Insurance News ME

Bahrain: Islamic insurance firm launched

Latest ratings reflect bank's financial strength, strong capital and sound asset qualityBahrain and Qatar yesterday launched a new joint venture Islamic insurance company with a paid up capital of $70 million with participation by the entire platform of insurance players in both the countries.

BIMB to start talks with ADKM for Takafu

KUALA LUMPUR: BIMB Holdings Bhd has been given approval by the central bank to start negotiations with Abu Dhabi-Kuwait-Malaysia Strategic Investment Corporation (ADKM) for a strategic stake in Syarikat Takaful Malaysia Bhd (Takaful Malaysia).

Mohammad opens Al Hilal Bank

Abu Dhabi: Al Hilal Bank, Abu Dhabi's second Islamic bank, yesterday launched its operations in the UAE with four branches, two in Abu Dhabi, one in Al Ain, and one in Dubai.

GIC plans to scale up overseas operations

India's designated reinsurer General Insurance Corporation (GIC) is on a drive to expand its global footprint. The public sector company intends to open a representative office first in Brazil in the current financial year and then later in China.

Salama plans expansion

The Islamic Arab Insurance Company Salama plans to expand its investment portfolio to 25 Shariah-compliant funds by the end of 2008.

World's largest Islamic reinsurance company set up in Dubai

Dubai Group, the financial services unit of the government-owned investment company Dubai Holding, has launched the world's largest Islamic reinsurance company with a paid-up capital of one billion dirhams (272.48 million U.S. dollars), local newspaper Gulf News reported on Sunday.

Maybank, Jeddah’s ICD sign MoU on global takaful business

KUALA LUMPUR: Malayan Banking Bhd (Maybank) is exploring setting up an international takaful holding company with Jeddah-based Islamic Corporation for the Development of the Private Sector (ICD).

SALAMA Launches the Most Comprehensive Family Takaful Products

SALAMA Islamic Arab Insurance Company, the world’s largest Takaful and Re-Takaful group, launched its new comprehensive yet affordable range of Individual Family Takaful products in the UAE market. To suit every need and requirement, SALAMA developed a wide range of savings, protection and saving-cum-protection plans for individuals and families.

EFU plans to expand across Asia

KARACHI: The Eastern Federal Union (EFU) has planned to expand its business activities across Asia. EFU Managing Director Saifuddin N Zoomkawala stated this at a programme, organised by the 21st Century.

Bahrain bank, British firm in insurance JV

Bahrain-based award-winning investment bank Ahli United Bank is setting up an Islamic insurance company with a paid-up capital of $25 million and authorized capital of $200 million.