IslamicFinance.de

Several Islamic insurers in the United Arab Emirates are seeking guidance from the UAE Insurance Authority on the possibility of mergers and acquisitions in the sector, Ibrahim Al Zaabi, director-general of the authority, has said. Talks are at an early stage, he said on the sidelines of an Islamic insurance event, without naming any of the companies. The comments signal that tough new regulations, combined with financial losses and stiff competition are pushing some of the providers in one of the Gulf’s largest takaful markets to consider consolidation. Zaabi also said a committee to oversee Islamic insurance would be established in the UAE by the end of this year to help standardise the sector.