continued... - Islamic Finance News

TAKAFUL NEWS BRIEFS (continued...)
Citibank launched the world’s fi rst Wakalah-based Islamic savings
account, offering improved benefi ts and Takaful coverage. Dubbed
the Citibank Guard Savings Account-I, the plan was expected to differ
from other Wadiah-based Islamic banking accounts.
Takaful IBB implemented a draft for a computerized system to boost
its administration services and up effi ciency.
NOVEMBER
Fitch Ratings published a criteria report titled “Takaful Rating
Methodology” for rating Takaful fi rms, as well as a special report on
the industry, “Takaful Review and Outlook”.
Low interest rates and active bancassurance sales continued to
drive strong growth in the life insurance sector in Thailand.
The city administration of Jakarta was planning to establish a
special offi ce in charge of managing health insurance for the poor, in
response to the rising number of claims.
Central Bank of Bahrain approved the offi cial launch of Allianz
Takaful (Bahrain) operations, a wholly owned subsidiary of
Allianz, and granted a license to the Singapore-based Asia Capital
Reinsurance to establish a representative offi ce in the kingdom.
Bank Negara Malaysia deputy governor Zamani Abdul Ghani
welcomed foreign fi nancial institutions explore strategic alliance
opportunities in Islamic fi nance, especially in Takaful and reTakaful
operations in Malaysia.
Bank Negara Malaysia stated that it had no objection in principle to
MAA Holdings beginning discussions with AmAssurance on disposing
of its equity interest in wholly owned life insurance subsidiary, MAA
Assurance.
DECEMBER
Berakas Car Workshop signed an agreement with Takaful BIBD to
run an exclusive towing and authorized workshop.
Wethaq Takaful Insurance, in partnership with Adeem Involvement,
completed the setting up of a Takaful company in Egypt with a capital
of EGP60 million (US$10.84 million). Wethaq’s stake amounted to
60% and Adeem’s at 40%.
The Central Bank of Bahrain authorized Germany’s Allianz Group
to establish a holding company, overseeing the group’s operations
throughout the Middle East and North African region as well as in
the Indian subcontinent. The entity was dubbed the Allianz MENA
Holding Company.
British Islamic Insurance Holdings submitted its regulatory
application to the UK’s Financial Services Authority for full FSA
authorization.
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Islamic Finance news Guide 2008
Amana Takaful Insurance reported half-year sales with 41% growth
in gross written premiums against the fi rst half of 2006.
The privatization of Societe Tunisienne d’assurances et de
Reassurances attracted eight foreign insurers with a 35% stake
interest, including Groupama, France’s AXA, Kuwait’s Gulf Insurance
Co and Morocco’s RMA Watanya.
ING Insurance initiated talks with Bank Negara Malaysia to produce
and manage Takaful products for distribution to other countries.
Zurich International Life opened a new branch in Qatar.
The Ithmaar banking group sponsored the three-day International
Takaful Summit in London.
Hong Leong Tokio Marine’s Capital Protection Investment-Linked
fund met its sales target of RM100 million (US$30 million).
Central Bank of Bahrain granted a Takaful license to Unicorn
Investment Bank’s subsidiary, T’azur Company.
National Life and General Insurance signed a strategic agreement
with BankMuscat’s bancassurance division to provide a
comprehensive suite of life and non-life products to the bank’s
customers.
The Health Authority of Abu Dhabi reached an agreement with the
National Health Insurance Co (Daman) to maintain the premium for
basic health cover at AED600 (US$163.50) for 2008.
Takaful Malaysia sold its 10% stake in Sri Lankan Amana Takaful.
Dubai International Financial Center inducted Tokio Marine Group’s
new company - Tokio Marine Middle East.
Agriculture Insurance Company received reinsurance support from
global reinsurers Munich Re, Swiss Re, Paris Re and Lloyd’s for its
weather-based crop insurance scheme.
Takaful Malaysia, which had received approval from Bank Negara
Malaysia to resume talks with two Middle Eastern parties on the sale
of its stake, was also approached by two multinational corporations
from Europe.
The Labor Fund and the Bahrain Insurance Association proposed
boosting human capital in the insurance sector.
AXA Insurance Gulf won the healthcare insurance bid for Qatar
Petroleum.
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