August 22, 2017

Middle East Views

Middle East Views
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AED764m H1 net profit by 28 insurers

Net profits of 28 insurance companies listed at ADX and DFM surged 34.2 percent during H1 2017 to AED764 million against AED569 million during the corresponding period last year. Market analysts attributed the recovered profitability in the insurance sector to the success secured by eight companies which turned last year’s...

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Oman Qatar Insurance to float IPO on MSM

Oman Qatar Insurance Co (OQIC) plans to float 25 million shares through an initial public offering on the Muscat Securities Market to comply with the regulatory requirements. The company’s board met on in the beginning of August to announce its intention to launch the share offer. A Royal Decree stipulated...

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Egypt to launch 1st public takaful firm

Egypt’s first government-owned takaful insurance company is expected to commence operations within six months, Egyptian Minister of Public Sector Affairs Ashraf El-Sharkawy, has said. Until then, the Ministry of Public Sector Affairs will work on completing licencing procedures for the company ahead of issuing its own insurance policies, he added....

IA issues circular on paid-up capital for brokers

The UAE Insurance Authority (IA) issued a new circular recently strengthening its capital adequacy regulations. According to the document, brokers must maintain paid-up capital levels of 100 percent with failure to do so resulting in intervention from the IA and even suspension of the broker. “The insurance broker shall not resume its...

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Takaful still faces headwinds: S&P

Report says Islamic insurers in the GCC are facing a slowdown in premium growth. The slowdown follows years of annual growth in gross premiums of up to 20 percent, which was mainly driven by the introduction of new mandatory covers, as well as strong increases in premium rates in Saudi...

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Dubai’s cost of premiums alarming

Is Dubai among the costliest locations for health insurance? Dubai has joined countries such as the US, Hong Kong, and Singapore in the list of the top locations for high cost of health insurance premiums. The ranking was recently published in the Cost of International Health Insurance Report by Pacific...

‘Risk assessment a priority’

Trade organisations have been advised to carry out supply chain risk assessments to ascertain impact in light of the Qatar diplomatic crisis. “Organisations and their compliance teams should conduct risk assessment measures to see how the sanctions are impacting them from the perspective of personnel, immigration, financial and commercial contracts,”...

Misr to provide new package in Kuwait

Misr Insurance Company is offering a new package specifically for Egyptians in the country. Director General of Misr Insurance Company in Kuwait Dr. Diaa Abduljalil said the company will provide new insurance service for Egyptians working in the country, indicating the death benefit for the insured is KWD2,000 after paying...

KSA seeks input on VAT rules

Public consultation launched on the draft implementing regulations for the value-added tax system in the country. Saudi Arabia’s General Authority of Zakat and Tax (GAZT) has launched a public consultation on the draft Implementing Regulations for the proposed value-added tax (VAT) in the kingdom. The public is invited to share...

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SCA issues draft on credit rating entities

The Securities and Commodities Authorities (SCA), has decided that no licenses shall be granted to potential credit rating entities unless the applying party has a minimum of AED2 million in capital. This was announced by the SCA in a draft resolution on the practices and workings of credit rating entities...

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