magazine to discuss emerging challenges in the Middle East insurance sector, technological adaptation, and the company’s future plans.
He highlighted that political instability and climate-related risks are pressing challenges for the region, while in Palestine, economic constraints and the ongoing conflict in Gaza and the West Bank have impacted liquidity and business operations.
On technology, the company has upgraded its digital platforms and adopted AI systems to enhance risk assessment, operational efficiency, and customer satisfaction.
The GM also expressed strong support for establishing a regional Arab consortium for natural disaster insurance to share risks and improve preparedness.
He emphasized the need for a specific law for Islamic (Takaful) insurance and the establishment of specialized insurance courts to strengthen sector regulation and ensure fair dispute resolution.
Despite challenging conditions, Palestinian Takaful achieved strong financial results for 2024, with USD 41.58 million in insurance contract revenues, USD 1.37 million net profit, and USD 18.37 million in cash reserves, reflecting a solid financial position and operational resilience.
Looking forward, the company aims to expand digital services, diversify investment sources, and continue delivering Sharia-compliant insurance solutions to support financial inclusion and market growth.
