AXA Insurance Indonesia (formerly known as Mandiri AXA General Insurance/MAGI) has announced plans to close its Shariah business unit.
Holy Land Takaful Insurance Company (Holy Land) has received regulatory approval to offer takaful products in the Palestinian insurance market.
Gross written contributions (GWC) for takaful business reached EGP4.3bn ($139m) in the first six months of 2023, a decline of more than 6% from EGP4.5bn generated in the corresponding period of 2022.
Salaam Takaful has formed a partnership with Digital Dera, Pakistan's first food security policy and rural technology innovation start-up, to advance the cause of financial inclusion.
Asuransi Tugu Pratama Indonesia (Tugu Insurance) is currently considering spinning off its Shariah Business Unit (UUS) in 2024.
National Life & General Insurance Company (NGLIC) widened its lead as the biggest insurer in Oman by doubling its gross premiums earned in the first half of 2023, according to unaudited interim financial statements filed with the Muscat stock exchange.
Watania International Holding (WIH) has posted an insurance income of AED457.3m ($124.5m) for the first six months of 2023, 41% higher than the AED324.5m restated under IFRS 17 for 1H2022, according to the company's interim consolidated financial statements.
Qatar's takaful sector remained the GCC's most profitable market, with insurers reporting an average combined loss and expense ratio of lower than 80% in 2022.
Takaful players are lobbying for the adoption of takaful as a platform for financial inclusion and for collaboration on regulations to foster the growth of Islamic insurance in Africa.
The Indonesian Islamic insurance industry is expected to continue to grow positively this year, according to the chairman of the Indonesian Shariah Insurance Association (AASI), Mr Rudi Kamdani.