Latest news with #Takaful
New Straits Times
2 days ago
- Business
- New Straits Times
AmMetLife Takaful appoints Nazrulhisham as new CEO
KUALA LUMPUR: AmMetLife Takaful Bhd has appointed Nazrulhisham Abdul Hamid as its new chief executive officer (CEO), effective June 16. Nazrul brings over 25 years of experience in the Takaful and insurance industry, including more than a decade in family and general Takaful operations and sales. MetLife's regional head for Bangladesh, Malaysia, Nepal and Vietnam, Elena Butarova, said Nazrul brings valuable expertise and leadership to the role. "His proven leadership, deep industry knowledge and strong track record in driving growth and operational excellence will be instrumental in taking our Takaful business to new heights," she said in a statement. Nazrul holds a master's degree in business administration from Universiti Teknologi MARA and a Bachelor of Science in Accounting and Finance Engineering from the University of Hull, United Kingdom. Prior to joining AmMetLife Takaful, he was the CEO of Zurich Takaful Malaysia.
Zawya
4 days ago
- Business
- Zawya
Bank Nizwa presents exclusive offers to professionals across education and healthcare sectors
Muscat: Driven by its commitment to providing banking services that meet the diverse and evolving needs of its customers, Bank Nizwa, the leading and most trusted Islamic bank in the Sultanate of Oman, has announced the launch of a profession-based retail product bundle designed exclusively for individuals working in the Education and Healthcare sectors. This new offering not only acknowledges their invaluable contributions to society but also provides a comprehensive, convenient, and value-driven banking experience. This profession-focused bundle is a testament to Bank Nizwa's dedication to delivering Sharia-compliant, customer-centric solutions that cater to lifestyle, career needs, and long-term aspirations. At the heart of the bundle is the Salary Account, offering a suite of exclusive benefits such as savings plans, recurring saving deposits, and Mudaraba-based investment options; empowering customers to plan and manage their finances with confidence and purpose. Additionally, eligible professionals can access preferential profit rates on financing products, enabling greater financial flexibility to achieve their aspirations. As part of the offering, customers will also receive a Gold Credit Card with a first-year waiver on the annual fee. The card unlocks a range of benefits, including discounts and promotional offers from Bank Nizwa's partner merchants. Furthermore, to provide added value and peace of mind, the bundle includes Takaful coverage for domestic helpers, offering support and protection for household employment needs. Commenting on the offering, Mr. Mohamed Al Ghassani, Chief Retail Banking Officer at Bank Nizwa, stated: 'As the nation's preferred Islamic financial services provider, we remain dedicated to consistently innovating unique and enhanced offerings to our valued customers, with the aim to meet their evolving needs, and ease their financial management necessities. At Bank Nizwa, we recognize the essential role those working in the healthcare and education sectors play in building a better Oman. This bundle is a gesture of appreciation and a meaningful way to support their lifestyles, professional demands, and long-term aspirations. Our aim is to be their trusted partner, offering solutions that align with their values and career aspirations.' Reflecting Bank Nizwa's unwavering commitment to customer-centricity, this occupation-specific bundle stands as a testament to the bank's dedication to understanding the unique needs of professionals in education and healthcare sectors. The bundle empowers customers to take confident, well-informed financial decisions while laying the groundwork for a stable and prosperous future. By offering holistic and Sharia-compliant financial solutions under one offering, Bank Nizwa continues to empower its customers to make confident financial choices and build a secure future.
