The Inland Revenue and Stamp Duty Legislation (Alternative Bond Schemes) (Amendment) Ordinance is a new piece of legislation, introduced in Hong Kong. This law, which puts the taxation of sukuk on a level footing with conventional bonds in Hong Kong, m…
<p>Standard & Poor’s Ratings Services has lowered the counterparty credit and financial strength ratings on Dubai-based Salama/Islamic Arab Insurance Co. (Salama/IAIC) to ‘BBB+’ from ‘A-’ . The outlook is negative. The counterparty credit and financial strength ratings on Salama/IAIC’s wholly-owned, Malaysia-based reinsurance subsidiaries, BEST RE and BEST RE Family have also been lowered to ‘BBB’ from ‘A-’ . The consolidated Salama/IAIC group displays a satisfactory business risk profile, and a strong financial risk profile. S&P has revised its view of the BEST RE subgroup’s group status to its parent to strategically important from core because the subgroup’s activities, size, and earnings potential have reduced. Despite the group and subgroup’s current difficulties, the rating agency continues to regard the consolidated Salama group’s capital adequacy as extremely strong. The outlook can be revised to stable if the situation at BEST RE stabilizes without causing material financial or reputational issues for Salama/IAIC.</p>
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<p><a href="http://www.newsinsurances.co.uk/dubai-based-insurer-salamaiaic-ratings-lowered-as-problems-at-reinsurance-subsidiaries-continue-outlook-negative/0169493576" title="http://www.newsinsurances.co.uk/dubai-based-insurer-salamaiaic-ratings-lowered-as-problems-at-reinsurance-subsidiaries-continue-outlook-negative/0169493576">http://www.newsinsurances.co.uk/dubai-based-insurer-salamaiaic-ratings-l…</a></p>
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Cooperative Insurance Company is the first firm established in the form of a public joint stock cooperative in line with the general policies of Article 44 of Iran's Constitution, which seeks large-scale privatization, and promotion of cooperative sect…
Takaful Ikhlas will focus on group insurance schemes in efforts to educate more Malay clients on the importance of Islamic insurance policy and protection coverage. President and Chief Executive Officer Ab Latiff Abu Bakar said the Islamic insurance pe…
<p>Qatar Islamic Insurance Company has reported a 3% rise in first-half net profit to QR35.84mn despite expenses growing faster than income mainly due to a 13% rise in general and administrative costs. Income from investments in associates almost quadrupled to QR3.97mn, rental income grew 16% to QR4.53mn, wakala fee by 8% to QR23.98mn and other income by 28% to QR1.06mn. However, income from shareholders’ investments shrank 30% to QR6.73mn and shareholders’ share in policyholders’ investment income by 5% to QR7.74mn. Nevertheless, total income grew 5% to QR48mn. Total assets were valued at QR662.22mn comprising policyholders’ assets of QR365.41mn and shareholders’ assets of QR296.81mn. Total shareholders’ equity stood at QR263.39mn on a capital base of QR150mn and earnings-per-share was QR2.39 at the end of June 30, 2013.</p>
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<p><a href="http://www.gulf-times.com/business/191/details/361398/qiic-profit-edges-up-to-qr3584mn-in-h1" title="http://www.gulf-times.com/business/191/details/361398/qiic-profit-edges-up-to-qr3584mn-in-h1">http://www.gulf-times.com/business/191/details/361398/qiic-profit-edges-…</a></p>
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MAA Group will finally get to proceed with plans to buy new businesses after reaching a settlement agreement with Zurich Insurance Co. Under the settlement, Zurich has agreed to pay MAA Group RM103.43 million on top of the RM344 million acquisition pri…
ICIEC the trade takaful arm of the IDB Group published its quarterly newsletter for free download at the link below.
Source:
http://www.zawya.com/story/pdf/pdf_250713053405/
Facebook…
<p>Takaful operators in Malaysia are aggressively strategising their operations to ensure profitable growth and taking advantage of the five-year time frame given to composite takaful players to fully comply with the new Islamic Financial Services Act (IFSA). Under the Financial Services Act (FSA) and IFSA, which came into force on July 1, composite insurers and takaful players would be, among others, required to split their life and general insurance businesses under separate licences. Takaful Malaysia group managing director Datuk Mohamed Hassan Kamil said his company will be devising and evaluating potential options to achieve more efficient solutions from the capital management and shareholder return perspectives. On whether the Act would take a hit on Takaful Malaysia’s bottomline in view of the split in operations of its family (life) and general businesses, Hassan said although there would be potentially higher cost initially due to start-up costs, in the long run.</p>
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<p><a href="http://www.thestar.com.my/Business/Business-News/2013/07/23/Fiveyear-advantage-Takaful-operators-to-use-IFSA-grace-period-to-ensure-growth.aspx" title="http://www.thestar.com.my/Business/Business-News/2013/07/23/Fiveyear-advantage-Takaful-operators-to-use-IFSA-grace-period-to-ensure-growth.aspx">http://www.thestar.com.my/Business/Business-News/2013/07/23/Fiveyear-adv…</a></p>
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Syarikat Takaful Malaysia remains in the hunt for a strategic partner in Indonesia to help expand its distribution network there. The takaful operator was in talks to sell a stake or issue new shares in its Indonesian unit to a local partner last year,…
Sources in the Ministry of Finance and Economic Affairs and the Tanzania Insurance Regulatory Authority (TIRA) confirmed that relevant authorities were working on the possibility of introducing Islamic insurance. It is still on preliminary stages but t…
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