Tagged: Business Insurance

MENA: Conventional operators prove tough competition to takaful operators

MENA: Conventional operators prove tough competition to takaful operators

Conventional insurers are proving to be tough competitors for major takaful operators given their big capacity, according to Nassib Barbir, deputy director of Takaful Re Ltd. Takaful operators must keep to Islamic roots and invest in research and development to create true takaful products instead of competing with conventional insurers, Ghassan Marrouche, CEO of Takaful Emarat – Insurance (P.S.C), said. Strong and credible retakaful operators are needed to assist the growth and expansion of takaful. Consistent Shariah compliance is a must for the industry to grow and mature.

Bahrain to introduce new rules for takaful industry in 2013

Bahrain to introduce new rules for takaful industry in 2013

In order to to improve the operational model of the entire takaful industry, the Central Bank of Bahrain is set to issue new enhanced draft rules. Thus, it will also be able to make the country a preferred choice for all takaful and retakaful. The new rules are part of solvency (Phase II), and are related to corporate governance and actuarial reporting requirements. With the introduction of these rules in 2013, the central bank aims to accelerate growth of the country’s takaful industry while protecting the interest of all industry participants.