April 19, 2019

Middle East Views

Middle East Views

AIIRM, FIFE, The Institutes launch ARM certification

The Advanced Institute of Insurance and Risk Management recently launched the Associate of Risk Management (ARM) certification course in strategic partnership with US-based The Institutes and the Foundation for Insurance and Finance Education (FIFE), based in Cyprus and Bahrain. “Based on our research there are more than 15000 professionals working...

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‘UAE exporters need support’

Lack of insurance capacity and insurance coverage is a main concern for UAE exporters, said Massimo Falcioni, CEO of Etihad Credit Insurance (ECI). He was quoting the results of a survey conducted by the ECI among exporters associated with the Chambers of Commerce within individual emirates in the UAE. Speaking...

Saradar acquires 51% of Assurex

Lebanese conglomerate Saradar Capital Holding announced recently the acquisition of 51 percent of Assurex SAL, a 40-year old Lebanese insurance company owned by the Fattal Group. “We have worked over the past four decades to build a solid and reputable business,” states Hubert Fattal, chairman and CEO of Fattal Group,...

CBE launches USD55.7 mn fund to support fintechs

The Central Bank of Egypt (CBE) has decided to set a EGP1 billion (USD55,757,452) fund to support fintechs to transform the country into a regional hub for online financial services. Ayman Hussein (photo), CBE’s deputy governor in charge of payment systems, made the announce during the Arab African Forum launched...

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FRA to set up record for motor lines

Chairman of the Financial Regulatory Authority (FRA) Mohamed Omran has issued a decree under which a repository should be established to be alone in charge of mandatory vehicle insurance. Acknowledging that the step was 10 years overdue, Omran stated that it would help solve problems related to expensive management and...

Insurance mandatory for family visit visa extension

The Directorate General of Passports (Jawazat) announced recently that health insurance was mandatory when applying for extension of family visit visa electronically via the Absher portal of the Ministry of Interior. All the technical requirements have been completed for linking the extension of the family visit visa to extending the...

Mandatory visitor insurance law approved

Kuwait’s parliament voted in majority to approve a draft law that would make it mandatory for visitors to submit a health insurance that covers the duration of their stay. Without the medical insurance policy, the interior ministry will not issue the visit visa, the draft law stipulates. According to lawmakers,...

VAT challenges probed in Bahrain

A round-table discussion on a number of issues for insurers, reinsurers and brokers was hosted, according to a report by Gulf Daily News. Key decision-makers from Bahrain’s insurance industry met recently to discuss pressing VAT questions at a roundtable hosted by professional services firm Keypoint. Omar Hisham and Zainab Mearaj,...

Solidarity 2018 net profit at USD6m

Solidarity Bahrain, has announced a net profit of BHD2.3 million (USD6.05 million) for 2018, against a net profit of BHD96,000 for the corresponding previous period, representing 2,302 percent increase. The subsidiary of Solidarity Group Holding also reported a net surplus of BHD270,000, as compared to the BHD65,000 surplus for the...

Insurance House approves cash dividend

Insurance House PSC (IH) Annual General Meeting approved the distribution of a one percent cash dividend to its shareholders for the first time since inception while presenting its positive financial results for the year ended 31 December 2018. In his address to the shareholders, Mohammed Abdulla Alqubaisi, chairman of the company, said:...

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