During the Extraordinary General Meeting (EGM) of GIG Takaful Insurance Company held on Tuesday, 25 July 2023, Mr. Sharif Abdul Moamen Musa, who serves as the Chairman of the Assembly, a Member of the Board of Directors, and also as the Chairman of the Audit Committee, discussed the proposed increase in the company's authorized, issued, and paid-up capital. This increase will see the capital rise from KWD 10 million to KWD 15 million.
During the voting on the capital increase proposal at GIG Takaful Insurance Company, the attendance rate in the quorum of the EGM for 2022 was recorded at 83.349%.
The capital increase proposal for Gulf Takaful Insurance Company did not receive approval, with 66.997% of the votes cast against it. Conversely, 16.353% of the votes were in favor of the capital increase.
As a result, the first item on the agenda, which sought to approve the company's capital increase, has been rejected. Consequently, the amendment to Article No. (6) of the Memorandum of Incorporation and Article (7) of the Articles of Association, which was associated with the first item and contingent upon its approval, has also been rejected.
The EGM approved the amendment to Article (4) of its Articles of Associations, as follows: "Engaging in Takaful insurance business in all its forms in accordance with the governing laws and in a manner consistent with the principles of Islamic Sharia."
Furthermore, the EGM has approved the agency and mudaraba ratios applicable to the company for the year 2022 and endorsed the proposed percentages for the year 2023. These percentages will be officially announced through a decision by the Board of Directors by the end of 2023.