Takaful in bid to increase capital

MANAMA - Islamic insurance firm Takaful International, said yesterday that it planned to raise its paid-in capital to dinar5m this year from dinar4m. "Takaful is raising its capital in accordance with the requirements of Bahrain Commerce Ministry's insurance regulations," chief executive Mohammad Ajmal Bhatty said. Mr Bhatty said the company planned to offer rights issue shares to existing shareholders and shares to the public. Mr Bhatty said Takaful had posted a net loss of dinar150 thousand in 1999 mainly because of provisions, compared with a net profit of dinar200 thousand in 1998.