Bank Negara Malaysia (BNM) has launched a concept paper for public consultation on a framework that seeks to provide life insurers and family takaful operators greater operational flexibility to spur innovation and higher productivity.
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The government has announced that it will contribute MYR50 (US$16) to each recipient under the Group Takaful Rakyat 1Malaysia (i-BR1M) scheme, providing protection of up to MYR30,000 in the event of death or permanent disability.
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Exploring niche and innovative products could be a way to boost the growth of the non-motor general takaful segment in Malaysia, said panellists as they discussed ways to enhance the non-life market in Malaysia at the Takaful Rendezvous 2013.
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Malaysia's Court of Appeal has granted a stay of the winding up petition filed against BEST RE by Hanwha General Insurance, allowing the reinsurer to resume normal business with immediate effect.
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The Omani government has formed a working committee to issue a sovereign sukuk, in a move to fund infrastructure projects in the near future.
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Damaan Islamic Insurance Co's (Beema's) net profit crossed QAR40 million (US$11 million) in the first nine months of 2013, up 111% over the same period last year.
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Bupa Arabia has signed a five-year agreement with Al-Mashfa Hospital in Jeddah, allowing the health insurer's elite members exclusive rights to be treated at the recently-opened hospital.
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Saudi Re has received regulatory approvals to open a branch in Labuan, Malaysia to offer general reinsurance services. It expects the branch to be operational during the first quarter of 2014.
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The World Bank Group has collaborated with the Turkish government to launch the Global Islamic Finance Development Center in Istanbul.
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Tunisa's El Amana Takaful has officially commenced operations with a paid-up capital of TND10 million (US$6 million).
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GCC reinsurers should set up retakaful departments to play a stronger role in supporting the region's reinsurance industry, said Mr Saleh Bin Rashid Al Dhahiry, Chairman of the Executive Council of the GCC Insurance Federation (GIF) and Chairman of the Emirates Insurance Association (EIA) at the 10th Gulf Insurance Forum in Dubai.
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Abu Dhabi National Takaful has reported AED31.2 million (US$8.5 million) for the nine months ended 30 September 2013, up 35% y-o-y.
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The UK is planning to float the first sovereign sukuk outside the Islamic world, the country's Prime Minister said at the World Islamic Economic Forum (WIEF) in London recently.
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