Hong Kong’s government has released the conclusions of a consultation, which ended in May this year, to provide a taxation framework for sukuk on a par with that for conventional bonds, with a view to promoting Islamic finance development in Hong Kong and Greater China.
Buy Now
Libya Insurance Co (LIC) – the largest insurer and the only one offering takaful in the country through a window – is hoping to become a full-fledged takaful operator, said Mr Ali Ammar Regae, Director & Deputy General Manager, in an interview with Middle East Insurance Review.
Buy Now
Syarikat Takaful Malaysia hopes to end its financial year 2012 by reaching the 1,000-agent mark, after recently launching the “Be My Agent” campaign to promote career opportunities within the takaful business.
Buy Now
Great Eastern Takaful has launched a takaful term plan designed to provide low-cost family takaful coverage to consumers.
Buy Now
The Takaful Padi Protection Scheme – introduced in Malaysia’s 2013 budget – may be expanded to cover other agricultural activities, depending on its success in paddy fields, according to news agency Bernama.
Buy Now
AMMB Holdings is hoping to conclude talks to repurchase the 30% stake held by Friends Life in their two joint ventures, AmLife Insurance and AmFamily Takaful, by the end of this year, said Group Managing Director Ashok Ramamurthy.
Buy Now
Prudential BSN Takaful (PruBSN) has seen 23% y-o-y growth in new business sales to MYR129 million (US$42 million) in the first half of this year, maintaining its leadership among takaful operators in Malaysia.
Buy Now
The Omani government is planning to amend existing tax legislation to facilitate a level playing field for Islamic financial products and services alongside its conventional counterparts, according to a local report.
Buy Now
Omani real estate firm Tilal Development Co has approached the Sultanate’s market watchdog Capital Market Authority (CMA) to raise funds by way of a sukuk, which will be the first such issue in the country
Buy Now
The 10% drop in property and engineering rates in the past year might affect the performance of insurance portfolios negatively, creating difficulties for insurance companies to obtain first-class reinsurance coverage, said speakers at a Saudi Re seminar in Riyadh recently.
Buy Now
The Islamic Corporation for the Insurance of Investment & Export Credit (ICIEC) has signed a Memorandum of Understanding (MoU) with the National Commercial Bank (NCB) to provide insurance services for local SMEs up to 90% of the credit facilities provided by banks.
Buy Now
AXA Cooperative Insurance Co has recorded a 1.7% increase in gross written premiums for the third quarter to SAR125 million (US$33.3 million), while net written premiums decreased 3% to SAR96 million.
Buy Now
Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) has recorded net profit before zakat of SAR3.9 million (US$1 million) for the third quarter of 2012, compared to a net loss of SAR18.3 million for the corresponding quarter of 2011.
Buy Now
Abu Dhabi Islamic Bank (ADIB) recently launched the first-ever Tier 1 perpetual sukuk, raising US$1 billion to boost its core capital.
Buy Now
Abu Dhabi National Takaful has reported 10% growth in net profit to AED23.1 million (US$6.3 million) for the first nine months of the year ended 30 September 2012.
Buy Now