Insurance

FGB lines up with Salama to provide takaful products

First Gulf Bank (FGB) has sealed an agreement with the Islamic Arab Insurance Company (Salama), which will give access to the bank's First Wealth customers to comprehensive Sharia-compliant individual and family takaful insurance products offered by Salama.

First Wealth was launched by FGB specifically targeting high-income individuals in the UAE and across the region. The product offers a wide portfolio of investment ideas, services custom-designed to suit client needs, in addition to wealth management and future investment planning services.

Bright Q1 for Qatar insurance sector

Five insurance companies listed on the Doha Securities Market have posted a combined growth of 90.78 per cent during the first quarter of this year. They earned QR384.6 million, as opposed to QR201.5 million in the corresponding period of 2007.

The Qatar Insurance Company (QIC) took the lion's share of the profits with 63.34 percent (equivalent to QR243.6 million), followed by the Qatar General Insurance and Reinsurance Company (QGRI) with 15.38 percent (QR59.16 million) and the Gulf Insurance Company (GIC) with 12.09 percent (QR46.499 million).

Oman to set up first reinsurance company

Oman's Capital Market Authority (CMA) has approved the establishment of the first Omani re-insurance company in the country with a capital of OR30 million, according to Murtadha Bin Mohammad Jawad Al Jamalani, promoter and project manager.

Al Jamalani added that besides the Oman Chamber of Commerce and Industry, private and public companies operating in the fields of banking, insurance and investment services will contribute to the establishment of the new company.

NoozzVIEW; Qatar reaps insurance harvest

Among the regional financial centres competing in the Gulf, Qatar has shown itself as one of the leaders in the field, determined to take a major share of the reinsurance business and Islamic insurance (takaful), which is one of the fastest growing markets in the oil-rich area.

Takaful is grounded in muamalot or Islamic banking transactions observing the rules and regulations of Shariah law. In essence, it is a system that is based on mutual cooperation, assurance, protection and assistance between groups of participants that is often understood as being a form of mutual insurance.

The Middle East can reap rewards for insurers

Emerging markets, such as the Middle East, can reap rewards for insurers willing to develop their professional negligence book. Nonetheless developing a strategy that balances a global message and respects local law must be taken into account.