Takaful transactions reach Dh2.3b
The director-general of the Insurance Authority said that the investments made by 60 insurance companies reached to Dh40 billion in the year.
Abu Dhabi — Islamic insurance or Takaful transactions grew to Dh2.3 billion at the end of 2014, while the number of companies providing these sharia-compliant services has reached 11.
“The UAE’s insurance market, which is one of the largest in the Arab world in terms of gross written premiums, grew 12 per cent in 2014 to Dh33 billion,“ said Ibrahim Al Zaabi, director- general of the Insurance Authority, at a seminar in Abu Dhabi on Sunday.
The director-general said that the investments made by 60 insurance companies reached to Dh40 billion in the year.
He said that the Insurance Authority has issued new rules and regulations in order to organise Takaful insurance business, which is regarded as the first of its kind in the Arab world and the most comprehensive on the level of the Islamic countries.
Opening the conference, Minister for Economy Sultan bin Saeed Al Mansouri said that the initiatives have been taken to boost the insurance sector in the country.
The Insurance Authority took the initiative at the end of 2014 to issue rules organising the financial, technical, investment, and accounting functions of Takaful insurance companies, which aim to protect the rights of stakeholders, from future risks, the minister said. This development has given the UAE an edge in the Middle East in adopting the latest requirements of measuring the financial health of the insurance companies in line with the developed economies, the minister said.
Al Mansouri said that the authority is working to boost the Takaful insurance in the country as it has significant opportunities for growth.
The move is expected to allow the arrival of 2,500 to 3,000... READ MORE
The government said that it would ban the sale of smaller diesel... READ MORE
With Israel being home to the second largest AgriFood-Tech ecosystem... READ MORE
Boeing did not disclose a new production rate for the 787 programme,... READ MORE
It aims to foster an environment in the private sector that is... READ MORE
Many have been separated from their families, while some have had to... READ MORE
The mother went into labour unexpectedly on the third day of Eid Al... READ MORE
More than 63.9 million tests have been conducted in the country so... READ MORE