The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank Group, has announced its provision of US$80 million reinsurance support to the Overseas Private Investment Corporation (OPIC) for the latter's political risk insurance policy to Apache Corporation.
The Islamic Insurance Company has reported that its total contributions rose to about JOD21.5 million (US$30.3 million) for 2014, 9% higher than the JOD19.7 million collected the previous year.
Moody's has affirmed the Ba1 insurance financial strength rating (IFSR) of Kuwait-based Gulf Takaful Insurance Company. The rating outlook is stable.
Al Rajhi Banking & Investment Corp (Malaysia), which has launched its first bancatakaful offerings in collaboration with Great Eastern Takaful, is confident that takaful will contribute 20% to its fee-based income for 2015, or MYR15 million (US$4 million) worth of contributions.
EFU Life Assurance, one of Pakistan's largest private-sector life insurers, has launched its takaful window operations, believed to be the first such licence granted by the Securities & Exchange Commission of Pakistan (SECP).
Standard & Poor's (S&P) has assigned 'BBB' long-term counterparty credit and insurer financial strength ratings to Qatari insurer Al Khaleej Takaful Group (KTG). The outlook is stable.
The Company for Cooperative Insurance (Tawuniya), Saudi Arabia's biggest insurance company, exceeded SAR600 million (US$160 million) in profits for 2014, bouncing back from its net loss of SAR464 million in the previous year.
Dubai-based Takaful Re (TRL) is expected to restore its premium and earnings over the next two years, with its risk-based capital remaining extremely strong, said Standard & Poor's (S&P).