IslamicFinance.de

Takaud and Bahrain-based Takaful International are partnering to provide Takaful’s individual and corporate life insurance clients with Sharia-compliant investment solutions. The new partnership will enable Takaful to provide customers of its unit-linked savings policies with the opportunity to invest the savings portion of their policy in Shari’ah-compliant growth, balanced or prudent investment strategies. In support of the agreement, Takaud will provide a complete range of services, along with tools enabling customers to identify their investment profiles. Takaud will also provide marketing assistance and training for Takaful agents and others who will be presenting these new investment strategies to customers. The Memorandum of Understanding was signed by Takaud’s CEO Mr Luc Métivier and Takaful’s CEO Mr Younis J. Al Sayed.

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.