The introduction of measures aimed at updating and expanding the rules on takaful (sharia-compliant) insurance in Bahrain is expected to aid the segment’s efforts to make inroads into the market share currently held by conventional insurers.
Bahrain Financial Services
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The Kingdom is encouraging some of its sharia-compliant banks to join forces to be better capitalised and equipped to deal with an increasingly turbulent and competitive global market.
Articles & Analysis | A consistent performer: Local, regional and international players compete in this dynamic, well-developed market from The Report: Bahrain 2012
In regional terms, Bahrain’s history as an insurance centre is a long one. The domestic insurance sector began to form in the 1950s, when a group of taxi drivers pooled resources to form the nation’s first mutual company in order to abide by a legal requirement to obtain third-party liability insurance cover for their vehicles. That decade also saw...
Articles & Analysis | All in good time: Mandatory health coverage set to change sector dynamics from The Report: Bahrain 2012
The question of compulsory health cover is not a new one for Bahrain’s insurance industry. The issue first came to the fore in 2005 when a proposal was presented to the Shura Council from where, having been approved, it was redrafted in legal format and sent to a parliamentary sub-committee for discussion. The rationale behind the initiative was the...
Articles & Analysis | Well-respected: Organisations based in the Kingdom draw global attention from The Report: Bahrain 2012
Claims by Bahrain to be a global centre of Islamic finance rest not just on the plethora of sharia-compliant institutions which have chosen to headquarter themselves in the country, but also on the large array of industry bodies that call Manama home. Of these, the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) is...
