Brunei's financial system is transitioning to one in which takaful and Islamic banking are the dominant forms of insurance and banking, said a report by research consultancy Oxford Business Group (OBG).
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Great Eastern Takaful has signed a distribution agreement with Bank Muamalat Malaysia, enabling the former to tap into the bank's customer base of 700,000.
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Members of Malaysian Takaful Association (MTA) and the General Insurance Association of Malaysia (PIAM) have adopted several measures to proactively assist flood victims as part of their joint efforts to lessen the financial burden of businesses and hardships of individuals affected by floods in December.
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The Muscat Securities Market (MSM) has added two companies and removed four from its Shariah index. The list now has 30 companies that comply with the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) requirements for Islamic investment principles.
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IGI Life Insurance and SPI Insurance Company, formerly known as Saudi Pak Insurance Company, are planning to set up takaful windows, said media reports.
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Pak Kuwait Takaful and Meezan Bank, Pakistan's first Islamic bank, have entered into an agreement whereby Pak Kuwait Takaful will provide takaful coverage for properties financed by Meezan Bank through its housing finance product, "Easy Home".
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The General Directorate of Passports said that medical insurance is now a must for residents' dependents starting 21 January, after which no iqamas, or residence permits will be issued or renewed for those failing to comply.
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The challenges facing Saudi motor insurance industry need to be addressed by establishing an independent supervisory authority to monitor practices and delays in claim settlements by some insurance companies, said market watchers.
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Somalia welcomed the launch of its first insurance company, First Takaful and Re-Takaful Insurance Company, in 24 years, said media reports.
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Dar Al Takaful has signed an agreement with cross-border trade facilitator Dubai Trade to provide marine and cargo insurance services through the latter's online platform, Tradeshield, becoming the third UAE insurer to do so after ADNIC and Noor Takaful.
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Al Hilal Takaful has partnered with the Social Solidarity Fund for Employees of the Ministry of Interior (MoI) to cover employees and police leadership of the Ministry of Interior from damages resulting from personal accidents.
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Dubai-based Takaful Emarat has received shareholders' approval to double its share capital to AED200 million (US$54.5 million) from the current AED100 million.
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