Takaful generated contributions amounting to MAD65.9m ($6.58m) in the year 2023, according to the Insurance and Social Welfare Supervisory Authority (ACAPS).
MNRB Holdings Berhad (MNRB or the Group) announced its best-ever financial performance in its 50-year history. For the financial year ended 31 March 2024 (FY2024), the Group's profit after tax (PAT) soared by 200% to surpass the MYR400m ($84.4m) mark.
Damaan Islamic Insurance Company 'BEEMA' (Beema)'s operating performance is viewed as strong, says AM Best. The insurer has consistently reported robust technical performance, with a five-year (2019-2023) weighted average combined ratio of 79.7%, as calculated by AM Best.
insureKU, an end-to-end digital insurance and takaful aggregation platform, has received received Bank Negara Malaysia's approval to begin operations.
The global mutual and cooperative sector, including takaful players, collectively wrote $1.41tn in insurance premiums and increased the sector's share of the total insurance market to an eight-year high of 26.3% in 2022, according to the International Cooperative and Mutual Insurance Federation (ICMIF).
The Securities and Exchange Commission of Pakistan has proposed amendments to the General Takaful Accounting Regulations, 2019, allowing non-life insurers to present complete takaful results in financial statements.
The takaful sector remains a small player within Islamic finance, accounting for less than 2% of the total market. Despite this, the global takaful market surpassed $30bn in 2023, according to the Arab Monetary Fund (AMF).
The Securities and Exchange Commission of Pakistan (SECP) has licensed Salaam Family Takaful Limited as the first-ever digital family takaful operator in the country.
Takaful, an emerging insurance branch gaining ground in Algeria, is expected to increase its share of the insurance market thanks to growing demand boosted by the benefits introduced by the 2024 finance law.
The combined insurance revenue of listed insurance companies in the UAE saw a 20% surge to AED30bn ($10.9bn) in 2023, compared to AED25bn in 2022, according to an analysis by Badri Management Consulting of the financial statements of the insurers which number 25.