Insurance companies operating in the Egyptian market chalked up a premium volume of EGP43.68bn ($899.5m) during the first six months of this year, growing by 22.1% from EGP35.77bn in the corresponding half in 2023, according to data from the Financial Regulatory Authority (FRA).
Twenty (20) direct insurers in Tunisia, whose financial statements are available, achieved a combined turnover in 2023 (measured by net premiums written) of TND2,803m ($923m), 6.9% higher compared to TND2,621m in 2022, according to an analysis by Tera Finances.
While takaful has gained significant acceptance among Algerians, the sector still faces some hurdles that hinder its growth, including regulatory and technological obstacles and the lack of awareness campaigns, according to two academics.
The Securities & Exchange Commission of Pakistan (SECP) places specific focus on takaful as a strategic priority in its five-year plan for the insurance sector, Mr Akif Saeed, the chairman of the regulatory agency said in his welcome address to participants of a roundtable discussion held earlier this month.
2024 is set to be another profitable year for the Islamic insurance sector in the GCC. Net profits in 2023 had already reached a record of almost $1bn, mainly due to rate adjustments in previously underperforming lines and higher investment returns, says S&P Global Ratings (S&P).
The combined profit before tax of 26 listed insurance companies in the UAE grew by 7% to AED1,044m ($284m) in 1H2024 from AED975m in 1H2023, according to Badri Management Consultancy, an international company that specialises in actuarial services and provides financial services, strategic HR consulting, data management, business intelligence and other services.
Watania International Holding (WIH), has reported a net profit of AED 7.9m ($2.15m) for the first half of 2024, according to interim financial statements filed by the company.
Dubai-listed Watania International Holding (WIH), a leading investment holding company overseeing a portfolio of established takaful providers and innovative investments, has appointed Al Ramz Capital as liquidity provider.
Islamic and takaful insurers in the Gulf Cooperation Council (GCC) region continue to benefit from favourable growth prospects, said S&P Global Ratings (S&P).
Takaful International Company has announced shareholders' net profit of BHD555K ($1.47m) for the six months ended 30 June 2024, an increase of 30% from the corresponding period in 2023.