Insurance firms in Egypt recorded a significant increase in their capital amounting to USD549.8 million, according to a statement by the Financial Regulatory Authority (FRA). A report marked the rise by 14.4 percent, compared to EGP8.3 billion generated in the previous year. The increase was attributed to the capital increase...
The Central Bank of Bahrain has granted a license to Cigna Life Insurance Company of Europe S.A. – N.V. (Cigna) to open a branch in Bahrain. The license allows the entity to expand its insurance products in the Kingdom of Bahrain. The proposed branch is expected to contribute in medical...
The Abu Dhabi Department of Health (DoH), has issued a mandate requiring health facilities in Abu Dhabi to issue medical bills to patients. Set to come into effect starting May 1, the bill will detail the treatment provided, healthcare services received, including any patient cost sharing obligations (such as co-pay)....
UAE Insurance regulator, the Insurance Authority recently promulgated regulations for the appointment of Shari’ah Controller within takaful insurance companies. According to the regulation, in order to approve employment, the applicant must be appointed by the Board of Directors, based on the recommendation of the Shari’ah Supervisory Committee in the company....
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...
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...
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,...
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...
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...
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...
