Company Profile:
With a vision to be the “Role Model” of a modern and dynamic Takaful Operator in Jordan and the region by delivering the best value for all stakeholders, First Insurance Company (FIC) was established in Jordan in the year 2007. The start up capital of (FIC) was JOD 24 million as a General Insurance Company providing Insurance Services that are based on Islamic principles (Takaful). The mission of (FIC) is delivering a comprehensive range of innovative, equitable and transparent Takaful Insurance Services that are based on Islamic principles and first class insurance security.
How did you start your business?
After nine years of being a senior executive in a well established leading insurer, it is not an easy decision to step out and restart again. The matter gets more complicated when you look at a hypercompetitive market like ours and say yes, I can make it, and again, from the scratch. The attraction of start ups is that you have all the space to paint as much beautiful picture as you can. First Insurance Company was established as a result of joint efforts of businessmen and financial institutions from Jordan, Qatar, Bahrain, UAE and other Arab Countries who believed in the potential of Takaful Insurance Market in Jordan.
When you first started your business, were you expecting that it would become not only your full-time occupation, but also a growing company?
I cannot think of myself being part of a static organization, this comes from a deeper basic self understanding point of view rather than a wishful thinking one. Actually, I have never thought of a “full-time occupation”, I feel, unless you’re able to make a difference in the field you work at, you’re not achieving anything even if you are 24/7 busy doing your job, and that’s what I always aimed at, making the difference.
What is the most rewarding thing you have accomplished and why do you cite it above all your other accomplishments?
This question is strongly linked to the previous one; in order to answer, I have to think about occasions when I said to myself: here I made a difference. One of the most interesting experiences is when my team and I at (AOIC) obtained the first and only financial strength rating for an Insurance Company in Jordan at a time no Insurer would dare going through this exercise, this was three years ago. Today, there are four rated insurers in Jordan, that’s really refreshing. Also, two years ago, when I joined First Insurance Company, the market share of Takaful operators in Jordan did not exceed 5%, I had a strong belief that this industry should dominate a market share of not less than 25%. By the end of this year, I’m proud
to say that we’re hitting the 10% mark and only in two years.
What were the biggest challenges you faced as an entrepreneur and how did you overcome them?
Life is full of challenges. It’s the name of the game. When you start a project, you foresee some major challenges. For me, this was a bit clearer than other entrepreneurs, as I continued working in the same field (Insurance). However, challenges like, soft market characteristics, extremely competitive market, late entry difficulties, and selling a product that is closer to a commodity rather than an advanced financial service, were not the biggest challenges. Creating harmony and team spirit in a team of about 45 people I had to appoint in different positions in an extremely very short time was a tough challenge. Changing the relatively negative image of the Islamic insurance industry was another big challenge. Having said all of that, I believe the biggest challenge has not come yet and I’m just preparing myself and my team to face.
What do you think it takes to be successful in the industry your company competes in?
It’s true that insurance business needs a specialized knowledge and technical know how. However, I think the ingredients of success are alike in different industries. Belief, vision, hard work dedication and as a friend of mine used to say: It’s not about doing it; it’s doing it day in and day out.
What advice would you give to those contemplating starting their own business?
I would say that all knowledge, all discoveries and all inventions of the future are in the universal mind as possibilities waiting for a human mind to draw them forth, draw yours.
What is the question I did not ask, but should have?
I believe you covered most of the subjects, and I would like to congratulate you for a job well done.
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