IslamicFinance.de

As salamu Alaikum,
Next saturday, May 13, 2023, at 15.00 I present as guest of Muslim Student Association in Zurich (@msazurich) on the 1st chapter of my book and then go into the banking crisis and money creation. The talk is in English.

Physical
???? Samstag, 13. Mai 2023
? 15:00 - 17:00
???? Building KAB, floor G, room 01
????? Kantonsschulstrasse 3, 8001 Zürich

Physical attendance - registration linked at @msazurich and in my link tree in Insta profile. (just confirm lengthy privacy in German).
Talk online accessible without registration: Click on Linktr.ee/islamgeldwohlstand - presentation on bigbluebutton/senfcall similar to zoom - no installation required or instagram @islamgeldwohlstand

My German book "Islam, Geld und Wohlstand - Ein Handbuch über Finanzen und Vorsorge" can be obtained:
Instagram:
DE: @islambooks24
CH: @IslamShop.ch
or any other bookstore or online dealer in German speaking countries - if you are publisher interested for your country, please contact me.

Noor Takaful has announced the distribution of surplus (cashback) payment worth over fifteen million Naira to participants who did not make claims. The company has also announced the launch of its mobile app to make its products and services more accessible to the retail market. This second batch of payment is an increase from 12 million naira distributed in 2019 to policyholders who did not make claim in that pertaining year. Acting Managing Director of the company, Aminu Tukur stated that the distribution of surplus to policyholders has continued to serve as a big pull for the Takaful insurance market with interested participants joining daily.

The Chartered Insurance Institute (CII) has teamed up with the Islamic Insurance Association of London on the launch of a new MBA in Islamic Finance. The two-year, part-time graduate degree will focus on commerce and management. Applicants will need at least two years of relevant work experience and a UK honours degree, or equivalent. Presented by the University of Bolton, the course will teach students on the unique issues associated with Islamic products, and help them identify risk elements and mitigation techniques.

Private investment firm, Siraj Holding, has officially acquired Al Hilal Takaful, the Islamic insurance business and operations of Al Hilal Bank. The transaction, which was initially expected to be complete in the first quarter of 2020, was given the green light by shareholders, the Securities and Commodities Authority (SCA) and the Insurance Authority. The firm plans to rebrand and align with the new leadership and group operating model following the completion of regulatory formalities. A new group of board members was appointed as part of the acquisition, while the operations of the company will be led by Thomas Joe as chief executive officer.

Qatar Islamic Bank (QIB) launched its family shield takaful policy, designed to provide nationals and residents financial security during unforeseen circumstances. The product is tailor-made to mitigate financial liabilities of the family of the insured, in case of unforeseen events like death or disability. For QR75 per month, customers can purchase a family shield term takaful plan through the QIB mobile app and get takaful coverage for QR250,000. QIB continues to make all financial products and services available digitally. It offers customers the possibility to perform all daily banking needs through its mobile app at any time, from anywhere, without the need to visit a branch.

RAM Ratings Services has maintained its "stable" outlook on the Malaysian takaful industry for 2020 despite the economic slowdown. Its Financial Institution Ratings co-head Sophia Lee said the industry’s strong capitalisation is sufficient to withstand headwinds. In 2019, the family takaful’s new business contributions grew 25% to RM6.2 billion, an additional 13% from 2018, mainly driven by the MySalam initiative, the national health protection scheme. Excluding MySalam, growth was still commendable at an estimated 16%, anchored by credit-related takaful products and the employee benefits. Similarly, the general takaful industry expanded by a strong 20% in 2019, led primarily by the motor business.

National Takaful Company Watania has announced positive financial results in 2019, as the company's net profit increased to 13.1 million UAE dirhams, compared to 9.4 million dirhams in 2018. The company launched many new initiatives in 2019 to boost its overall performance, most of these initiatives focused on enhancing the levels of customer service. A new digital platform was launched that allows one of the fastest quotations and policy issuance system for motor business in the UAE market. The Company was among the first ones in UAE to subscribe to Blockchain technology to manage the motor claims recovery process. Chairman Dr. Ali Saeed Bin Harmal Al Dhaheri is confident that once the corona crisis is over and businesses start to get back to normal, Watania will be in a good position to seize the advantage.

Egypt’s regulators have approved the sale of 75% of Tokio Marine Egypt Family Takaful Co. for nearly 85 million Egyptian pounds ($5.4 million). Hermes Finance Group and GB Capital will each buy 37.5% of the takaful insurer. Mr Reda Abdel Moaty, FRA vice chairman, said that Cabinet approval is required under the law for investments in Egyptian insurance companies exceeding 10% of the issued shares.

Malaysia has firmly established itself as an Islamic hub in the world through leadership and innovative product offerings. As such, the creation of an Islamic finance-enabling ecosystem is the key driver of the Malaysian takaful industry’s growth. The takaful sector continues to enjoy faster growth than the conventional insurance sector. Family and general takaful premiums rose by 29.6% and 16.4% respectively in the first half of 2019 (1H19), compared to 12.2% in conventional life and -1.3% in general insurance. However, surverys show that almost half of the Malaysian population does not have protection due to a lack of awareness. According to Fitch Ratings, takaful operators should rethink the way these products are positioned to entice a larger crowd looking for general protection through the use of digital applications.

