The National Insurance Commission has released takaful guidelines which state that applicants seeking permits to conduct takaful transactions must own the certificate of registration as a fully-fledged takaful company. The guidelines also state that t…
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.
Kenya-based Takaful Insurance of Africa Ltd. plans to expand into five East African countries, including Tanzania, Somalia, Uganda, Ethiopia and the self-declared sovereign state Somaliland, as part of the insurer’s plans for the 2013-2017 period, CEO …
The Malaysian government is encouraging takaful operators to invest abroad in order to internationalise its Islamic finance industry. Takaful operators will be allowed to invest abroad without limit, lifting a requirement for them to hold at least 80 p…
The Islamic Corporation for the Insurance of Investment and Export Credit has entered into an agreement with Nigerian Export-Import Bank for promoting Nigeria’s exports. The ICIEC will provide credit insurance and reinsurance support to NEXIM. NEXIM in…
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.
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