IslamicFinance.de

Bahrain Kuwait Insurance Co has raised its stake in local peer Takaful International to 40.9 percent, a move that could herald the start of wider consolidation in the sector. Last week, BKIC had taken an initial 10.8 percent stake in Takaful International, the largest Islamic insurance firm in a market. BKIC bought 18.8 million shares of Takaful International valued at 1.88 million dinars ($5 million) from three Bahraini and Kuwaiti institutions. BKIC now becomes the largest shareholder in Takaful International, displacing Bahrain Islamic Bank which has a stake of 22.75 percent.Takaful International swung to a loss of 1.7 million dinars in 2014 from a profit of 300,000 dinars a year earlier.