Jordan: Al-Manara receives regulatory approval to sell takaful products
Source: Middle East Insurance Review | Jan 2023
Al-Manara Islamic Insurance Company (Al-Manara) has obtained the approval of the Central Bank of Jordan to issue and market takaful documents starting January 2023.
Last April, Al-Manara announced the amendment of the company’s article and memorandum of association to convert its operations from conventional insurance business to adopt the takaful model. The company is the second conventional insurer to convert its operations in line with Islamic provisions where Safwa Insurance took the move in the past year.
Al-Manara was established in 1974, with the name of Arabian Seas Insurance Company. In 2006, the Kuwait-based Global Investment House acquired a large stake in Al-Manara, with a capital of JOD21m ($29.6m). M