The Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) will revise four of its standards in the first half of next year while expanding its guidance for Islamic bonds, the industry body said. Earlier, AAOIFI issued two new standards and revised three others as it takes a more proactive...
A source at the Saudi Arabian Monetary Agency (SAMA) has said a number of insurance companies that have incurred huge losses may be forced to halt operations to protect their clients, Al-Eqtisadiah business daily reported. The source added that many of these companies’ financial situations are continually deteriorating, they have...
The UAE Insurance Authority, Financial Services Commission (FSC), and the Financial Supervisory Service, FSS, of South Korea, have signed a Memorandum of Understanding (MoU). The MoU aims to promote and strengthen the relationship between the two countries and to develop cooperation in the field of insurance. The agreement was signed...
Standard Life International Limited has announced the closure of its branch in the Dubai International Financial Centre (DIFC) at the end of January 2015. ‘Developments in the UAE regulatory landscape and resulting business environment’ have been stated as reasons for closure. The company has also decided to close its Regular...
A.M. Best has revised the outlook to positive from stable for the issuer credit rating of Union Insurance Company P.S.C. (Union) (United Arab Emirates). At the same time, A.M. Best has affirmed the financial strength rating (FSR) of B++ (Good) and the ICR of “bbb” of Union. Union’s technical operations returned to profit...
The Middle East Insurance Review held its “Insurance Industry Awards” recently with an aim to recognise and salute excellence in the industry. The event was supported by the DIFC in conjunction with its tenth anniversary this year. Winners included Metlife, AXA Gulf, Aetna International, Bahrain Institute of Banking and Finance,...
Saham insurance group has acquired 40 percent stakes of Unitrust Insurance, a Nigerian company dealing in the non-life insurance segment., according to a report by MedAfrica Times. After Kenya, Angola and Rwanda, Saham group vied Nigeria, a choice that is not fortuitous as the West African country, often referred to...
DFM-listed Orient Insurance’s net profit in the third quarter of 2014 has risen from AED211.6 million in Q2 2014 to AED218.5 in Q3, an increase of 3.3 percent. The technical profit increased by 10 percent from AED124 million to AED136 million in the same period. The insurer’s gross premium written...
The Capital Market Authority's (CMA) new regulations requiring Omani insurers to be listed on the Muscat Securities Market and maintain capital of at least OMR10 million (USD26 million), will strengthen the Omani insurance industry, says Moody's Investors Service. In the report titled Oman Insurance Market Update Mohammed Ali Londe, analyst,...
Mauritan conglomerate GML and broker Chedid Capital have recently entered into a strategic partnership agreement, signed in Dubai, to form a 50-50 joint venture that aims to play a major role in the insurance brokerage sector across East Africa and the Indian Ocean. The new company called “GML-Chedid & Associates...