Zawya
4 days ago
- Business
- Zawya
S&P upgrades Alkhaleej Takaful Insurance credit rating to A-
Doha, Qatar: The S&P Global Ratings has upgraded the long-term issuer credit and insurer financial strength ratings of Alkhaleej Takaful Insurance Company from BBB+ (positive) to A-, with a stable outlook. According to a statement published on the Qatar Stock Exchange website, the upgrade reflects the company's strong operating performance, which has consistently outperformed the market average in underwriting results, in addition to the significant improvements in the company's risk profile, achieved through various de-risking measures. Established in 1979, Alkhaleej Takaful Insurance Company offers a range of insurance and reinsurance services. Since 2010, it has operated as a Takaful (Islamic insurance) provider. Over the years, the company has contributed to Qatar's economic development by offering insurance coverage for major government infrastructure projects as well as protecting the assets and properties of companies and individuals. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
6 days ago
- Business
- Zawya
UAE's Islamic finance, halal industry poised for robust growth, economic diversification
ABU DHABI: The UAE continues to cement its status as a leading global hub for Islamic finance and the halal industry, aligned with a comprehensive development vision aimed at diversifying the national economy and enhancing global competitiveness. Backed by forward-thinking government policies, a modern regulatory framework, and cutting-edge financial and industrial infrastructure, both sectors are witnessing dynamic growth. The UAE is investing heavily in a knowledge- and innovation-based economy, with Islamic finance and halal products playing key roles in this transformation. In May, the UAE launched a national strategy for Islamic finance and halal industry development. The plan sets out to create an integrated ecosystem for Islamic financial activities, including banking, Takaful (Islamic insurance), Sukuk (Islamic bonds), and non-banking financial services—aligned with international best practices and standards. According to February data from the Central Bank of the UAE, Islamic banks now account for approximately 18% of total banking assets and 22.8% of total credit within the national banking sector. The Islamic Sukuk market, in particular, has expanded significantly. Notably, the federal government launch of the dirham-denominated Islamic Treasury Sukuk (T-Sukuk) in 2023, signaling a new era for the sector. The UAE is now recognised as one of the world's largest Sukuk listing centres. As of May, Sukuk listed on Nasdaq Dubai exceeded US$95.7 billion, reinforcing the country's position as a global hub for Sharia-compliant fixed-income instruments. In the 2023, the country was ranked fourth globally in Islamic financial markets by assets, according to the 2023 Islamic Finance Development Indicator based on total assets. Jamal Saleh, Director-General of the UAE Banks Federation (UBF), noted that the strategy outlines ambitious goals to elevate the Islamic economy's role both domestically, regionally, and internationally. In statements to the Emirates News Agency (WAM), Saleh highlighted the UAE's successful development of financial systems that have empowered the Islamic banking sector as part of the nation's broader diversification agenda. He pointed to significant strides in Islamic banking, Sukuk issuance, and broader Sharia-compliant finance. Saleh also noted the sector's impressive growth trajectory. As of February 2025, total credit granted by Islamic banks reached AED503.5 billion, a 16% year-on-year increase. Private sector credit alone stood at AED350.4 billion, growing 13.2% annually. Meanwhile, deposits at Islamic banks surged to AED595.3 billion, marking an annual growth rate of 16.9%. Parallel to its financial achievements, the UAE is asserting itself as a global halal industry hub. Under the newly approved national strategy, the UAE aims to increase halal exports from AED74 billion to AED315 billion by 2031, leveraging its strategic location and world-class infrastructure. Saleh Lootah, Chairman of the UAE Food and Beverage Manufacturers Group, in statements to WAM, said that the strategy is a landmark step toward establishing the UAE as a global halal production centre. He highlighted growing local manufacturer interest in expanding into this vital sector, particularly as global demand for halal products accelerates. According to a report by Bonafide Research on the halal food and beverage market in the UAE, the market size is projected to exceed $31.27 billion by 2029. This growth reflects the increasing demand for halal-certified products, both within the country and globally, as consumers become more conscious of dietary and ethical standards. The UAE's strategic location as a global trade and tourism hub plays a key role in driving this expansion. Its position enhances the country's appeal to both local and international consumers seeking trusted halal-certified goods, reinforcing the UAE's reputation as a leading centre for halal commerce.
