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Takaful tag returned 256 results

  • Pakistan: Significant growth expected in takaful sector

    Pakistan is expected to witness continued growth in almost all sectors of the insurance industry with significant growth expected in the takaful segment, says the State Bank of Pakistan in its Financial Stability Review.

    Middle East | 20 Aug 2019
  • UAE: SALAMA's 1H net profit exceeds US$9m

    Islamic Arab Insurance Company (SALAMA) has announced that its 2019 interim net profit increased 4.7% to AED33.3m ($9.1m) on improved underwriting.

    Middle East | 11 Aug 2019
  • Global: Number of takaful entities exceeds 300

    The number of (re)takaful operators and windows in at least 45 countries globally is estimated at 306, says the "Islamic Financial Services Industry Stability Report 2019" released last week by Kuala Lumpur-based Islamic Financial Services Board (IFSB). By region, South-East Asia has the largest number of takaful institutions (30%), followed by the GCC and MENA with 27% and 26%, respectively. Given the significant presence of Muslim populations in these countries, takaful has significant opportunities to provide sound financial protection that is in line with consumers' religious sensibilities. However, the success of takaful operators depends on establishing strong business profiles, as more established insurers are already benefiting from greater brand awareness and established distribution networks. Furthermore, additional support from Shariah scholars in promoting takaful products is essential for the growth of the takaful sector, says the report.

    Middle East | 08 Aug 2019
  • South Asia: Pakistan accounts for 50% of region's takaful business

    The takaful sector in Pakistan in recent years has increased its market share due to greater consumer acceptability and the entry of conventional insurers into the sector as window takaful operators, says the "Islamic Financial Services Industry Stability Report 2019" released last week by Kuala Lumpur-based Islamic Financial Services Board (IFSB).

    Asia | 08 Aug 2019
  • Egypt: Proposed new insurance law bars mergers between takaful and conventional insurers

    Egypt's proposed new insurance law, unveiled by the Financial Regulatory Authority (FRA) prohibits the merger of a takaful insurance company with a conventional insurance company.

    Middle East | 06 Aug 2019
  • GCC: IFSB says takaful firms are realigning strategies

    Prospects for growth in the takaful sector in the GCC remain positive, as takaful operators are realigning their strategic focus towards meeting the needs of the market, says the "Islamic Financial Services Industry Stability Report 2019" released last week by Kuala Lumpur-based Islamic Financial Services Board (IFSB).

    Middle East | 06 Aug 2019
  • Saudi Arabia: Tawuniya sees 1H net profit jump by 45%

    The Company for Cooperative Insurance (Tawuniya), which is one of Saudi Arabia's largest insurers, has reported a net profit of SAR116.43m for 1H2019, up by 45.2% year-on-year.

    Middle East | 06 Aug 2019
  • Africa: Sub Saharan region has biggest takaful potential

    Sub Saharan Africa represents the greatest growth potential for takaful, with Muslims making up more than 30% of the population, says the Islamic Financial Services Industry Stability Report 2019 released last week by Kuala Lumpur-based Islamic Financial Services Board (IFSB).

    Africa | 05 Aug 2019
  • MENA: Takaful contributions in the region ex GCC exceed US$10bn

    Total contributions in the takaful sector in the MENA region (ex-GCC) grew on average by 8.2% to $10.2 bn in 2017, accounting for 31% of the global takaful contributions, according to the Islamic Financial Services Industry Stability Report 2019 released last week by Kuala Lumpur-based Islamic Financial Services Board (IFSB).

    Middle East | 05 Aug 2019
  • Takaful: Outlook for Islamic insurance sector is positive - IFSB

    The global Islamic financial services industry (IFSI) is well placed to maintain its positive growth trajectory, experiencing asset increases across all three of its main component markets, including takaful, says Dr Bello Lawal Danbatta who is secretary general of the Islamic Financial Services Board (IFSB).

    Middle East | 04 Aug 2019


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