The Capital Market Authority has approved the main prospectus of Mudharabah Sukuk of Sukuk Takaful LLC in favor of Takaful Oman Insurance SAOG for the offer of perpetual Sukuk Al Mudharabah at OMR25 million and the prospectus of the first issuance of the program for the offering of OMR6 million...
S&P Global Ratings said in a recent report that Qatar and Saudi Arabia’s reopening of their airspace and sea and land borders in an effort to end a longstanding diplomatic dispute could have a positive effect on the business growth and investment returns of Qatari insurers in the medium term....
The Capital Market Authority has introduced e-Tameen, a motor insurance price comparison platform that is smartphone enabled. The move comes as step toward digital transformation in the insurance sector to contribute to serving the various segments of insurance customers and the community through providing various motor insurance options easily and...
Hassan Boubrik, president of the Insurance and Social Security Supervisory Authority (ACAPS) said recently in Rabat, that the turnover of Morocco’s insurance sector reached MAD46.7 billion in 2019. He was presenting the 2019 annual report of the Authority to the head of Government Saadeddine El Otmani. during which Boubrik presented...
Etihad Credit Insurance (ECI) has partnered with ECGC Limited (ECGC), the export credit agency of India, to explore and bolster the trade and economic cooperation between the UAE and India. In a Memorandum of Understanding (MoU) signed by Massimo Falcioni, CEO of ECI and M. Senthilnathan, chairman-cum-managing director of ECGC,...
Amana Cooperative Insurance Company has announced that the Board of Directors have recommended a decrease in the company’s capital from SAR240,000,000 to SAR130,000,000. The company will pursue a restructuring of the company’s capital to write-off part of the accumulated losses for an amount of SAR110,000,000. The executive management of the...
Gulf Union Cooperative Insurance Company has announced approval to merge Al Ahlia Cooperative Insurance Company in Gulf Union, pursuant to which all of the assets and liabilities of Al Ahlia will be transferred to Gulf Union in consideration for Gulf Union issuing 7,947,464 ordinary shares with a nominal value of...
The Oman Capital Market Authority issued a new law to regulate the investment of assets of insurance companies and takaful entities. This will enable insurers to diversify investment opportunities and be unaffected by market fluctuations, eventually contributing to the local economy. Sheikh Abdullah bin Salem Al-Salmi, CEO of the CMA...
The Saudi Central Bank (SAMA) has announced the issuance of the rules of Insurance Product Approval, that aim to enhance and develop a new concept in the insurance product approvals. SAMA clarifies that these rules pursue to develop the necessary regulatory procedures and requirements prior to marketing and sale of...
An amendment has been proposed to the 1989 Human Medicine and Dentistry Law, which would protect all private and public sector medical practitioners including visiting doctors with compensations by way of malpractice insurance. The proposed amendment, presented online by five MPs led by Hamad Al Kooheji, comes as many go...
