BL: If the economic situation with increasing inflation is affecting the repayment of loans, why don’t banks consider loan rescheduling before moving to courts of law?

The Arab Spring has brought down regimes in some Arab countries. Following the Arab Spring, the countries of the Middle East have entered an era of regional insecurity that might make long term and sustained investment look favorable. Eventually, international insurers and reinsurers have shown keen interest to enter the MENA region and for example open branches at Dubai international financial center because they found a lucrative market full of opportunities.

AL MASHREK insurance & reinsurance SAL is well known as one of the leading insurance companies in the Levant and North Africa for its presence and service for the past 35 years; it made many more achievements by expanding its presence to important destinations and recently it will inaugurate its new company in Egypt.

Dr. Ezzedine Khoja, Chief Executive Officer of Zitouna Bank is a recognized leader in Islamic Finance whereby he spoke passionately to BUSINESS LIFE about the development of Islamic Finance in Tunisia with particular importance to the internationalization of Islamic Finance and stating that the Islamic Finance industry growth will go on double digit in 2014.

Omar Souhail Bilani is a Lebanese native with a master’s degree in business administration. During his more than 35 years in the insurance industry, he's amassed an enviable track record of developing insurance companies into exceptional performing entities.

Karine Cherfane Haddad has been working in the Insurance and Reinsurance field for more than 18 years. She is currently the managing director of “General Reinsurance Services Ltd.” (GRS), a Reinsurance Brokerage Firm based in Lebanon which has been in operation for over twenty years. GRS has its origin back to 1994. Karine Cherfane Haddad is also one of the principal shareholders of the Company.

The GCC market is the hub for Takaful, the biggest number of Takaful companies is around 206 companies exist in the GCC while in the MENA region probably there are only 34. Historically, insurance has not been popular in Islamic countries. Demographic change and other societal transformations are, however, creating market opportunities for Takaful.

TAKAUD is a specialist savings & pensions business serving the national & expatriate community. Incorporated in 2011, it’s first for the region offering provides global investment expertise utilising best in class selected investment solutions developed specifically for the MENA region.

International team with an international presence:Fenchurch Faris Ltd. group photoBy striking a balance between caution and calculated risk and adhering to the fundamental principles of the insurance profession, insurance & reinsurance broker, Fenchurch Faris Ltd., have managed to weather the political and economic storms that have often lashed the Middle East insurance market.

The regional reinsurance market saw rampant competition this year, the entry of a lot of new companies and ample capacity which made conditions tough, according to Mohamed El-Dishish, CEO of Al Fajer Re. Founded in 2008, Al Fajer Re, has a paid up capital of KD 50 million ($176.6 million). The company is supported by its institutional investors, the Dubai.

Azad Yahya Bajger, Chairman of the Board of Directors of both Cihan Bank for Islamic Investment and Finance and Cihan Group, has more than 40 years of experience in Trade, banking and management with extensive experience in Iraq, Middle East, Europe and Asia. No doubt, he is one of the Iraq’s powerful Business Man.

Al Baraka symposium is regularly held each Ramadan where renowned and famous Shari’a scholars, bankers and experts discuss some modern banking transactions and issue some Shari’a opinions (fatwas) and recommendations for the enhancement of Islamic banking and solving its problems. The forum had been held since its first inception in Medinah 1981 and up to-date in different cities, including Al-Madinah Al-Munawarah, Makkah Al-Mukarramah, and Jeddah in addition to Damascus, Cairo, Kuala Lumpur, Beirut, Istanbul, Tunis, Algeria and Jordan.