The shareholders of Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful), one of the five biggest insurers in Saudi Arabia in terms of premiums, have agreed to increase the company's capital by 150% to SAR1bn ($266.6m) from SAR400m.
Asuransi Tugu Pratama Indonesia (Tugu), one of Indonesia's biggest non-life insurance companies, has said that it would expand the company's business by establishing a life insurance company.
Asuransi Allianz Life Syariah (Allianz Syariah), a newly spun-off takaful insurer, is targeting West Java for its business.
Almost all (93%) of Indonesia's insurance industry players are optimistic about the future growth of their companies over the next five years, according to the findings of a survey by the Financial Services Authority (OJK) conducted in 2023.
Indonesia's Vice President Ma'ruf Amin has urged insurance companies to spin off their Shariah business units (UUS) before the deadline of December 2026.
Moody's Investors Service (Moody's) says that it expects Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful), which is among the top five insurers in Saudi Arabia, to maintain good profitability for this year.
Management actions implemented by Abu Dhabi National Takaful Company (ADNTC) since 2020, including the restructuring of the family takaful reinsurance programme and strategic diversification of the underwriting portfolio, are expected to contribute toward maintaining the company's strong underwriting performance over the coming years, says AM Best.
Given the expanding role of the Shariah insurance industry and the growing demand for Shariah insurance among the public, a comprehensive strategy is necessary to develop the Islamic insurance market, says the Financial ?Services Authority (OJK).
Members of the International Cooperative and Mutual Insurance Federation (ICMIF), which include takaful companies, have $1tn in assets under management (AUM) in investments which are aligned to sustainable investment frameworks, according to the new 2023 edition of the "ICMIF Members Sustainable Investment Report", an increase of 32% from the $759bn collectively invested by members in 2022.
The Malaysian Takaful Association (MTA) aims to extend the Takaful-4-All insurance campaign to all levels of society in every state across the country.