Bank Negara Malaysia (BNM), the central bank of the southeast Asian country, has published a policy document that sets out revised requirements to ensure alignment with Malaysian Financial Reporting Standard (MFRS) 17 "Insurance Contracts" and MFRS 9 "Financial Instruments".
MC Islamic Bank, Hyundai Nishat Motors, and Adamjee Insurance have signed an agreement to provide Shariah compliant car financing and family takaful coverage.
The insurance and takaful sector in Malaysia is expected to remain resilient despite volatilities on the investment front and the normalisation of claims experience on the road to COVID endemicity, says RAM Ratings.
Qatar Islamic Insurance Group (QIIG) employs a hybrid takaful model, whereby the shareholders' fund charges the policyholders' fund a wakala fee based on gross written contributions (GWC) and a mudarabah fee based on investment income, notes AM Best.
The Supreme Council of Ulemas has issued its nod to seven categories of standard takaful contracts, including that of death insurance. The move will accelerate the market entry of Shariah-compliant insurance products.
Qatar General Insurance & Reinsurance Company (QGIRC), among the top insurers in Qatar, has a track record of adequate underwriting profitability, demonstrated by a five-year (2017-2021) weighted average combined ratio of 99%, states AM Best.
Bank Negara Malaysia (BNM) has proposed new requirements for licensed insurers and takaful operators (ITOs) which would promote high standards of conduct and professionalism of their insurance and takaful agents.
The takaful penetration rate in the country increased to 18.6% in 2021, up from 16.9% the year before, according to the Malaysian Takaful Association (MTA).
Shareholders of two of the UAE's largest Islamic insurance companies, Dubai-based Dar Al Takaful (DAT) and Abu Dhabi-based Watania, have voted in favour of a merger that will create the UAE's biggest Islamic insurer by market share.
Malaysia's takaful industry penetration rate rose to 18.6% last year from 16.9% recorded in 2020, according to the Malaysian Takaful Association (MTA).