Bahrain's central bank will release a new regulatory framework for Islamic insurance (takaful) this quarter, in an overhaul of standards which the regulator hopes will attract new business in a sector it helped to pioneer.
Success in the takaful market is contingent on products with significant value propositions, transparency and adoption of best practices, experts said yesterday at the opening of a forum.
Convened under the patronage of the Centra
Bahrain has registered a 25 per cent growth in Islamic insurance (takaful) at the international level, generating $133.5 million by the end of 2012, according to recent statistics.
This means that the takaful market in Bahrain has
The Islamic insurance market is now worth something in the region of $11 billion and is growing at a rate of 20 to 25 per cent a year, said financial experts.
Takaful International now has some BD210 million ($557 million) of the insurance
More than 350 global Takaful leaders will gather in Dubai at a conference starting tomorrow (April 10) to discuss the next phase of market development for the international Islamic insurance industry.
The sixth annual World Takaful Confere
Dubai Islamic Insurance and Reinsurance Company (Aman), has recorded a 32 per cent increase in profits in the fourth quarter of 2010 as compared to the third quarter.
The company has also posted a net profit of Dh21.18 million ($5.76 milli
T'azur Company, the Bahrain-based Islamic insurance company, was honoured with the prestigious ‘Best Takaful Operator’ award by CPI Financial, the international magazine for Islamic Business & Finance.
“We are deeply honoured to re
Five new companies offering Islamic insurance, or takaful, are expected to launch in the United Arab Emirates by mid-2011, boosting competition, industry executives said.
There are now six takaful companies in the UAE with a seventh to be
Abu Dhabi National Insurance Company (Adnic) plans to enter the Islamic insurance market and develop joint ventures with foreign partners to diversify away from investments and focus on core business to boost growth, its chief executive said.
A new UAE law regulating the growing Islamic insurance industry will provide more transparency and oversight but the extra costs of compliance may drive consolidation in a fragmented market, lawyers said.
The Islamic insurance, or takaful,