takaful insurance News

Hong Kong’s FWD to Buy HSBC’s Stake in Malaysia Insurance Joint Venture: Sources

Hong Kong-based insurer FWD Group has agreed to buy HSBC Holdings Plc’s stake in a Malaysian insurance joint venture as part of a plan to expand its presence in Asia, three people familiar with the matter said. FWD, owned by …

AIG UK Sells Its 1st Sharia-Compliant M&A Policy in London

AIG UK said on Thursday it had underwritten its first sharia-compliant warranty and indemnity policy out of London’s M&A insurance market, as the city looks to Islamic finance to help bring new business. Development of Islamic finance is accelerating in …

Saudi Arabia Develops Stronger Capital Rules for Insurers: Sources

Saudi Arabia’s central bank is preparing tougher rules for insurance companies as part of a drive to create a smaller number of stronger market players operating in the country, two people with direct knowledge of the matter told Reuters. A …

SABB Takaful Must Stop Selling Insurance, Savings Products: Saudi Watchdog

Saudi Arabia’s financial regulator has stopped Sharia-compliant insurer SABB Takaful from issuing or renewing insurance or savings products, citing weaknesses in the firm’s internal controls. The Saudi Arabian Monetary Agency (SAMA) has also asked the company to appoint a consultant …

Malaysian Sovereign Fund Weighs Bid for Insurance Unit of Hong Leong Financial

Khazanah Nasional Bhd., the $27 billion Malaysian sovereign fund, is weighing a bid for control of the insurance operations of billionaire Quek Leng Chan’s Hong Leong Financial Group Bhd., people with knowledge of the matter said. Khazanah is considering an …

Zurich Buys MAA Takaful Berhad, Expanding in Malaysia Takaful Market

Zurich Insurance Co. Ltd., a subsidiary of Zurich Insurance Group, has completed the acquisition of MAA Takaful Berhad (MAAT), a leading provider of Takaful products in Malaysia, from MAA Group Berhad and Solidarity Group Holding BSC. The combination of MAAT’s …

London’s Development of Islamic Products Enhances Position as Insurance Hub

Islamic financial activity in London is developing a growing maturity, the chief executive of the International Underwriting Association (IUA), stated. Dave Matcham pointed to the growth of commercial sharia compliant products as an important example of the innovation required by …

Malaysia Islamic Insurers Seek to Double Policyholders by Going Digital

Malaysia’s Islamic insurers are seeking to double policyholders in five years by investing more in digital technologies to attract a younger audience, according to the industry association’s head. Takaful operators should also step up educational campaigns to boost customers to …