September 17, 2019

Middle East Views

Middle East Views

Morocco approves takaful law

The upper house of Morocco’s Parliament recently passed a law governing takaful companies in the country. Insurance companies will soon be able to launch takaful subsidiaries as soon as the law is published in the official bulletin, according to media reports. Sinc 2017, five Islamic banks and three windows to...

ECI signs pact with JLGC

Etihad Credit Insurance (ECI) has signed a Memorandum of Understanding (MoU) with the Jordan Loan Guarantee Corporation (JLGC) to explore, develop and strengthen the trade relationship between the Kingdom of Jordan and the UAE on the basis of equality, mutual benefit, respect and trust. This partnership will enable the two...

Walaa, Metlife cooperative weigh potential merger

Walaa Cooperative Insurance Company (Walaa) announced the signing of a non-binding Memorandum of Understanding with MetLife AIG ANB Cooperative Insurance Company to evaluate a potential merger between the two companies. Both companies will conduct technical, financial, legal and actuarial due diligence and engage in non-binding discussions on the terms and...

Industry gathers for InsurByte

The InsurByte Conference 2019 was attended by over 300 delegates from various industries. Held under the patronage of the Central Bank of Bahrain (CBB), organised by the Bahrain FinTech Bay (BFB), in partnership with the Bahrain Institute of Banking and Finance (BIBF), the Bahrain Insurance Association (BIA), and FinTech Consortium, the...

Warba Insurance hikes stake in TPA

Warba Insurance has increased its stake in Wapmed TPA Services to from 54.57 percent to 82.57 percent by buying 1.96 million shares in consideration of KWD196,000 (USD645.67). The transaction was concluded under the supervision of Boursa Kuwait and Kuwait Clearing Company, according to a statement provided to Mubasher. The company has stated that the...

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‘Number of challenges in insurance market’

In a recent report titled, “Jordan Insurance Ratings: Benchmarking,” ratings agency AM Best notes that despite the Jordan insurance market showing reasonable growth rates in recent years, it is also facing a number of challenges such as pricing pressure on the core business segments, hindered operating performance in tariffed motor third-party liability...

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ECI, Dhaman partner to support business

Etihad Credit Insurance (ECI) has signed a reinsurance agreement with the Arab Investment and Export Credit Guarantee Corporation, Dhaman, to support the growth and expansion of the UAE businesses. This agreement will further enhance the inter-Arab trade and UAE exports globally, in line with the country’s non-oil diversification strategy and...

FNC committee to draft national insurance policy

A Federal National Council (FNC) temporary committee responsible for assessing the General Pension and Social Security Authority’s, GPSSA, policy has concluded its discussions in its final report draft. During the meeting Salem Abdullah Al Shamsi, chairman of the Committee, said that the committee’s final report included several recommendations, which will...

Joint War Committee extends its high risk list to Oman, the UAE and the Gulf.

Ship attacks: London adds to high-risk list

The recent sabotage attacks of ships docked in UAE waters has led Britain’s insurers to widen the list of waters deemed as high risk. Recently the London insurance market’s Joint War Committee extended its list to include Oman, the United Arab Emirates and the Gulf. A statement by the Committee...

MoCI mandates local auditors

The Ministry of Commerce and Industry (MoCI) issued a decision mandating all insurance companies, insurance brokers among other companies to appoint Kuwait auditors effective January 1, 2020 to fight money laundering. Local media reported that the move is expected to generate nearly 16,000 job opportunities for Kuwaiti jobseekers in the...

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