IslamicFinance.de

Kenya Reinsurance Corporation is searching to raise its revenue growth to more than the 13% it enjoyed in the first half of this year by diversifying into the Islamic space.
The fact that in East Africa a Shari'ah compliant reTakaful operation will be launched, should let Kenya Re trap the business of Kenya's Takaful Insurance of Africa, as well as that of conventional insurers that have opened up Islamic windows, such as Canon Assurance.

Al Khaleej Takaful published the first results since the company took the decision to adopt the same accounting framework of Qatar Takaful Company, a subsidiary, which are the Financial Accounting Standards issued by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
It seems that earnings per share fell to QAR 4.01 from QAR 4.51.

Inspite of the constant and rapid growth in the Sharia-compliant insurance markets, Standard & Poor’s Ratings Services recognizes that operational issues remain usual in the sector. This subject was heavily discussed at the International Takaful Summit, held in London on July 12/13, 2011.
Standard & Poor’s has the strong belief that while the essential Sharia-compliant operational model affords a further level of corporate governance, particularly so in those domiciles where corporate governance is poorly established, often the Sharia interpretation constitutes a more complex, and so wasteful, operational model compared with conventional insurance companies.

At the recent International Takaful Summit 2011 the experts from Takaful stated that they expect to reach $12 billion by the end of this year.
Ernst & Young think that emerging markets will be the key actors leading Takaful’s growth.
Saudi Arabia, the UAE and Malaysia are currently the top three Takaful markets. They are followed by c, Bangladesh, Sudan, and Pakistan.

Ernst & Young's experts stated at the International Takaful Summit 2011 in London that Takaful is only one per cent of total global insurance market but Muslims are 20 per cent of the world's population.
Abid Shakeel is the one that spoke at on 'Takaful - the default option for Muslim countries' at the summit. He underlined the fact that the legislation in the Islamic countries that makes Takaful products the preferred choice among insurance products can place the industry on a completely different level. He added the fact that growth in the GCC is primarily driven by compulsory insurance rather than only voluntary policies.

A study made by AM Best shows that takaful will continue to be among the fastest growing sectors in the Gulf and Malaysia, with life insurance being the one who provides the greatest opportunity for profitability.
Although life insurance or family takaful offered higher margins and stability, it made up less than 25 % of the contributions received. General takaful, however, has seen varied profitability in the Gulf.

Gulf Ventures Corporation are initiating a survey for Omani investors to assess the interest among insurance customers in Oman for Takaful.
At the begining of the year, Omani authorities said that they would give licences to new Islamic financial services entities. The first licence will probably be granted soon for an Islamic bank. Potential investors are eager to create the first Islamic insurance firm.

Islamic finance is playing each day goes by an even more important role in today’s global financial village.
Operators of Islamic banking disputed tha fact that Islamic banking cannot be fully Sharia based unless there is Takaful to take care of their insurance businesses.
Mallam Sanusi Lamido Sanusi, Governor of the Central Bank of Nigeria, stated that Nigeria is the most populous black nation in the world with a population of about 150 million, boasts of a significant Muslim population, majority of whom yearn for such financial services.

The takaful industry in Bahrain is rising because of the people that prefere Sharia-compliant insurance.
The insurance market in Bahrain includes 27 domestic insurance companies and 11 branches of foreign insurance companies covering both direct insurance and reinsurance.
Conventional insurance reported the highest contribution in total assets at the rate of 79pc.

King Abdullah has launched a Royal Decree allocating SR476 million a year to the Takaful Charity Foundation set up to support needy pupils in public education schools.
Prince Faisal Bin Abdullah, Minister of Education and chairman of Takaful and its Trustees Council, stated that the foundation will provide assistance to orphans and pupils in over 30,000 Ministry of Education schools for boys and girls. It will also work in collaboration with the Technical and Vocational Training Corporation and private institutions to hold training courses to give students practical skills required in professional life.

