May 27, 2018

Middle East Views

Middle East Views
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CMA concludes HR Forum

Under the theme “Omanisation based on Tamkeen in the Insurance Sector” the Human Resources Forum was held recently under the patronage of Abdullah Salim Al Salmi, executive president of the Capital Market Authority. The event was well attended by senior officials of CMA and insurance companies and other allied ancillaries....

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BMB enters into pact with ICIEC

Bahrain Middle East Bank has announced the signing of an agreement with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group, Jeddah, KSA, to consolidate its trade financing activities, with specific emphasis to GCC and MENA Countries. BMB signed...

100% pension in case of disability-caused retirement

The General Pension and Social Security Authority (GPSSA) has said the pensions law grants insured workers, including those who died or became totally disabled as a result of a work injury, 100 percent of their salary as a pension. This ruling assumes a disabled worker spent 35 years in service,...

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Kuwait MoH studying 3 proposals of health cover for expats

The Ministry of Health is currently studying three proposals regarding the health insurance for expatriates as the State Audit Bureau (SAB) cancelled the latest bid due to the ministry’s violation of governmental bidding regulations, reports Al-Rai daily. Sources disclosed the proposals are as follows: float another tender, link with the...

Misr Insurance chosen for state IPO program

Misr Insurance companies will be among 23 companies chosen for the first phase of the state IPO program, according to a statement from the finance ministry. Market value of the soon-to-be-listed companies stands at EGP430 billion, the statement said, adding that the government intends to float about 15-30 percent of...

Aviva eyes bold acquisitions

British insurer Aviva is considering acquisitions in Poland and Turkey, according to chief executive officer Mark Wilson. Reporting a two percent rise in operating profit, Wilson affirmed that the company planned on spending around GBP600 million on “bolt-on” acquisitions, especially in “Poland, Turkey, anywhere we have existing markets.” This includes...

AIG launches first Shari’ah-compliant policy

The American International Group (AIG) has launched its first Shari’ah-compliant insurance policy in the MENA region, amid public confusion and expert concerns about takaful insurance in Morocco. Through the policy, AIG, a leading global insurance organisation, offers a range of market-leading Islamic insurance solutions for Merger and Acquisitions (M&A) transactions....

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Al Karama sells Zitouna Bank and Takaful

The Tunisian State, Al Karama Holding and the Portfolio Invest Company, the majority shareholders of Zitouna Bank and Zitouna Takaful have decided to proceed with the sale of a single block of shares representing 69.15 percent of the capital of Zitouna Bank and 70 percent of Zitouna Takaful by international...

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KSA woos foreign investors

The Kingdom of Saudi Arabia has published draft rules for foreign insurers and reinsurers wanting to establish branches in the kingdom, in the latest attempt by the government to woo international investment. SAMA has published Draft Rules of Licensing and Operation of Branches of Foreign Insurance and/or Reinsurance Companies in...

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New Health Insurance Law plan to save USD530.3mn

A long-term plan aimed at putting a cap on government medical spending by 2038 will start with the new national health insurance scheme. Supreme Council for Health (SCH) chairman Dr. Shaikh Mohammed bin Abdulla Al Khalifa said current annual public spending on health averaged BHD480 million with the government contributing...

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