By 2004, the total gross written premium (GWP) for takaful business (life and non-life combined) had grown to just under $1.4 billion.
Takaful Insurance Resources
Understanding Takaful Practice
Takaful originates from Arabic word Kafalah, which means "guaranteeing each other" or "joint guarantee". In principle, the Takaful system is based on mutual co-operation, responsibility, assurance, protection and assistance between groups of participants
GAIF Insurance Conference Exhibition
The Steering Committee of the 27th General Arab Insurance Federation (GAIF) has officially extended an invitation to local companies to showcase their products and services in the GAIF Insurance Conference Exhibition.
Insurance market set for major growth in 2008
The Middle East’s insurance market is set to witness high growth levels in 2008, as increased demand for private health insurance, a rise in the availability of Takaful (Islamic compliant) insurance, and ongoing expansion in awareness of the importance of life insurance combine to create a ‘perfect storm’ for the industry.
Regional Takaful company receives license and is operative
Unicorn Investment Bank B.S.C. (c) (Unicorn) announces the granting of a Takaful license by the Central Bank of Bahrain (CBB) to T’azur Company B.S.C. (c) (t’azur), a new regional Takaful company with authorized capital of $500m offering family (life), medical and general Takaful business lines.
Ithmaar banking group sponsors International Takaful Summit in London
The Ithmaar banking group, leaders in financial solutions, sponsored the three-day International Takaful Summit in London.
CBB, Allianz Group announce launch of Allianz operations in Bahrain
The CBB, earlier this year, granted a licence for the establishment of Allianz Takaful (Bahrain), which will undertake family takaful, with a focus on life insurance, investment-linked insurance as well as health and medical insurance. Allianz plans for Bahrain also include the proposed establishment of the company’s central office, which will monitor, support, guide and control the various insurance operations of Allianz throughout the Middle East and North Africa (MENA) region as well as in the Indian Subcontinent. Allianz has established the Middle East as its third major growth region, in addition to Asia Pacific and New Europe.
Solidarity supports the Federation of Afro-Asian Insurers and Reinsurers
Solidarity, one of the largest Takaful companies in the world, supported the Federation of Afro-Asian Insurers and Reinsurers at their 20th FAIR conference in Morocco - Marrakech with a paper by Sameer Ebrahim Al Wazzan, CEO - Solidarity. Al Wazzan spoke about the challenges facing the Takaful industry and means to overcome these challenges while building solid infrastructure through developing products and services that compete and complement amongst other financial solutions.
Global Summit showcases booming potential in Middle East
The booming insurance industry in the Middle East can leapfrog the learning process by learning from the more developed London market, speakers highlighted at the Global Middle East Insurance Summit organised by the MiddleEast Insurance Review Incorporating Global Takaful (MIR) in London last month. Held on 5-6 September to mark MIR’s first anniversary, the Summit gave non-Arab insurance executives the opportunity to learn about the potential and business culture in the Middle East, while Arab insurers had a chance to look closely at ways of exploiting the expertise and capital in the London market, says MIR in its report on the event in its October issue.
Islamic Finance on the Upswing
ISLAMABAD, 24 September 2007 — Islamic finance is on the upswing in the Middle East-Gulf-Pakistan-Asia region, a two-day Asia Finance Conference observed, and industry sources say the future potential is massive. They said that though Islamic financing sprang out of the Gulf region, Pakistan, Asian countries and the rest of the world are caching up.
Solidarity launches Motor Claims call centre
Solidarity, one of largest takaful companies in the world, announced the launch of its Motor Claims call centre to service Solidarity’s Motor Takaful policy holders. The Centre aims, through its toll free number, to provide information and answer clients’ queries related to their motor claims aiming to facilitate speedy settlement of claims.
SALAMA migrates to SonicWALL’s UTM security platform
Islamic Arab Insurance Company SALAMA, a leading worldwide provider of Shari’ah compliant insurance solutions (Takaful), today announced the successful deployment of its revamped security infrastructure based on SonicWALL’s Unified Threat Management (UTM) security platform.