Takaful Gambia Limited held on June 16 Takaful Gambia Limited, the only Islamic insurance company in the Gambia, on Thursday, 16 June, held its 2nd annual profit sharing with its clients. The ceremony was held at the company’s head office at Dobson and Anglesea Streets in Banjul.
Mr. Momodou Joof, the Managing Director of the Takaful Company, revealed that this year they will be sharing over 2.5 million dalasi with the clients who have been insuring with them. He added the fact that Takaful is based on profit sharing and not charity. He underlined the fact that it is an obligation for them as an insurance company to share out profits among their clients based on the values and ethics of fairness in Islam.

Family Takaful Summit Malaysia will be held on June 23 and 24 in Malaysia. Over 500 takaful operators and agents would come together to discuss the growth potential for takaful in Malaysia and identify unique opportunities for players in the family takaful market.
Family takaful grew 28% annually over the last five years and now represents more than 80% of Malaysia's total takaful market.

The consolidation happening within the Malaysian Takaful sector continues quickly with MNRB Holdings, formerly Malaysian National Reinsurance Berhad, in the final stages of talks it has been having with the Malaysian subsidiary of German financial services giant Allianz, Allianz Malaysia, to sell a stake in Takaful Ikhlas, its Takaful subsidiary.
MNRB is looking to get rid of a 49% interest in Takaful Ikhlas, a move that was approved by the central bank late last year, and talks have been progressing since then.

Alliance Islamic Bank Berhad wil introduce the Alliance Family Takaful Investment-Linked Plan, a Shariah-compliant family takaful investment-linked product.
This product launch is a collaboration between Alliance Islamic Bank Berhad with Takaful Ikhlas Sdn Bhd (Takaful IKHLAS) and FWU Malaysia Sdn Bhd (FWU Malaysia).

Alliance Islamic Bank Bhd launched the Alliance Family Takaful Investment-Linked Plan.
In a statement tha bnak announced that this product launch is a collaboration between Alliance Islamic Bank Bhd with Takaful Ikhlas Sdn Bhd, and FWU Malaysia Sdn Bhd, a subsidiary of German-based financial services provider, FWU Group.

Amana Takaful will launch Sri Lanka’s first Sharia’h compliant unit linked Insurance Plan. . The product is branded “Amana Takaful Prosper” and is the first of its kind. The customer will be able to obtain a Takaful (insurance) cover as well as enjoy a choice of Sharia’h compliant investment options.
Reyaz Jeffrey, General Manager/ Chief Executive Officer, Amana Takaful Life, stated that this option was right for all Sri Lankans because it's a part of the expansion plans of product offerings in the backdrop of a peaceful environment and apt economic conditions.

The Sudanese Islamic Bank plans to move in the future into Kenya. This would be the first cross-border expansion of Islamic finance in East Africa.
Kenya is in the process of changing its finance laws to allow Islamic finance. Kenya has two Shari'ah compliant banks in operation, a Takaful company and an array of Shari'ah compliant banking products in conventional banks, leading the way.

Although Takaful in Malaysia is becoming an increasingly crowded marketplace, Syarikat Takaful Malaysia continues to believe that it can grow further in its home market.
Mohamed Hassan Kamil, the group managing director, suggested that the company will be taking more agents and will instigate both a retirement insurance scheme and an investment-linked product over the summer to stimulate further demand.

National Takaful Company "Watania" was advised by Allen & Overy on its Initial Public Offering (IPO).
The date of the public launch was 18 April 2011 and corresponded 55% of the total share capital of Dhs150m.
Ibrahim Mubaydeen, managing partner of the Abu Dhabi office and Eyad Mahadeen, senior associate, were the ones that led the team.

LeapFrog Investments seems to be searching for opportunities in Indonesia's Takaful sector.
Several organizations like International Finance Corporation, Soros Fund Management, Flagstone Reinsurance, KfW of Germany and FMO of Netherlands organized the private equity fund back in 2009.