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
The rise of Islamic finance
The notion of ethical investing goes back at least to 1758, when the Quakers banned profiting from the slave trade. But the market for ethical investments has always remained a niche. The goals of maximizing profit and fulfilling a moral agenda conflict more often than they complement one another, and investors who want to put ethics first have turned out to be relatively few.
World Takaful Report 2008 launched at 3rd Annual World Takaful Conference
Nasser Al Shaali, CEO of Dubai International Financial Centre Authority (DIFCA) and Syed Moheeb Syed bin Syed Kamarulzaman, President & CEO of Takaful Ikhlas Sdn Bhd, inaugurated the 3rd Annual World Takaful Conference at an impressive ceremony attended by more than 200 international delegates at the Dusit Dubai today.
Major success for Bahrain as largest Pan-Arab insurance conference concludes
Organisers of the 27th General Arab Insurance Federation (GAIF), which was held on 26-28 February, under the patronage of H.H. the Prime Minister, Shaikh Khalifa bin Salman Al Khalifa, at the Gulf Hotel Convention Centre, declared the event a major success for Bahrain, and a natural elevation of the Kingdom’s already prominent stature as a regional finance and insurance hub, in addition to a prime MICE destination.
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.
