Bahrain: GIG Takaful claims to be the first Islamic insurer to implement IFRS17-equivalent standard

Source: Middle East Insurance Review | Jun 2023

Last month, Takaful International Company (GIG Takaful Bahrain) has announced that it has become the first takaful operator in the region to adopt new Financial Accounting Standards (FAS) 43 and 30, issued by AAOIFI.

FAS43 and 30 are equivalent to the International Financial Reporting Standards IFRS17 and IFRS9 respectively that many insurers across the globe are implementing this year. FAS43 sets out comprehensive requirements for the recognition, measurement, presentation and disclosure of insurance contracts. FAS30 focuses on the classification, measurement and impairment of financial instruments.

Commenting on the adoption of the two standards, GIG Takaful Bahrain CEO Essam Al Ansari said, “We believe that this will further enhance our reputation as a leading provider of Islamic insurance and strengthen our position as a market leader in Bahrain.” M

Comment | Print

Name*

Email*

Comment*

Code Verification*

Enter the code shown above in the box below.

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.