ONIC Holding will become one of the founding shareholders of Takaful Oman, after its decision to invest in the setting up of Oman's first Islamic insurance company.
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Al Madina Insurance Company is planning to float an IPO in the fourth quarter of this year, as part of plans to make its operations Shariah compliant. Under the draft takaful regulation, insurers have to be public firms to function as takaful companies.
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Qatar's Supreme Council of Health (SCH) has appointed Al Khaleej Takaful Group as a third-party administrator (TPA) for the recently unveiled National Health Insurance Scheme, while also announcing the formation of the National Health Insurance Company (NHIC) as part of plans to introduce compulsory health insurance.
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Saudi Arabia's insurance sector recorded a 15% y-o-y increase in gross written premium to SAR21.2 billion (US$5.7 billion) from SAR18.5 billion, according to 2012 figures released by the Saudi Arabia Monetary Agency (SAMA).
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The Islamic Development Bank (IDB), a Jeddah-based multilateral development institution, has increased its authorised capital to 100 billion Islamic Dinars (US$150 billion) from 30 billion Islamic Dinars to meet the growing economic development needs of its 56 member countries.
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Saudi Arabia has switched its official weekend to Fridays and Saturdays, bringing its working week closer in line with other countries.
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Composite operator Amana Takaful recently announced a surplus distribution of 12.5% to its general takaful customers.
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United Insurance Co (UIC) of Yemen has decided to distribute 15.8% of its takaful net surpluses after deducting administrative and general expenses and statutory reserves.
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Tunisia's fledgling Islamic finance industry could account for up to 40% of the country's financial sector in five years' time if the necessary rules, consumer education and private investment plans materialise, a Thomson Reuters study found.
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