Dr Mohamed Farid Saleh, chairman of the Financial Regulatory Authority (FRA) has issued a decision (No. 194 of 2022) regarding rules and procedures for revising the licensing of takaful companies to allow them to operate in the traditional commercial insurance system in the Egyptian market. The decision was published in the Official Gazette on 29 January 2023.
The takaful sector's contribution in Indonesia will grow by 5%-10% in 2023, further supported by the developing Islamic finance ecosystem, Fitch Ratings forecasts. However, long-term challenges persist due to very low awareness of and demand for takaful products.
The Indonesian Shariah Insurance Association (AASI) forecasts that the Islamic insurance market will grow by 9% -11% in 2023 in terms of contributions.
The Bangladesh Securities and Exchange Commission last week approved Trust Islami Life Insurance's IPO application.
The management of Asuransi Allianz Life Indonesia has announced a plan to spin off the company's Shariah business unit (SBU) into a new subsidiary, named Asuransi Allianz Life Shariah Indonesia.
Damaan Islamic Insurance Company 'Beema' has gained a feather in its cap for being the first company to undertake a direct listing of its shares on the Qatar Stock Exchange (QSE).
Takaful companies have introduced around 60 products since they started operations in Morocco in 2022, according to Mr Abdelkerim Sahbeddine, director of Insurance Regulation and Standardisation at the Insurance and Social Welfare Supervisory Authority (ACAPS).
Sukoon (formerly known as Oman Insurance Company) has signed a share purchase agreement to acquire a majority stake (in excess of 93%) in Arabian Scandinavian Insurance Company - Takaful (Ascana Insurance).
El Djazair Takaful has opened its first commercial agency in Algiers, specialising exclusively in general takaful operations of all types of risks.
Dubai-listed Islamic Arab Insurance Company (SALAMA) has announced that it will acquire the insurance portfolio of Dubai Islamic Insurance and Reinsurance Company (AMAN) which includes motor, medical, non-motor and group life insurance business.