Insurance

A wave of new products promotes innovation in the Islamic insurance sector

It has been a busy month for Saudi’s Islamic insurance industry, with a wave of new products emerging to provide new levels of coverage for Takaful clients. From retail to corporate, the Kingdom’s insurance firms are branching out to offer...


Insurance

Islamic insurance

SABB TO BUY TAKAFUL SHARE FROM HSBC Saudi British Bank (SABB) sought shareholders’ approval to acquire HSBC’s combined 32.5% shareholding in SABB Takaful at a price of SAR10.66 (US$2.84) per share, totaling SAR117.79 million (US$31.4 million),...


Insurance

Saudi insurance firms go from strength to strength, even as pressure mounts on regional players

The first half of 2017 saw positive performance from Saudi insurance firms, with 25 companies seeing profit compared to just five suffering losses, according to the latest data from the Saudi Arabian Monetary Authority (SAMA). The 25 firms account...


Insurance

Islamic insurance

SAUDI BANS SEVEN FIRMS FROM ISSUING AUTO INSURANCE The Saudi Arabian Monetary Authority (SAMA) has banned three insurance companies and four insurance agencies from issuing, renewing or selling compulsory vehicle insurance policies due to...


Insurance

Takaful operators see strong first half; Insurer turns Islamic to engage interest

The Islamic insurance sector in Saudi Arabia has had an upbeat second quarter, with firms reporting positive results even as the recent regulatory updates on health and auto insurance permeate down through the market. The appeal of the Islamic...


Insurance

Islamic insurance

MALATH TO INCREASE CAPITAL
The Capital Market Authority has approved the request of Malath Cooperative Insurance Company, which offers Takaful products, to increase its capital by way of a rights issue valued at SAR380 million (US$101.26...


Insurance

Insurance

Tawuniya launches insurance program for SMEs The ‘360° Integrated Insurance Program for Small and Medium Enterprises’ will provide full insurance solutions to business facilities’ staff. This step is part of the company’s cooperative...


Insurance

Insurance

AL RAJHI TAKAFUL APPOINTS NEW COMMITTEE MEMBERS Al Rajhi Cooperative Insurance Company, otherwise known as Al Rajhi Takaful, has approved the appointment of members of its Audit Committee. According to a bourse filing, the chairman is Ahmed Samer...


Insurance

Strong results for Saudi Takaful; new trends in auto insurance

Islamic insurance in Saudi is growing from strength to strength, according to the latest figures from the Global Takaful Report 2017, released at the World Takaful Conference in April. But with radical new changes being implemented across the...


Insurance

Insurance

Health insurance industry set to grow this year in Saudi, says S&P Malath Insurance renews license with the Council of Cooperative Health Insurance