Doha Bank Assurance Company applies for takaful licence

The Qatari insurer has filed its application with the Qatar Financial Centre to allow it to provide life insurance alongside existing product lines, such as health insurance.

The next phase of growth

This section explores the latest trends in the rapidly burgeoning global takaful (shari’a-compliant insurance) market which is estimated to eventually grow to between US$7bn (Swiss Re estimate) and US$15bn (Takaful Re estimate) by 2015.

Talking shop

Policy spoke to Yassir Albaharna, CEO of the Arab Insurance Group (Arig); The Arab insurance champion.

Dubai Islamic Insurance signs deal with Alico

Under the agreement, Aman will provide Alico’s shair’a-compliant insurance products to its UAE customer base.

According to the terms of the agreement, Aman will issue Alico’s takaful products, as per the opinion of Aman’s Fatwa and its shari’a board.

GAIF 2012 to take place in Morocco

The 28th General Arab Insurance Federation (GAIF) conference in Jordan closed with the revelation that the 29th conference would take place in Morocco in 2012. Over the next two years, Jawad Hadid, chairman of the Jordan Insurance Federation will serve as GAIF president. Hadid takes up the baton from Ashraf Bseisu, chairman of the Bahrain Insurance Association, who served as GAIF president for the last two years.

Al Muthanna Takaful Insurance Teams Up With Kuwait Finance House & GAPCORP

As part of the tie-up, customers of KFH will be offered an opportunity to have the extended warranty service at a fee on their vehicles. The warranty will be identical to the manufacturers’ warranty and will cover the vehicles after the expiry of the original manufacturers’ warranty.

Oman Insurance Market Review Reveals 18% GI Premium Increase

Total direct premium of the GI sector increased from OMR167m in 2008 to OMR197.5m in 2009.
The report, published by the Capital Market Authority, shows national insurance companies’ share in total direct GI premium stood at 79 per cent, or OMR155.9m.

EXCLUSIVE: RGA Confirms Entry Into Middle East Market

Scott Rastin, RGA vice president for new market development, said the reinsurer is currently in the process of recruiting staff to head up its Middle East operation, and it plans to open an office in Dubai this year.

UIB Urges UAE Insurers To Share Expertise With Iraq

Speaking to Policy, Rob Tolley, UIB director, said Iraq is a virgin market and there is a lot of money to be made for insurers and reinsurers who invest there. However, he said the weakness in Iraq is “lack of experience and knowledge within the market”.

Zurich Bolsters ME Team

David Breton has joined the insurer’s general insurance division as head of strategic marketing and business development and Michael Mansour joins as regional manager for bank distribution and affinity. Within its global corporate division, Zurich has appointed Glenn Doan to manage its risk engineering team in the Middle East. Based in Bahrain and the UAE, Doan will be responsible for providing risk management services to support Zurich’s regional insurance partners.

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