Publicly traded takaful company Al Madina Takaful has denied media reports alleging that the company was the target of a purported fraud.
In a filing to the Capital Market Authority (CMA) on Tuesday, Usama al Barwani, CEO, said: "Regarding the immediate disclosure of the impact of the recent market news of suspected fraud in the company, we would like announce to the shareholders and investment community that there are no cases classified as fraud cases as yet; However, there was an incidence of non-declaration of interest of an employee's relative in a third-party service provider." The CEO further noted: "The internal audit report has been raised to the audit committee and then to the Board of Directors according to regulatory requirements and an investigation committee has been constituted by Board to look into this case and as soon as it comes to a definitive conclusion, and if it is significant under the disclosure requirements of CMA, the Company shall make the necessary disclosure." Al Barwani stressed that the Al Madina Takaful, "with its strong financials, is well positioned to fulfil its commitment to the policyholders and there are no significant financial implications that could affect the Company's financial position”.
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