Etiqa Takaful, the takaful arm of the Maybank Group, has issued its maiden Subordinated Sukuk Musharakah of MYR300 million (US$93 million) in nominal value. Maybank Investment Bank was the principal adviser/ lead arranger and lead manager for the sukuk.
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Takaful Malaysia's net profit in the first quarter ended 31 March climbed 9% y-o-y to MYR35.1 million (US$11 million) because of "better investment results", it said.
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Insurers in Pakistan, both general and life, have been permitted to offer takaful products, said Mr Muhammad Asif Arif, Commissioner at the Securities and Exchange Commission of Pakistan (SECP).
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Pak-Qatar Family Takaful Limited (PQFTL), one of two takaful operators in Pakistan, posted a profit of PKR50.3 million (US$510,415) for the financial year ended December 2013, an 89% jump from the previous year's profit of PKR26.6 million.
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Qatar regulators are planning to set up a deposit insurance framework that will include a Shariah-compliant scheme, said Reuters.
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A task force has been formed to look into the possibility of adding an anti-smoking programme in health insurance policies, said Saudi Arabia's health insurance regulator.
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Bupa Arabia for Cooperative Insurance has been appointed by the Saudi Basic Industries Corporation (SABIC) to provide health insurance for its employees and their families for one year starting 5 July.
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SALAMA, the largest takaful and retakaful group in the world in terms of coverage and capitalisation, recorded a net loss of AED19.0 million (US$5.2 million) in the first quarter of 2013, more than double its loss of AED8.7 million in the same period the previous year.
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United Insurance Co (UIC) of Yemen will be distributing 17.6% of its takaful operation's net surplus for 2013, compared to 15.8% and 10.9% in 2012 and 2011, respectively. This will be the third time UIC is distributing surpluses since the company launched its takaful department in 2009.
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