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<strong>Islamic</strong> <strong>Finance</strong> news Guide 2008<br />
Page 152<br />
TAKAFUL NEWS BRIEFS (<strong>continued</strong>...)<br />
Al-Khaleej Insurance Company charted net profi ts of KWD30.9<br />
million (US$109.7 million) as at the 30 th June 2007. Kuwait Insurance<br />
took the second spot with KWD12.8 million (US$45.42 million) in<br />
profi ts with a year-on-year growth of 77.8%.<br />
Takaful International began insuring the assets and property of Gulf<br />
Aluminium Rolling Mill Company valid until 2010.<br />
Pak-Qatar Group became the fi rst Pakistan-based operators to<br />
gain a family Takaful license from the Securities and Exchange<br />
Commission of Pakistan.<br />
Takaful Malaysia’s General Takaful business dipped by 44.07% to<br />
RM38.01 million (US$10.84 million) in the fi rst half of the year.<br />
SEPTEMBER<br />
Zamani Abdul Ghani, Bank Negara Malaysia’s deputy governor,<br />
called for the Takaful industry to present itself as a united front with<br />
a common voice in operational and Shariah matters to spur growth.<br />
Syarikat Takaful Malaysia began mulling possible tie-ups with major<br />
foreign insurers keen on venturing into the Takaful business. The<br />
company also appointed 3i Infotech to implement and upgrade its<br />
informational technology system.<br />
Bank Negara Malaysia’s Budget 2008 stipulated tax exemption<br />
for <strong>Islamic</strong> banking units and Takaful companies until 2016 — after<br />
which the companies will be assessed.<br />
Prudential Asset Management signed a memorandum of<br />
understanding with Bank AlJazira to set up a new Takaful company,<br />
Takaful Taawuni.<br />
The Shariah Advisory Council of Bank Negara Malaysia allowed the<br />
distribution of surplus from Tabarru funds in Takaful schemes, and<br />
the application of Wakalah contract in deposit instruments.<br />
OCTOBER<br />
Malaysia’s Takaful industry was expected to grow with RM3 billion<br />
(US$876.37 million) in contribution for both family and general<br />
business combined, from almost RM2 billion (US$584.22 million)<br />
in 2006.<br />
Takaful IBB presented a total of BN$8,452.02 (US$5,691.52) in<br />
waqaf contributions to four organizations: Dana Pengiran Muda<br />
Mahkota Al-Muhtadee Billah, Persatuan Kanak-Kanak Cacat (KACA),<br />
Pusat Ehsan and Jabatan Hal Ehwal Masjid (Mosque Affairs) under<br />
the Ministry of Religious Affairs.<br />
A survey conducted by the Bahrain Insurance Trade Union revealed<br />
that 43% of employees in the insurance sector were paid less than<br />
the minimum wage of BH$350 (US$928.50), despite promising<br />
industry growth.<br />
www.islamicfi nancenews.com<br />
HSBC and AIG Takaful-Enaya launched a travel protection product<br />
for its customers, providing fi nancial compensation for unforeseen<br />
setbacks while traveling abroad.<br />
Hong Leong Tokio Marine Takaful launched a regular contribution<br />
investment-linked Family Takaful scheme, i-Save.<br />
Takaful IBB launched the Takaful Retirement Plan under its Family<br />
Takaful Plan.<br />
Dr Ali Al Quradaghi, a Qatar-based <strong>Islamic</strong> scholar, announced<br />
that Muslims are permitted to subscribe to commercial insurance<br />
if it is made mandatory by the law of their country and no <strong>Islamic</strong><br />
alternatives are available.<br />
MunichRe opened a branch in Kuala Lumpur, dubbed Munich Re<br />
reTakaful.<br />
Pak-Qatar Family Takaful issued Pakistan’s fi rst ever Family Takaful<br />
policy to Sidat Hyder Morshed Associates.<br />
Malaysian National Reinsurance proposed to issue up to RM200<br />
million (US$58.52 million) in fi ve-year <strong>Islamic</strong> medium-term notes.<br />
British <strong>Islamic</strong> Insurance Holdings raised US$40 million via a private<br />
placement for the company’s launching.<br />
Bahrain Insurance Association and the Arab War Risk Insurance<br />
Syndicate discussed specialized insurance lines for Gulf businesses,<br />
including protection against war, riots, strikes, and sabotage and<br />
terrorism.<br />
Solidarity launched its motor claims call center to service Solidarity’s<br />
motor Takaful policyholders.<br />
Kuwait called for its insurers to organize more public awareness<br />
programs to market products. The Federation of Kuwaiti Insurance<br />
Companies expressed plans to achieve solidarity among its<br />
members, provide them with moral and material help, raise<br />
effi ciency and ensure stability in relationships among members.<br />
State Bank of Pakistan, along with Pakistani insurers, launched the<br />
country’s fi rst crop loan-insurance scheme.<br />
The Board of the International Federation of Takaful & <strong>Islamic</strong><br />
Insurance Companies held its second meeting in Cairo. The board<br />
discussed the federation’s performance in the last six months,<br />
reviewed the articles and basic rules of the federation and studied<br />
some of its suggested activities for the next period.<br />
<strong>continued</strong>...
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