ADQ, one of the region’s largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s diverse economy, has announced the launch of Rafed, a new Group Purchasing Organization (GPO) to manage and develop the procurement of healthcare-related products and services. Rafed will initially be...
Research by Bain & Co. indicates that executives at many companies overestimate the effectiveness of their cybersecurity and lack the strategic capabilities essential for a robust posture, according Gregory Garnier and Syed Ali. While the COVID-19 pandemic hit its peak, businesses across the globe had to make drastic changes to...
Noor Takaful has entered a strategic partnership with Ajman Bank. The partnership will see the addition of an array of solutions to Ajman Bank’s portfolio. Customers that have financial commitments underway will now have access to a comprehensive range of Takaful savings solutions, such as plans for children’s education and...
Oman Insurance Company (OIC) has launched a fully digitalised motor claims system that reduces the time taken for claim process by 50 percent. Oman Insurance also provides its customers First Notification of Loss (claim initiation) directly at the garage without any manual intervention by its staff. Along with the reduced...
The Chartered Insurance Institute (CII) will be the exclusive provider of professional examinations to the Financial Academy for the Kingdom of Saudi Arabia (KSA)’s students for the next three years. The agreement was signed by Sian Fisher, CEO, CII and Mana Al Khamsan, director general of the Financial Academy and...
Islamic Arab Insurance Company (SALAMA) has announced a payment of surplus (cash returns) of AED11.5 million to eligible group credit life policyholders for the policy year 2019, demonstrating a good half year of profitable growth. Parvaiz Siddiq, SALAMA’s CEO, said: “SALAMA is among the rare few Takaful companies in the...
The National Takaful Company (Watania) has announced that the company’s net profit showed growth by 136 percent from AED7 million in 2019 to AED16.6 million in 2020. Dr. Ali Saeed Bin Harmal Al Dhaheri, Chairman of the Board of National Takaful Company has attributed the growth to the company’s strategy...
Alternative investments firm Arcapita Group Holdings and Bahrain Mumtalakat Holding Company the sovereign wealth fund of the Kingdom of Bahrain have announced the sale of their stake in NAS Neuron Health Services LLC to a leading US-based Fortune 500 company. The successful investment has exceeded target returns over a three-year...
The Extraordinary General Meeting of Arab Insurance Group (B.S.C) [Arig] was held recently according to which the Board had approved the cessation of further underwriting of reinsurance business. The Board has been authorised to carry out an orderly run-off of the existing portfolio internally or by appointing a third party...
SALAMA reported growth of 6.9 percent in gross written contribution, from AED650 million in H1 2019 to AED695 million in H1 2020. Net profit increased to AED47.05 million in H1 2020 from AED33.33 million in H1 2019, owing to the strategies implemented at Board Level focusing on core business profitability, enhancement of...
