September 17, 2019

Middle East Views

Middle East Views
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CBB issues final aggregators’ rules

The Central Bank of Bahrain (CBB) has issued the final rules on insurance aggregators. Abdul Rahman Al Baker, executive director of Financial Institutions Supervision, said, “The introduction of insurance aggregator rules is a first step for the CBB towards “Insuretech”, a technology led transformation of the insurance sector which is...

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5 insurers sign up on blockchain platform

With the global InsurTech market revenue valued at USD533 million in 2018 and expected to reach over USD1 billion by 2023, numerous UAE and Middle East-based insurance firms are recognising the potential of this fast-growing sector. Aman Insurance, Al Wathba Insurance, National Takaful Company (Watania), Noor Takaful and Oriental Insurance...

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Ajman FZ signs MoU with DIC

The Ajman Free Zone has signed a Memorandum of Understanding (MoU) and associated documents with Dubai Insurance Company to provide insurance services to workers employed by organisations operating within the free zone. The new service will replace the current bank guarantee system and will cover all the dues of workers,...

Zurich celebrates 30 years in the region

Zurich Middle East is marking its 30th anniversary in the region with a series of initiatives and appointments aligned with its objective of becoming the leading provider of life insurance in the Middle East with plans to develop an array of new products and solutions for both its Retail and...

New health insurance system launched

The government recently launched a comprehensive healthcare insurance system in Port Said governorate to offer better health services to citizens. At a press conference, prime minister Mostafa Madbouly said the governorate will be the first to benefit from the new system through 11 general and specialised hospitals and 32 healthcare...

New maritime laws to come into effect

The UAE will introduce tough rules to protect abandoned seafarers, clamp down on ghost ships in its waters and allow 100 per cent foreign ownership of maritime companies. Abdullah Al Nuaimi, Minister of Infrastructure Development, said more details about the law would be revealed in the coming months and that...

Medgulf reaches Zakat settlement

The Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) announced that it has reached an agreement with the Saudi General Authority of Zakat and Tax (GAZT) to settle tax and Zakat claims for fiscal years 2007 through 2016. The settlement deal includes the payment of SAR115.56 million, MedGulf said in a...

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GAIF pursues Orange card linkage

The General Arab Insurance Federation recently held a meeting of the IT Committee to understand and review all aspects of the online linkage of unified offices of the Orange Card system. T The IT Committee discussed the project for an Electronic Orange Card Solution and technical requirements for the process...

SAMA, CMA to launch FinTech unit

The Saudi Arabian Monetary Authority (SAMA) and the Capital Market Authority of Oman (CMA) have signed an agreement to establish the FinTech Saudi Center. This initiative is part of the Kingdom’s Financial Sector Development Program (FSDP), itself under the KSA Vision 2030. Located in King Abdullah Financial District in Riyadh,...

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Trust Re injects replacement funds

Trust Re has announced that Nest Investments Holdings Ltd. will inject the USD130 million replacement funds during 2019. The latest injection of funds has been attributed to economic conditions of the company impacted by regional geo-politics and the ongoing finalisation of the 2017 and 2018 audited consolidated financial statements of...

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