Tokio Marine Group has made Nile Takaful its wholly-owned subsidiary after acquiring a 60% stake from Egypt Kuwait Holding Co, according to a source close to the deal.
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Swiss Life has launched what is believed to be Europe’s first family takaful product, primarily aimed at French customers looking for Islamic finance or ethical investment solutions.
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Malaysia-based ING Public Takaful Ehsan will expand its operations by opening more marketing branch offices in the country from early next year.
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Syarikat Takaful Malaysia’s first half annualised net profit grew 24.3%, lifted by higher wakala fees and surplus transfer from its family takaful business.
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Takaful Ikhlas has signed an agreement with bereavement service provider L.A.T. Holdings to underwrite a programme for non-Muslim average income earners.
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Malaysia’s leading mobile phone operator Axiata Group said it has priced the world’s largest yuan-denominated sukuk of CNY1 billion (US$157.85 million) at 3.75% due to strong demand.
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A state court in Pakistan has restrained the Securities & Exchange Commission of Pakistan (SECP) from implementing its new takaful rules after it adjourned a case by the country’s five takaful operators challenging the new regulations.
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Pak-Qatar Family Takaful has declared a surplus of 53.8% of contributions for its bancatakaful customers for the financial year ended 2011, marking the third straight year it has announced a distribution of surplus on its bancatakaful products.
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Amana Takaful has recorded a 32% growth for the first half of 2012, with premiums increasing to LKR770.8 million (US$5.8 million).
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Turkey is expected to issue a lira-denominated sukuk, its second sukuk following its maiden sukuk in US dollars, by the end of September. Demand for the instrument is likely to be high, the Turkish unit of Bahraini lender Al Baraka said.
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Dubai Islamic Insurance and Reinsurance Co (AMAN), together with FWU Group and Emirates Money, the consumer finance arm of Emirates NBD Group, has launched a Shariah-compliant unit-savings plan.
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