Business Life

Sheikh Abdul Aziz Bin Naif Al Orayer, Chairman

t’azur, the new name in Takaful, focused on product innovation within the Islamic Insurance industry at the World Takaful Conference, which ran from the 14th – 15th April 2009.

Headquartered in the Kingdom of Bahrain, t’azur has plans to expand and offer its General and Family products across the GCC and MENA region through organic growth, strategic acquisitions and strong local distribution partnerships.

t’azur, which is backed by an initial authorized capital of $500 million, has set out on a bold and ambitious program to be a region-wide market leader in both Family (Life)...

The best way to get the best information about the insurance and reinsurance industry was to conduct an interview with Riyad Karray. In his profound observations on Best Re, Riyad Karray, General Manager of Best Re started by shedding some light on his company’s latest projects and performance. Then he moved on to speak about Best Re operations in the region, in Lebanon, Tunis and others countries. As the United States unemployment rate inches towards double digits, more Americans are left without health insurance and are looking forward for affordable alternatives. Karray also gave his...

In the current environment of global credit freeze and at a time when listed firms in the Gulf have been struggling to attract capital, regional issuers have surprisingly shown an increasing level of transparency, according to the latest GCC transparency rankings. The BASIC (Behavioral Assessment Score for Investors and Corporations) index developed by The National Investor (TNI) of Abu Dhabi in partnership with Hawkamah Institute for Corporate Governance, Dubai, improved by 8.3% since 2008 - an indication of the rapid progress made by regionally listed companies in improving transparency...

Majed Akel, General Manager of General Takaful Co.

Majed Akel, General Manager of General Takaful Co. spoke about the reasons why most financial institutions and banks are opening Takaful subsidiaries. Akel also spoke the future of his company’s business in the Kingdom of Saudi Arabia, Jordan and Lebanon. Then he shed some light on the future prospects of his company.

Akel spoke about the reasons why most companies are opening Takaful subsidiaries, as there are more than 140 companies because it is one of the safest fincail institutions currently, in wake of the crisis. Akel added that "the principal of Islamic insurance is that...

Khaled K. Abu Nahel, Chief Operating Officer–Non Life operations was one of the prominent speakers at "The 4th Damascus insurance Forum". He spoke in technical details about the state of the insurance industry and how it will be affected by the global economic crisis and its impact on the insurance industry in the Arab world.

There were several speeches on the causes of the crisis, its impact and the regulatory reflections to such a crisis. "My contribution was about how the crisis affected the internal environment of each insurance company, rather than taking the macro side. As an...

In times of recession and global economic collapse, Syria undoubtedly looks inviting to most insurers and reinsurers. It is still a new market with big potential and a population of 20 million; such markets help stabilize our economy and build a better tomorrow. Success is all about making the right move. "Ultimately, Syria has a lot of growth ahead of it," emphasized Samir S. Nahas, Managing Director of GlobeMed Syria. GlobeMed Syria started its operations two years ago, and the company controls more than 50% of the Syrian insurance market. However, GlobeMed Syria has five other...