Bahrain's philosophy in regulation is to be pro-business and embrace the International Association of Insurance Supervisors (IAIS) guidelines for best practices, says Mr Tawfiq Isa Shehab, Director of the Insurance Supervision directorate of the Bahrain Monetary Agency (BMA), in an interview with MiddleEast Insurance Review.
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The Insurance Control Commission (ICC), which is part of the Ministry of Economy & Trade, tells MiddleEast Insurance Review that it is in the midst of revamping insurance laws and is seizing the opportunity to enact a set of insurance legislation which will be a model not just for the region but also for any emerging market.
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Though the political milieu, with the attendant points of tension and political friction and fighting, are major concerns for the entire business community in the Middle East, there are still many things that insurers should do to improve on the technical and professional side of the business, said Mr Tayseer Treky, Deputy General Manager of Arab Reinsurance Company in Lebanon.
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Takaful Re, the Mena region's first fully Shariah-compliant reinsurer, celebrates the first anniversary of its founding this month. The company's Chief Executive Officer, Chakib Abouzaid, looks ahead at what is on the horizon.
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