The new testing standards for takaful agents in Malaysia, introduced in April this year, is causing concern for takaful operators as the average passing rate for those taking the Takaful Basic Examination (TBE) has plummeted to around 10%, disrupting the plans of many takaful companies to grow their agency force amid keen competition, said industry executives who spoke to Middle East Insurance Review (MEIR).
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Syarikat Takaful Malaysia will set up a wholly-owned subsidiary as a special purpose vehicle (SPV) in Labuan International Offshore Financial Centre (IOFC) to invest and hold its overseas property investment, according to local news reports attributing Group Managing Director Dato’ Hassan Kamil.
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Legislation covering takaful and sukuk in Oman is expected to be finalised by the end of the third quarter this year, according to a senior official from the Capital Market Authority (CMA) who spoke to Reuters recently.
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The Securities and Exchange Commission of Pakistan (SECP) has formalised new rules allowing takaful windows to be set-up when it launched its “Takaful Rules” 2012.
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A centre for excellence in Islamic microfinance has been established in Pakistan, providing microfinance institutions with a wide variety of training and capacity building programmes as well as guidance on Shariah law.
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Saudi officials have approved a draft law to facilitate mortgage transactions in the Kingdom which would help ease the concerns of banks previously discouraged from lending due to unclear regulation.
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National Bonds Corporation, the leading Shariah-compliant saving scheme in the UAE, has launched a diverse range of Islamic insurance plans starting from 50 fils a day.
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Standard Chartered Private Bank has introduced a suite of Islamic wealth management products aimed at high net worth clients across its offices in Dubai, Geneva, London and Jersey.
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Dubai-based Dar Al Takaful has launched a new suite of travel insurance products named “Terhal”, with comprehensive benefits that extend to even cover sports activities as well as terrorism.
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