IslamicFinance.de

Gan Yen Kuan reported on 10 April in The Edge Daily that MNRB Holdings Bhd has proposed to invest GBP 8.96 mn in the non-listed British Islamic Insurance Holdings Ltd (BIIH), being an equity stake of maximum 9.99 % based on a private placement effort. MNRB aims to diversify the business and to expand into international business and the potentially lucrative market in Europe.

MNRB is Malaysia’s largest re-insurer.

BIIH has an authorised share capital of GBP 100 mn. Its issued and paid-up share capital is GBP 4.1 mn with a share premium of GBP 42.1 mn. It is incorporated on 27 February 2006.

BIIH has two wholly owned subsidiaries, namely BIIH General Ltd (BIIG) and BIIS Ltd., both have yet to obtain permission from the UK’s Financial Services Authority (FSA) to carry out their respective business in general insurance and insurance intermediation services.

BIIH is unlisted but aims to be listed on the Alternative Investments Market in London and on one or more suitable GCC based exchanges later.

Source: http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Artic...

Mohamad Al Kady reported on 12 April in Business 24/7 that Gulf Re, a newly formed joint venture between the Bermuda-based Arch Capital Group and Gulf Investment Corporation (GIC), is set to offer reinsurance services for large GCC projects in oil, gas, power and water desalination.

GulfRe starts to think about creating a re-Takaful organisation to offer Islamic reinsurance services to their clients.

Gail Norstrom is the CEO of GulfRe

Source: http://www.business24-7.ae/cs/article_show_mainh1_story.aspx?HeadlineID=...

FoneShield UK Ltd, a UK mobile phone insurance provider, is set to launch the first mobile phones takaful coverage.

Though a 'Sharia' compliant standard for ethical insurance has been chosen to meet the upwardly-mobile European Muslim market, it is also believed to be a standard that will have a wider appeal amongst ethical consumers.

FoneShield UK Ltd is an FSA regulated insurance provider, based in London and has been operating since 2005. It is one of the first to offer an online, self-service option to mobile phone dealers and recently launched 'CaShield' to protect mobile phone cashbacks.

Amian Moaven is Director of FoneShield UK Ltd

Source: http://www.freepressreleases.co.uk/Press_Releases/Telecoms_News/Sharia_E...

The New Nation, Bangladesh reported on 10 April that Prime Finance and Investment Limited has signed an agreement with Takaful Islami Insurance Limited to manage their proposed Initial Public Offering (IPO).

Md Akter Hossain Sannamat is Managing Director of Prime Finance & Investment Limited.
Abul Kashem Chowdhury is Managing Director of Takaful Islami Insurance Limited.
Md. Fazle Azim is Chairman of Takaful Islami Insurance Limited.

Source: http://nation.ittefaq.com/issues/2008/04/10/news0012.htm

Business Intelligence Middle East reported on 4 April about the planned 50:50 Joint-Venture between Ahli United Bank and UK-based Legal & General Group. Both parties agreed to set up a takaful life, pension plans and health insurance provider, subject to necessary regulatory and statutory approvals. The authorised capital is reported at about USD 200 mn, of which USD 25 mn will be initally paid up. Operations shall start later the year.

Mr Fahad Al Rajaan is Chairman of Ahli United Bank

Source: http://www.bi-me.com/main.php?c=3&cg=2&t=1&id=18873

AME Info reported on 30 March that the long awaited Saudi mortgage law is being considered by Saudi-Arabia's Consultative Council.

Islamic financing will play a promiment role in housing finance and it is expected that also the takaful industry will benefit from this move.

Full Text: http://www.ameinfo.com/151657.html

The Guardian reported on 17th March about the takaful business of Prudential. Prudential is looking to expand into Egypt as the executive who runs the insurer's fast-growing Asian business seeks other markets with scope for rapid growth, like before Indonesia, where 25% of all sales in the fourth quarter of 2007 were sharia-compliant products.

Figures on Friday showed that profits of the Pru's Asian operations broke through £1bn for the first time in 2007 and now match the profits achieved by the insurer's traditional UK operations.

Stowe is already responsible for 13 countries. In India, he believes Pru can soon overtake the state-owned insurer that occupies the number-one slot in the country.

Source: http://www.guardian.co.uk/money/2008/mar/17/islamicfinance.insurance?gus...