Takaful Insurance of Africa developed a new product, a digital data protection tool that will enable individuals and businesses to secure their online presence. Known as MyCyberCare, the product will cover users on all forms of online fraud and virus attacks. During the presentation, Takaful representatives reiterated the importance of the recently signed Data Protection Bill that details a lot of measures that can be enforced to protect personal data. Takaful, which says it processes cybercrime claims in under 72 hours, will avail the product to interested companies and people. Plan prices will range from KES 50000 to KES 3 million.

Dar Al Takaful executed a conditional offer letter to acquire 100% of shares of both Noor Takaful General and Noor Takaful Family. Completion of transaction is expected to take place in second quarter of 2020. After the transaction, Noor Takaful General and Noor Takaful Family will continue to conduct their business on an as is basis. Takaful policies underwritten by each of Noor Takaful Family and Noor Takaful General will remain unchanged and in full effect. Emirates NBD is acting as sole financial advisor on this transaction.

According to Malaysian Reinsurance CEO Zainudin Ishak, the Islamic finance industry as a whole is poised to benefit from the rapid growth of family takaful into a dominant position. The company aims to attain a sustainable long-term growth through the capability to write both family and general retakaful businesses. Malaysian Re has just signed a memorandum of understanding (MoU) with Pacific Life Re in Kuala Lumpur. The collaboration is expected to expand Malaysian Re’s access to international research and data through the usage of the underwriting technology powered by Pacific Life Re’s fully owned subsidiary, UnderwriteMe. Meanwhile, Pacific Life Re will provide support for MRRD’s family takaful business through its technical pricing, underwriting, product development, experienced analysis and global insights.

Malath Insurance announced today the assignment of Shariyah Review Bureau (SRB) certification and Sharia audit services to help maintain and supervise Sharia compliance. Malath offers comprehensive solutions covering classes of insurances like property, engineering, construction, health and medical for its retail and corporate customers. It currently has about 336 employees and 5 offices throughout Saudi Arabia. Malath CEO Fawaz A. Al Hijji believes that bringing Shariyah Review Bureau on board will strengthen trust in stakeholders and will provide significant scale with low input costs for certifying and auditing Sharia compliant products and investments.

Takaful Ikhlas and CIMB Islamic Bank are targeting to achieve RM168 million in gross contribution from their newly forged strategic bancatakaful partnership. The two groups expect the partnership to grow by 11% every year for the next five years. The partnership is aimed at providing general takaful solutions to the bank’s customers across retail, small and medium enterprises, as well as commercial segments. CIMB Islamic will leverage on Takaful Ikhlas' offerings, which, in turn, will leverage on CIMB Islamic’s distribution channels comprising the bank’s 250 branches nationwide, online platforms and call centres. Takaful Ikhlas CEO Eddy Azly Abidin said the demand for takaful products was growing and both organisations should work closer together to capitalise on this market’s potential.

La filiale marocaine du sud-africain Sanlam vient de créer une nouvelle filiale, du nom de Sanlam Takaful, dédiée à l’assurance participative. Le projet de loi introduisant le Takaful dans le Code marocain des assurances a déjà franchi, en février, l’étape de l’adoption à la chambre des représentants. Faute de disponibilité de l’assurance Takaful au Maroc, les clients des banques participatives ayant bénéficié de financements islamiques sont aujourd’hui exposés à un danger sérieux, en cas de décès ou d’invalidité. En guise de solution, les banques ont trouvé le moyen de combler cette lacune en obligeant leurs clients à s’engager à souscrire à une assurance Takaful dès que celle-ci sera autorisée à la commercialisation. Les acteurs de l’écosystème participatif tablent sur un démarrage de cette activité au cours du troisième trimestre 2019.

Qatar Islamic Bank (QIB) announced the launch of its affordable Takaful product for low-income workers called "Family Sheild - WPS". This low cost Takaful product can also be purchased by companies who want to give additional protection to their employees. The plan can be purchased by contributing QR10 per month or QR120 per annum and provides a cover of QR50,000 for death and QR100,000 in case of death due to accident. D. Anand, General Manager of Personal Banking Group at QIB, said the Family Shield WPS Takaful plan was designed for expatriate workers and can be easily purchased instanty over the counter without any medical tests. He added that QIB was well aware of the worker’s concern for their family’s well being in case of unseen events and wanted to provide them with an affordable and useful Takaful solution.

Mergers and acquisitions will inevitably happen in the UAE's overcrowded insurance and Takaful industry. According to Vasilis Katsipis, general manager at AM Best, there are several reasons that hamper local insurers and Takaful firms from consolidation. Individuals holding larger stakes in the companies are willing to sell at a much higher price which is not attractive for the buyers. Also, it is not a high priority for the owners either in terms of liquidating assets or in terms of spending time. Katsipis noted that if it is purely for financial reasons, then the market will see some activity in terms of consolidation in the next two years. According to Safder Jaffer, managing director of Milliman, the lack of long-term view of profitability by shareholders, low interest rate environment and lack of expertise continue to be a main challenge for takaful companies.

According to ratings agency Moody’s, the Takaful industry is expected to experience improved premium growth this year supported by growing demand from key regions such as the Gulf Cooperation Council (GCC), Southeast Asia and Africa. Mohammed Ali Londe, AVP-Analyst at Moody’s, said that in the GCC region the compulsory motor and medical cover will support demand, as will economic activity linked to planned sporting and cultural events, such as 2020 Expo in the UAE and the 2022 Fifa World Cup in Qatar. Experts speaking at the 14th World Takaful & Insurtech Conference in Dubai said despite the slow pace of growth in premiums, the industry has huge potential for expansion.