Total direct premiums of the insurance sector increased by 3% to OMR479.86m ($1,246m) in 2021 compared to OMR465.90m in 2020, according to the latest data released by Capital Market Authority (CMA).
The Insurance and Social Welfare Supervisory Authority (ACAPS) has granted six participating banks approval to market takaful products.
Takaful Oman, an Islamic insurance company, has announced the successful completion of its OMR6m ($15.6m) rights issue.
Takaful Oman has launched a right issue of 150m shares to raise additional capital of OMR6m ($15.6m), so as to support business growth, meet operating and liquidity requirements and comply with solvency requirements.
AIA Singapore yesterday launched the AIA Shariah Global Diversified Fund (ASGDF), saying that it is the first insurer in Singapore to do so to meet increasing demand amongst Muslim consumers in the Republic.
The insurance sector in Morocco faces three main challenges, namely, the implementation of a risk-based capital (RBC) framework, the expansion of the Assurance Maladie Obligatoire (AMO) [mandatory health insurance] scheme and the start of takaful.
Four parties have signed a memorandum of understanding (MoU) to establish a takaful venture in Morocco to meet demand in the market for Islamic insurance.
Indonesia has raised $3.25bn by selling US dollar-denominated Islamic bonds in the country's biggest-ever global sukuk issuance, the Finance Ministry has said.
The Financial Regulatory Authority (FRA) seeking to double the insurance sector's annual premium income to EGP100bn ($5.4bn) by 2026, compared to EGP47.5bn in 2021, according to the agency's chairman Dr Mohamed Omran.
Al Madina Takaful (AMAT) and Takaful Oman Insurance (TAOI) have posted combined contributions of OMR70.8m ($183.9m) for 2021, representing growth of 9% over 2020.