The Board of Directors of ILAF Takaful Insurance Company has invited its shareholders to attend the ordinary general assembly meeting for the fiscal year ending December 31, 2024, scheduled to be held on Tuesday, May 20, 2025, at 11:00 AM.

The agenda will include hearing the Board of Directors’ report on the company’s performance during 2024, along with the auditor’s report and the report from the Fatwa and Shariah Supervisory Board, and their approval, in addition to discussing the financial statements for the concluded fiscal year.

The meeting will also present a report on any violations and penalties (if any) identified by the regulatory authorities, as well as a report on transactions with related parties that have occurred or will occur later.

The assembly will also discuss the non-disbursement of bonuses to Board members for the past fiscal year, along with a proposal to discharge them from all financial, legal, and administrative actions during the same period.

Additional agenda items include the allocation of 10% of the net profit for 2024 to support the mandatory reserve, amounting to KWD 58,845, along with a proposal not to distribute cash dividends to shareholders.

The assembly is also set to discuss reversing the decision of the general assembly issued on September 1, 2024, regarding the postponement of distributing the actuarial surplus to policyholders.

Furthermore, the agenda includes the resignation of independent member Mazen Salah Zein Al-Din from the Board of Directors, followed by the election of a new independent Board member.

The assembly will conclude with discussions on the appointment or reappointment of both the Fatwa and Shariah Supervisory Board and the auditor for the fiscal year ending December 31, 2025, with the Board of Directors being authorized to determine their fees.