March 19, 2024
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Middle East Views

Middle East Views

BIBF holds training forum

The Bahrain Institute of Banking and Finance (BIBF) recently held its annual Training Forum, featuring the participation of representatives of various stakeholders within the financial and insurance sectors, to address training requirements and discuss potential development opportunities for the human capital in the Kingdom. The forum provided an overview of...

SAMA launches qualification programme

The Saudi Central Bank (SAMA), in cooperation with the Financial Academy, announced the launch of the Qualification Program for financial departments in the insurance sector. The Program will be held for two months, starting from January 2023. The Program aims to provide participants with the skills and knowledge that support...

New controls issued

The Financial Regulatory Authority approved new controls to regulate the process of calculating (total depreciation) in supplementary car insurance policies to protect the rights of policyholders, as the controls stressed that it is not permissible to consider the car subject to insurance as total loss unless the cost of repairing...

IRU launches 4-year strategy

Kuwait’s Insurance Regulatory Unit (IRU) launched its first strategy for the next four years, 2023-2024 to 2026-2027, with the aim of developing and regulating this sector. In a press statement, IRU head Mohammad Al-Otaibi said the new strategy comes in line with Kuwait’s 2035 vision, in light of the unit’s...

Workshop on concealing beneficial ownership

The Capital Market Authority (CMA) organised a workshop on concealing the beneficial ownership for the compliance officers of insurance companies and capital market companies regulated by the CMA presented by Dr. Ahmed Bakheit Al Shanfari. The workshop was organised with the aims of spreading awareness of money laundering and terrorism...

OIA holds members meeting

The Oman Insurance Association (OIA) recently conducted its Members Meeting at the InterContinental Hotel Muscat, with more than 100 professionals attending, including insurers, brokers, regulators and other ancillaries. The dual agenda for the afternoon was one to present the industry professionals with their academic certificates for completing their Certificate in...

Egypt considers climate risk solutions

Insurance and other risk transfer and financing mechanisms will become increasingly important in managing catastrophic risk as countries transition to more climate-resilient economies. This was the consensus of experts attending the “Adapting to a changing climate in the management of catastrophic risks in Egypt” conference that took place recently. The...

CBUAE: New guidance on AML/CFT

The Central Bank of the UAE (CBUAE) has issued a new guidance on anti-money laundering and combatting the financing of terrorism (AML/CFT) for the Licensed Financial Institutions (LFIs) in the insurance sector comprising insurance and re-insurance companies, agents and brokers in its website. The guidance, which comes into effect immediately,...

Sukoon to acquire majority stake in ASCANA

Sukoon recently announced that it has signed a share purchase agreement to acquire a majority stake (in excess of 93 percent) in Arabian Scandinavian Insurance Company (P.S.C) (ASCANA) from the key shareholders at ASCANA. The execution of the transaction remains subject to regulatory approvals including approvals from the Securities and Commodities...

Sukoon’s Syndicate 2880 obtains DIFC licence

Sukoon’s Syndicate 2880 will be the first syndicate-in-a-box (SIAB) to operate outside of London with the support of Lloyd’s and operating licence from the Dubai International Financial Centre (DIFC). As part of the programme’s evolution, the new entity will now operate under the DIFC platform and exclusively underwrite business on...

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