Dar Al Takaful, one of the leading takaful providers in the UAE, is changing its trade name to become 'Watania International Holding', an investment holding company, following approval by its shareholders.
SALAMA Islamic Arab Insurance, the leading takaful company in the UAE, says that its revitalised investment strategy has resulted in the group's investment income rising to AED40.66m ($11.07m) in 2022 from AED18.43m in 2021.
Bahrain National Holding Company (BNH) intends to acquire one or more takaful companies, to diversify the group's business, according to Mr Farooq Yusuf Almoayyed, chairman of the company.
Kuwait Insurance Company (KIC) has obtained the approval of the Insurance Regulatory Unit, the Competition Protection Agency and the Capital Markets Authority for the acquisition of a majority stake in National Takaful Insurance Company.
Kaf Life Insurance has become the first Egyptian insurance company to transform from takaful to conventional insurance operations, the insurer says in a statement.
Abu Dhabi National Takaful Company (ADNTC) has received an Insurer Financial Strength (IFS) Rating of 'A-', with the outlook 'Stable' from Fitch Ratings.
The Côte d'Ivoire unit of Cameroon-headquartered SAAR Assurances (African Insurance and Reinsurance Company) has established a takaful window for the marketing of Islamic-compliant insurance products.
Expectations are that providers of Islamic insurance (takaful) in the Gulf Cooperation Council (GCC) countries will report a decline in their combined net income for the fiscal year ended December 2022 compared with 2021, says Moody's Investor Service.
Syarikat Takaful Malaysia Keluarga, Malaysia's first takaful operator, has hit a record-breaking operating revenue of MYR3.76bn ($842.7m) for the financial year ended 31 December 2022, higher by 18% compared to MYR3.18bn in 2021.
Malaysia's takaful underwriting income and capital strength will remain stable and robust on sustained growth in contributions, despite challenges from volatile profitability, Fitch Ratings says.