In a recent development, Takaful Emarat filed a notification with the Dubai Financial Market stating that the proposed acquisition of Al Hilal Takaful will no longer take place. The organisation had announced the acquisition plans two years ago in a bid to create the largest takaful group in the country....
The Insurance Authority Board of Directors recently released regulation on reinsurance operations. The Decision No.(23) of 2019 applies to reinsurance companies established in the UAE, branches of foreign reinsurance companies, reinsurance business ceded by an insurance company licensed and registered with the Authority, accepted reinsurance business by a licensed company...
The Board of Directors of Arab Insurance Group (ARIG) has passed a decision at a recent meeting to cease the underwriting activities of the Group subject to regulatory authorities and shareholders’ approval. The decision was conveyed in the Group’s condensed consolidated interim financial statement submitted to the Dubai Financial Market....
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...
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...
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...
“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...
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...
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...
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...
