IslamicFinance.de

Qatar Financial Centre Regulatory Authority has authorised Takaful International Company BSC ("TIC") to establish a branch within the Qatar Financial Centre.

Dow Jones Indexes is expanding its Dow Jones Islamic Market Indexes series by launching the Dow Jones Islamic Market Global Finance & Takaful Index, which measures the performance of financial services stocks that pass rules-based screens for Shari’ah compliance.
The new index, designed to provide broader coverage of the Shari’ah-compliant financial services sector, will serve as a benchmark and an underlying instrument for investment products such as mutual funds and exchange-traded funds (ETFs).

Amana Investments Ltd. has been the torchbearer of Islamic banking in Sri Lanka for almost the last two decades. In that time the parent company also established a Takaful (Islamic insurance) subsidiary, Amana Takaful, in a joint venture with Syarikat Takaful Malaysia and Amana Capital. At the helm at Amana are Chairman Osman Kassim and Managing Director and CEO Faizal Salieh, arguably the two most seasoned Islamic bankers in the country.
Last month, President and Finance Minister Mahinda Rajapakse and the Central Bank of Sri Lanka granted a full commercial banking license to Amana Investments Ltd. to set up Amana Bank, which is scheduled to start full operations later this year. The bank is headquartered in Colombo and has 13 branches in the west and east of the country as well as one in the south, in Galle, that are being converted into fully fledged branches of Amana Bank.

The Maldivian subsidiary of Sri Lanka's Amana Takaful Insuracne Plc, Amana Takaful (Maldives) Private Limited has applied to be listed in the Maldives Stock Exchange (MSE).
Recently a subsidiary company of Amana Group, Amana Bank Limited obtained the license from the Sri Lanka's Central Bank and the Finance Ministry to conduct commercial banking in the country.
The Maldives Stock Exchange first established on 14th April 2002 was operated by the Capital Market Development Authority (CMDA) as part of the regulator.

Al Khaleej Takaful Insurance and Reinsurance has reported a 7% growth in its 2010 net profit to QR72.84mn as total income grew much faster than expenses.
The company has suggested 30% cash dividend; which will have to be approved by shareholders at the annual general assembly scheduled on February 21.

Insurance company Neova Sigorta is set to implement takaful in Turkey.
The company will distribute its profits to customers. Neova Sigorta will be able to implement the takaful system once it begins to make a profit in three to four years.

The Board of Directors of Amana Takaful PLC have opted to go for a Rs.750 million rights issue offering 500,000,360 new shares, subject to shareholder and regulator approval.
The proportion in which shares are issued will be one share for every one existing share.

Meethaq Takaful Insurance Company has offered zakat money of Dh 3 million to the UAE Red Crescent Authority (RCA).
The Managing Director of Methaq Takaful, Mr. Abdullah Al-Maamari, presented the cheque to HE Ahmed Humaid Al Mazrouie, Chairman of the RCA’s Board of Directors, in presence of HE Mohammed Khalifa Al Qemzi, RCA Secretary General, and Mr Khalil Ghneim, Methaq’s General Manager.

Takaful Insurance of Africa has been licensed and launched in Nairobi.
The company was registered by the Kenyan industry regulator, Insurance Regulator Authority, this month. It is backed by the Cooperative Insurance Company of Kenya.
The launch of Takaful Insurance of Africa follows on from the granting of two Islamic banking licenses to Kenyan authorities in 2007 to Gulf African Bank and First Community Bank.

Takaful Insurance of Africa will be launched in Nairobi on Tuesday, joining a market currently served by more than 45 conventional insurance companies.
The company, the first such operator in East Africa, was founded in 2008 and registered by the industry regulator, Insurance Regulator Authority, this month.

Oman Insurance Company (OIC), the largest insurer in the UAE, may float an Islamic insurance (takaful ) firm in the country. The company has appointed an advisory company which is carrying out the due diligence for it to foray in to takaful segment.

Allianz Takaful has entered into Bancassurance partnership to promote Islamic insurance products in the State of Qatar. The company is fully owned by subsidiary of Allianz Group and HSBC Amanah.
The products will be denominated in US Dollars and Qatari Riyal and available to both conventional and Islamic banking customers.

Islamic component in project finance will increase if longer tenor instruments become available.
If longer tenor Islamic financing instruments of 15 or 20 years are available, one can bring into the capital market takaful and re-takaful players who are going to take up these long-term papers. Family takaful organisations, which are looking at long-term exposure on their balance sheet and matching it off in terms of cash flow and assets may be interested.

Capital Standards Rating CSR has assigned an Insurer Financial Strength Rating (IFSR) of 'BB' and a National rating of 'BBBkw' to Al Safat Takaful Company. That means that the outlook is stable.
The rating is based on the consolidated financial statements until June 2010.

Highness Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of Noor Investment GroupNoor Investment GroupLoading..., today inaugurated the new headquarters of Noor, located adjacent to the Noor Islamic Bank station on the Dubai Metro Red Line, on Sheikh Zayed Road, in the presence of a number of high-ranking officials and senior banking and finance industry representatives were also present.

CDP says despite the island’s small size and isolation a sophisticated legal system, a regulatory framework supervised by the Bermuda Monetary Authority (BMA) and a world-class pool of insurance and reinsurance talent has allowed the island to keep pace with global developments in the market — making it a prime jurisdiction for the development and expansion of the takaful industry.

Islamic insurance has been steadily growing as a "Halal" alternative for commercial insurance that some believe to be illegal and risky.
Facebook is one of the innovative ways of Egypt to marketing. Recent as it is in the Egyptian liberal market, the Islamic laws-compliant version of insurance seems to be slowly but surely growing.

It is a limited company whose future subscribed capital is 15,000,000 dinars.
The company's purpose in Tunisia and abroad is to operate in accordance with the principles and values that it adopted especially those relating to Takaful and Re-Takaful: its vocation is to carry out or participate in any industrial, commercial, financial, agricultural, or real estate operations, related directly or indirectly to any objects defined above.

Great Eastern Takaful Sdn. Bhd. as commenced business in Malaysia.
Malaysia-based Great Eastern Takaful offers comprehensive takaful, or Islam-compliant insurance products and services, with the aim to achieve 180 million ringgit (US$57.2 million) in total weighted contributions for its first year.
In September, Bank Negara granted new licenses for family takaful to four joint venture entities led by foreign and local insurance and financial companies. The four new family takaful licences were granted to joint ventures led by Great Eastern, ING Groep NV, American International Assurance Bhd. and AMMB Holdings Bhd.

Halal Takaful Nigeria is set to introduce composite insurance products in line with Islamic tenets. The insurance firm will be providing a substitute for conventional insurance.
The company’s Managing Director, Mr. Livingstone Magorimbo, stated that the establishment of a Takaful arm is part of the company’s strategic drive to offer specialised insurance products and services to all Nigerians with Takaful being targeted at Muslims who are looking for Shariah compliant Insurance policies run and managed in the most ethical and professional manner.