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| 1. |
Qatar: Beema starts retail activities |
Damaan Islamic Insurance Co (Beema), established in Qatar with a capital of QAR200 million (US$55 million), has officially launched its retail insurance activities.
According to media reports, Beema started operations in January this year but the activity was confined mainly to corporate segments during the first three months. The takaful operator will offer Islamic insurance solutions in various sectors to serve residents, public sector institutions and private entities. It also plans to open new branches in Qatar and expand regionally and globally.
Beema was founded as a closed shareholding company, and has Qatar Insurance Co, Qatar Islamic Bank, Masraf al Rayan, Barwa Real Estate and Q-Invest as shareholders. It may list on the local exchange in due course, the reports added.
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| 2. |
Maldives: Amana Takaful gets licence to operate |
Amana Takaful (Maldives), a subsidiary of Sri Lanka-based Amana Takaful Plc, has received a licence from the Maldives Monetary Authority to offer general insurance since 4 March.
The company launched its operations in Sri Lanka 1998 in collaboration with Syarikat Takaful Malaysia.
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| 3. |
UAE: DFSA launches Islamic finance handbooks |
The Dubai Financial Services Authority (DFSA) has launched a series of electronic Islamic finance handbooks to help firms undertaking Islamic finance activities in the Dubai International Financial Centre (DIFC).
There are five handbooks relate to five types of Islamic finance activities, according to DFSA. Each handbook contains sections of the DFSA Rulebooks relating to Islamic banking; Islamic investment business, other than operating funds; Islamic insurance; Islamic insurance intermediation and management; and operation of Islamic funds.
The Authority said the Islamic finance handbooks are designed to assist in the identification of the DFSA's Rulebook requirements applicable to financial activities conducted as Islamic or Shariah compliant.
Mr Paul Koster, Chief Executive of the DFSA said, "Islamic finance has witnessed tremendous growth and as such is an important area of focus for the DFSA. We want to provide the industry with improved access to our framework of Laws and regulations which is why we have created the Islamic finance tailored handbooks. By improving our delivery of information to firms conducting Islamic finance activities, we hope that the handbooks will help firms access the requirements that apply to their Islamic finance activities more easily."
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