Bahrain's pension fund, Social Insurance Organisation (SIO), has signed a memorandum of understanding with Kuwait Finance House - Bahrain (KFHB) to provide government employees with Shariah-compliant financing facilities.
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Egypt's parliament has approved a law allowing the issuance of sukuk which could provide the heavily-indebted government with a new form of finance.
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Alliance Financial Group (AFG) said that its wholly-owned subsidiary, Alliance Bank Malaysia Bhd (ABMB), has entered into a conditional share sale agreement with American International Assurance Bhd (AIA) to dispose its 30% equity interest in AIA AFG Takaful.
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Takaful Malaysia reported a 31% growth in its profits after taxation and zakat to reach MYR101.2 million (US$32.6 million) last year.
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Takaful IKHLAS is targeting an annual contribution of MYR66.5 million (US$21.4 million) from its new group hospitalisation & surgical product, said President & CEO Abdul Latiff Abu Bakar.
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Export-Import Bank of Malaysia Bhd (EXIM Bank) is planning to issue a US$1 billion (MYR 3.1 million) sukuk in the second quarter of this year.
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Oman United Insurance Company is planning to launch takaful operations following in-principle approval from its board of directors, the company said in a disclosure to the Muscat Securities Market.
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Al Khaleej Takaful has recorded a 23% rise in net profit for 2012 to QAR78.2 million (US$21.5 million) compared to QAR63.4 million the previous year. Gross contributions for 2012 fell slightly to QAR272.9 million from QAR275 million in 2011.
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General Takaful Co (GTC) ended 2012 with GWP growing almost 94% to QAR155 million (US$42.6 million) compared to QAR80 million, and net profits of around QAR14 million.
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Dubai-based investment advisory firm Alpen Capital has received approval from the Capital Markets Authority (CMA) to set up an office in Riyadh to provide conventional and Shariah arranging and advisory services.
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United Cooperative Assurance Company (UCA) has recorded a 40% decrease in net profit in 2012 to SAR30.1 million (US$8 million) due to higher technical reserving for IBNR in the current year.
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The Board of Al Sagr Cooperative Insurance Co in Saudi Arabia has recommended distributing one bonus share for every four shares held to the company's shareholders.
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Abu Dhabi National Takaful Company (Takaful) saw its net profit grow 11% y-o-y to AED27.1 million (US$7.4 million) last year, while gross takaful contributions amounted to AED207.8 million, up 6% from a year ago.
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National Takaful Company (Watania) said its takaful fund's performance remained satisfactory in the first fiscal year, from 28 June 2011 to 31 December 2012, with its gross written contributions amounting to AED44.1 million (US$12 million).
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Awqaf and Minors Affairs Foundation (AMAF) and Noor Investment Group have signed a MoU to establish an asset management firm with a paid-up capital of AED10 million (US$2.7 million) to manage Awqaf (Islamic endowment) funds.
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