Pru Life UK has made history as it received the first takaful licence in the Philippines.
Global ESG sukuk issuance is expected to continue rising over 4Q24-2025, driven by investor demand, funding and diversification goals, and government sustainability initiatives in some Muslim-majority countries, Fitch Ratings says.
Takaful International Company enjoys the strategic support of its parent company, GIG-Bahrain, and Gulf Insurance Group, as well as synergies with them and the group's disciplined approach to corporate governance.
The Pakistani takaful sector chalked up contributions of PKR48bn ($173m) in the family takaful segment in 2023, 17% higher compared to 2022, according to the Securities and Exchange Commission of Pakistan (SECP).
Bahrain Kuwait Insurance Company (GIG Bahrain) has a track record of strong operating performance, notes AM Best. In 2023 (under IFRS 17), the insurer generated a return on equity of 11.4% and a net-net combined ratio of 95.7% (both as calculated by AM Best).
The Algerian insurance market generated a turnover of DZD90.2bn ($676m) in the first half of 2024, increasing by 8.8% compared to the corresponding period in 2023, according to the National Insurance Council (CNA) in its latest report on the sector.
The Pakistani insurance industry posted total gross premium written of PKR631bn ($2.27bn) in 2023, reflecting 14% growth compared to PKR553bn in 2022, according to the Securities and Exchange Commission of Pakistan (SECP), which indicates that growth could have been more rapid.
MNRB Holdings has reported a 66.4% surge in group net profit to MYR184.9m ($42.5m) for the first half of FY2025 (that is, the six months ended 30 September 2024) from MYR111.1m for the corresponding last year.
Takaful Emarat has reduced its share capital by more than AED124.35m ($33.8m) in a restructuring exercise.
Around two-thirds (100 out of 145) existing (re)insurance companies as of the end of August 2024 met the first tranche of capital hikes before the 31 December 2026 deadline. Another 45 entities still need to do so, according to the Financial Services Authority (OJK).