Amman-headquartered takaful operator, First Insurance Co, has acquired a controlling stake in Yarmouk Insurance Co, a composite player in Jordan.
Malaysian corporates, including takaful operators, should further understand opportunities in ASEAN to fully utilise Malaysia's chairmanship of ASEAN this year and take part in its future growth, said Datuk Seri Abdul Wahid Omar, Minister in the Prime Minister's Department.
Takaful Oman Insurance has turned profitable in the first quarter with a net profit of OMR640,023 (US$1.7 million), a year after receiving its licence from the Capital Market Authority.
EFU Life Assurance, one of Pakistan's largest private-sector life insurers, has tied up with Dubai Islamic Bank Pakistan Limited (DIBPL) and United Bank Limited (UBL) to offer window family takaful products.
The Saudi insurance industry turned its performance around last year with an underwriting result of SAR651 million (US$174 million), compared to a loss of SAR1.73 billion for the previous year.
A committee to oversee Islamic insurance will be established in the UAE by the end of this year to help standardise the sector, disclosed Mr Ebrahim Obaid Al Zaabi, Director General of the Insurance Authority (IA).
Dubai-headquartered Noor Takaful, the Islamic insurance arm of the Noor Investment Group, has signed a bancatakaful agreement with Islamic commercial lender Ajman Bank to distribute Shariah-compliant solutions.
Al Hilal Takaful, the takaful insurance subsidiary of Al Hilal Bank, has signed a distribution agreement in Abu Dhabi with Euler Hermes, a trade credit insurance provider.