July 18, 2019

Middle East Views

Middle East Views

Egypt firms record capital increase

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...

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AMAN develops 5-year plan

Dubai Islamic Insurance and Reinsurance Company (AMAN) developed a five-year plan, from 2019 to 2023, aimed at bolstering the company’s position and financial status and increasing its earnings. Mohammed bin Omair bin Yousef Al-Muhairi, chairman, addressing the company’s Annual General Meeting, said that many measurements have been taken to improve...

CBB issues draft rules on aggregators

The Central Bank of Bahrain (CBB) issued the draft rules on insurance aggregators. Insurance aggregators are intermediaries with an insurance broker’s license who operate an online platform, whether hosted on an Internet website or available as a smart device application (app) which provides price comparisons and facilitates the purchase of...

New cover provides healthcare for all citizens: WHO

“Cooperation between the World Health Organisation (WHO) and the Egyptian Ministry of Health highlighted the new health insurance system, an important step taken by the government to provide comprehensive health coverage for all citizens,” said Ahmed el-Maqri, director of the WHO for the East Mediterranean Region. He was speaking in...

Health cover for domestic workers

Domestic workers in Oman will benefit from special insurance policies to ensure that they are able to access prompt and affordable healthcare. The move is part of the mandatory health insurance plans being rolled out by the government for expat and local workers in the country’s private sector. According to...

MoCI hikes number of suspended firms to 12

The Ministry of Commerce and Industry (MoCI) is preparing to expand the number of insurance companies threatened with suspension to 12, reports Al-Rai daily. According to informed sources, the ministry intends to stop activities of three erring companies including one suspected of money laundering.  They said reasons behind suspension of...

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Salama reports topline growth

Shari’ah compliant Takaful solutions provider Islamic Arab Insurance Company (SALAMA), has reported financial results for the twelve-month period ending December 31, 2018. Listed on the Dubai Financial Market and entering its fortieth year of operation, SALAMA has posted double-digit growth in 2018 despite the insurance companies listed on UAE stock...

CMA issues Unified Health Insurance Policy

Executive  president of the Capital Market Authority Sheikh Abdullah Salim Al Salmi recently issued the Unified Health Insurance Policy (UHIP), one of the main components of  compulsory health insurance for the employees of the private sector, expatriates and visitors (Dhamani). He added that the implementation phases will be determined as...

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Focus on diversification: SAMA governor

Dr. Ahmed Alkholifey, governor of the Saudi Arabian Monetary Authority (SAMA), inaugurated the fifth Saudi Insurance Symposium recently in Riyadh. The event, organised under the theme “Protection and Sustainability” by the Insurance Companies General Committee, brought together senior sector officials and stakeholders from the Kingdom and abroad. During the opening session,...

DoH mandates medical bill issue

The Abu Dhabi Department of Health has issued a mandate requiring health facilities in Abu Dhabi to issue medical bills to patients. Set to come into effect starting in May, the bill will detail the treatment provided, healthcare services received, including any patient cost sharing obligations (such as co-pay). Mohammed...

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