Arabian Business
10-06-2025
- Business
- Arabian Business
Qatar Islamic finance assets hit $188bn
Islamic finance assets in Qatar grew by 4.1 per cent to reach QR683bn ($187.6bn) in 2024, according to a report by Bait Al Mashura Financial Consulting. The report, which monitors the business results of Islamic finance institutions for 2024, showed that Islamic banks accounted for 87.4 per cent of these assets, while Islamic sukuk accounted for 11.2 per cent, Takaful insurance companies accounted for 0.7 per cent, and the remaining shares were distributed among investment funds and other Islamic financial institutions. It also noted that Islamic banks' assets grew by 3.9 per cent in 2024, reaching QR585.5bn ($160.8bn). Islamic finance in Qatar Deposits also rose by 8.2 per cent to QR 339.1bn ($93.2bn), with private sector deposits accounting for 57 per cent. Financing reached QR401.5bn ($110.3bn), a 4.9 per cent increase, primarily directed towards the real estate and government sectors, followed by personal financing. Revenues grew by 12.6 per cent to QR29.5bn ($8.1bn), and profits reached QR8.7bn ($2.4bn), a 6 per cent growth rate. As for Takaful insurance sector, the report stated that Takaful insurance companies' assets grew by 7.1 per cent year-on-year, reaching QR5.1bn ($1.5bn) in 2024. Policyholder assets also grew by 6.3 per cent, reaching QR2.6bn ($714m), while insurance subscriptions increased by 18.6 per cent, exceeding QR1.9bn ($522m). Takaful insurance companies' operating results varied between achieving insurance surpluses and recording insurance deficits. Regarding Islamic finance companies, the report stated that their assets reached QR2.53bn ($695m), a marginal increase of 0.8 per cent year-on-year in 2024. Financing provided by these companies increased by 5.7 per cent to QR1.9bn ($522m), and their revenues reached QR277.2m ($76m), a 14.7 per cent increase. Revenues from financing and investment activities represented 84 per cent of the total revenues. The operating results of Islamic finance companies varied between achieving profits totalling more than QR178.5m ($49m) and incurring losses of approximately QR12m ($3.3m). Regarding Islamic investment companies, the report indicated that the assets of the two Islamic investment companies grew by 5.2 per cent, reaching QR549.5m ($151m), while their revenues reached QR59.7m ($16.4m), a growth of 44.1 per cent. Their operating results varied between achieving profits and incurring losses, with profits amounting to QR17.5m ($4.8m). In the field of Islamic Sukuk, Islamic Sukuk issuances increased by 161 per cent. Islamic banks issued Sukuk worth QR9.5bn ($2.6bn) in 2024, a 300 per cent increase. Qatar Central Bank issued Sukuk worth QR16.9bn ($4.6bn) in 2024, a 118.5 per cent increase compared to 2023. Regarding Islamic investment funds, the report noted that assets of these funds amounted to QR944.6m ($259.5m), a 1 per cent increase, and their performance varied during 2024. On the Qatar Stock Exchange, the Al Rayan Islamic Index closed up 2.23 per cent, while the performance of listed Islamic finance companies varied between increases of 2.3 per cent and decreases of 19.6 per cent. According to the report, the Islamic financial sector in the State of Qatar is divided into four main sectors: Islamic banks Takaful insurance companies Islamic finance companies Islamic investment companies In addition, there are Islamic finance products such as Sukuk, investment funds, and Islamic indices. Dr. Khalid bin Ibrahim Al Sulaiti, Vice Chairman of Bait Al Mashura Financial Consulting, said: 'The Islamic Finance in Qatar Report monitors the performance of Islamic finance institutions in the country, including Islamic banks, Takaful insurance companies, and Islamic finance and investment companies. 'It also reviews the performance of Islamic financial products, such as investment funds and Islamic sukuk, tracks the movement of the Islamic financial market, and provides an analysis of the overall performance of the Qatari economy.' He added that Qatar is consolidating its position as a major centre for the Islamic finance industry globally, and growth prospects appear promising. Meanwhile, the sector itself witnessed significant transformations and qualitative developments in performance, expansion, and supporting technologies over the past year. This reinforces the need to keep pace with these changes through data analysis and trend monitoring, in order to provide a more comprehensive and accurate vision of the present and future prospects, striving to achieve a balance between Sharia dimensions, development goals, and economic and social sustainability.
