Insurance

Qatari investors launch Syrian Islamic Insurance Company in Damascus

Qatar Islamic Insurance Company (QIIC) announced that it has entered a joint venture with Qatar International Islamic Bank (QIIB), Qatar Islamic Insurance Company, Islamic International Bank of Syria (IIBS) and other Syrian investors and companies to establish the Syrian Islamic Insurance Company (SIIC) in Syria, in which Qatari companies will own a 54 percent stake.

Salama Islamic reports Dh150m profit in 2007

Salama Islamic Arab Insurance Co. (IAIC) - the largest Islamic insurance (takaful and retakaful) operator in the world - reported a Dh150 million profit for 2007, a company statement said.

Salama also disclosed that its takaful premium revenues reached Dh930 million at the end of 2007 compared to Dh657 million at the end of 2006, an increase of Dh273 million and a 41 per cent increase over 2006 revenue.

UAE Islamic insurer IPO 43 times oversubscribed

Gulf Arab investors offered 3.6 billion dirhams (US$980 million) towards the initial public offering of an Abu Dhabi-based Islamic insurer, 43 times more than the firm was seeking, the IPO adviser said.

Mithaq Lil Takaful sold 82.5 million shares at 1 dirham each, equivalent to 55 percent of the company and valuing it at 150 million dirhams, Majd Maaitah, senior manager for securities services at National Bank of Abu Dhabi.

Dubai Group Acquires 51% Stake in Kuwaiti Al Fajer Retakaful – the largest Global Retakaful Company

Dubai Group, the leading diversified financial company of Dubai Holding announced that it has acquired a 51% per cent controlling stake in Al Fajer Retakaful Insurance Company KSCC, through its global Shariah compliant investment company Dubai Islamic Investment Group.

Al Fajer Re, a closed Kuwaiti shareholding company, is the first licensed retakaful company in Kuwait and the third in the Gulf region, and is considered to be the largest global retakaful by paid up capital of US$178.5 million.

DG acquires 51 pct of Kuwait’s Al Fajr Reinsurance

Dubai Holding subsidiary-Dubai Group (DG) announced acquiring a controlling a 51 percent-stake in Kuwait’s Al Fajr Takaful Reinsurance Co. via DG-offshoot Dubai Islamic Investment Group (DIIG) for an undisclosed sum.

Al Fajr Takaful Reinsurance is a closed Kuwaiti shareholding company registered in Kuwait, and the third operator of its kind to emerge in the Arabian Gulf region. Al Fajr is also the biggest takaful reinsurance operator in the world, commanding KD50m (US$178.5m) paid-up capital.

Forecast: Saudi’s insurance market to double at US$4 billion 2009

Insurance experts in Saudi Arabia have gauged the local insurance market currently at SAR7 billion (US$1.86bn) per annum, expecting the figure to double during 2009 to SAR15 billion (US$4bn). The experts suggested that the figure could even lift to SAR30 billion (US$8bn) over the next 10 years. At present, there are close to 80 takaful insurance companies worldwide. This number reaches 200 takaful firms when including traditional businesses that operate Sharia-compliant windows to serve a specific segment of Muslim traders and investors.