Insurance

Qatar Islamic Bank launches Global Sukuk Plus Fund

Qatar Islamic Bank said it has launched a new Shariah-compliant fund, the Global Sukuk Plus Fund, in cooperation with its European arm, the European Finance House (EFH). The new fund, based in Luxembourg and regulated by the UK’s Financial Services Authority, is a weekly traded mutual fund which will invest in global sukuk markets. The fund’s assets will be invested in sukuk issued by sovereign, quasi-sovereign and corporate issuers and sourced globally.

Gulf Insurance buys additional 6% in Arab Orient Insurance

Kuwaiti insurer Gulf Insurance said in a statement to the Kuwaiti bourse it had boosted its stake in Jordan's Arab Orient Insurance Co to 42% by acquiring an additional 6%. The stake comprises 660,000 shares acquired at a price of JOD 3.5 (USD 4.942/EUR 3.527) each. Earlier in May, Gulf Insurance said it had bought 36% in Arab Orient Insurance Co for JOD 13.86 million. After the latest transaction, Gulf Insurance owns a total 4.62 million shares in Arab Orient Insurance worth a total JOD 16.17 million.

EISA probes proposal to restrict reinsurance brokerage activity to joint stock companies

The Egyptian Insurance Supervisory Authority (EISA) has set about an examination of a proposal to restrict insurance brokerage activity to joint stock firms or representative offices for international reinsurance firms. EISA hopes that the move will encourage international brokerage firms to enhance their presence in the local market in a way that would transform Egypt into a regional hub for insurance activities.

Pak-Qatar General Takaful and UBL Ameen sign MOU

Pak-Qatar General Takaful Limited (PQGTL) and UBL Ameen have signed an MOU that will provide comprehensive Takaful coverage to UBL Ameen's Auto Ijara portfolio. CEO Pak-Qatar General Takaful, M. Vaqaruddin and Abdullah Ghaffar, Head of UBL Ameen Islamic Banking signed the MOU on behalf of their respective organizations.Speaking on the occasion, CEO of Pak-Qatar General Takaful Limited, M. Vaqaruddin, said that this alliance proves that the preference of the corporate sector is moving rapidly away from conventional insurance to Takaful.

Oman Insurance Company's Q1 revenue rises by 32 per cent

2009 has begun on a positive note for Oman Insurance Company as it posted a 32 per cent growth in revenue for the first quarter of 2009 as compared to the same period in 2008. Technical profits for the quarter ending 31 March 2009 were higher by 27 per cent over the same period last year and stand at AED 109 million ($29.6 million). Gross written premiums for the first quarter of 2009 were AED 887 million ($241.4 million) compared to the previous year's AED 667 million ($181.5 million).

Risk management policies still nascent in region

Good corporate governance and risk management planning should be an integral part of business plans, experts say. Regional insurance professionals have been set the gauntlet of establishing effective enterprise risk management (ERM) strategies and systems as an unconditional element for the future growth of the industry. Experts agreed that good corporate governance and risk management planning should be an integral part of insurers' business plans.

Salama looking for acquisitions

Islamic Arab Insurance Co (Salama), the world's largest Islamic insurance company, is looking for acquisitions in a number of markets including Turkey, a company executive said. The Dubai-listed group was well-capitalised with around Dh1.1 billion in its coffers, Noel D'Mello, general manager of Salama's Family Takaful unit, told reporters. We are looking at markets and at places where we can expand. We will look out for organisations that could be a benefit for us in terms of acquisitions," he said.