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Thursday, 20 March 2008

AKHI mulls Takaful unit, Qatar Takaful Insurance Company


DOHA: Al Khaleej Insurance and Reinsurance Company (AKHI) yesterday said it intends to establish a wholly-owned unit, Qatar Takaful Insurance Company, with a capital of QR25mn.The insurer, in a communiqué to the Doha Securities Market, also said its existing Islamic insurance operations would be transferred to the proposed company. The communiqué did not specify further details.

Under Takaful, the Shariah-compliant version of traditional insurance, the premium is contribution and any profits after the claims and management expenses are returned to the policyholders who are treated as shareholders. The return of premium is surplus distribution.According to global credit rating agency Standard & Poor’s, the GCC insurance has the potential to quadruple its premium pool to $20bn but it is imperative to raise the awareness on Takaful, which could grow 24-fold to $4bn in the medium term.A Doha-based official of an insurance company said there are many untapped areas, especially in the retail side, and Takaful could address the “yawning” gaps.AKHI yesterday gained 1.74% to QR70 in an otherwise choppy market.

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