While the concept of insurance sold through banks dates back to the 19th century, the present model of bancassurance – which has expanded beyond consumer credit, currency theft and home insurance to include such products as savings insurance and annuity investment contracts – was developed in advanced insurance markets in the 1980s. It was...
The mixed results of the local insurance industry in 2013, which saw 18 of the 33 licensed companies post a net loss, has led to much speculation regarding the future of the sector. The last two years have seen increasing price competition as Saudi Arabia’s insurers have jostled for market share – which in some cases has led them down a path...
One of the largest in the GCC, Saudi Arabia’s insurance industry is expanding at a rate which some believe will soon see it surpass the UAE market to claim the title of regional leader. This rapid development is made all the more remarkable by the fact that until relatively recently the very concept of insurance was considered unacceptable by...
A survey of the most significant sukuk (Islamic bond) issuances of 2013 reveals that a diverse array of institutions have turned to the instrument in order to acquire capital. The first of the major deals came in March with the Saudi Electricity Global Sukuk II, a US-dollar-denominated offering worth $2bn. In May three issuances were...
Long a key participant in the global Islamic finance arena, Saudi Arabia secured its position in 2013 by becoming the largest issuer of sukuks (Islamic bonds) in the region for the second year in a row. With a banking industry in which sharia-compliant assets account for a growing share each year, and an insurance sector that has...
The size and buoyancy of Saudi Arabia’s hydrocarbons-driven economy mean that the country has long been of interest to foreign investors. As the most obvious point of entry for investors, the Saudi Stock Exchange has therefore been the focus of mounting interest into the possible opening of the economy to investment from non-residents....
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