Although the Gulf is the largest takaful market, takaful has not truly flourished in any of the six GCC states, even if the Saudi market is considered wholly takaful, said Standard & Poor's (S&P) in a report.
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SALAMA UAE will be taking a majority stake in a planned family takaful joint venture (JV) in Egypt, subject to regulatory approval, said Mr Sami Sharif, General Manager, General & Health Takaful and Assistant Group CEO in an interview with Middle East Insurance Review.
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Profits at Egyptian Takaful Insurance Property (ETIP) profits jumped by 47.9% to EGP25 million (US$3.5 million) for the year to 30 June compared to EGP16.9 million for the previous financial year.
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United Insurance Company has launched what is believed to be Pakistan's first window takaful operations, and there are several more applications awaiting regulatory approval.
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Saudi Arabia leads the country opportunity index in Aon Benfield Group's 2014 Insurance Risk Study, followed by Ecuador and Singapore.
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The insurance price war that raged in Saudi Arabia during 2012-2013 has now largely ended, although competition to win large, prestigious corporate accounts remains intense, said Standard & Poor's (S&P).
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Amana Takaful ended the first half of 2014 with GWP growth of 4% to LKR928.76 million (US$7.13 million), on par with the overall industry. The company's profit after tax of LKR26.13 million for the first six months was flat compared to the first half of 2013.
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Two Oman-based business houses - MB UAE investments and Al Madina Takaful - have received approval from Securities and Commodities Authority of Abu Dhabi to buy a combined 60.53% stake in National Takaful Company, also known as Watania.
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