The Central Bank of Bahrain (CBB) was honoured at the International Takaful Awards held recently as part of the second international takaful summit in London.

The CBB received the award for “Outstanding Contribution to the Takaful Industry” from The Middle East Business Forum.

“Such recognition highlights the regulatory work that has been initiated by the Central Bank, in putting in place an insurance framework recognising the distinct characteristics of the Takaful industry” said Tawfiq Shehab, director of the Insurance Supervision Directorate of the CBB.

The takaful industry in Bahrain has been growing significantly over the last few years with total Takaful gross contributions reaching BD15.7 million ($41.7 million) in 2007, a 58 per cent increase over 2006.

Several new takaful and retakaful companies have been established recently in the Kingdom, including Hannover Retakaful, AIG Takaful-Enaya, Allianz Takaful, T’Azur Company and ACR Retakaful, recognising Bahrain’s position as a leader in this fast developing market.-TradeArabia News Service