INSURANCE - TAKAFUL - Turkey's Bank Asya in talks on sale of insurance unit Isik Sigorta

www.reuters.com - Feb 8 (Reuters) - Turkish lender Bank Asya , which offers non-interest banking services that comply with Islamic law, said on Wednesday it was in talks with investors on the sale of its insurance unit Isik Sigorta.  (source)

TAKAFUL - ICIEC set to launch sukuk policy to facilitate credit enhancement

The idea of a third party sukuk guarantee fund is still being considered by the Islamic Corporation for the Insurance of Export Credits and Investment (ICIEC), the standalone export credit agency of the Islamic Development Bank (IDB) Group. However, according to Abdel Rahman Taha, the chief executive officer of ICIEC, the corporation "has initiated work internally to design a new sukuk policy which can be offered as a means to enhance the credit structure and appeal of sukuk. It is expected that this new policy will be able to provide the much needed respite to the sukuk market." (source)

TAKAFUL - Global Islamic insurance seen growing 31% in 2011

JEDDAH: Global Islamic insurance (Takaful) contributions are expected to reach $12 billion in 2011, an increase of 31 percent from $9.15 billion last year, Ernst & Young said in its "World Takaful Report 2011: Transforming Operating Performance" unveiled at the sixth Annual World Takaful Conference 2011 held in Dubai Saturday. (full story)

TAKAFUL - REPORTS - ERNST YOUNG World Takaful Report 2011

The Ernst and Young - World Takaful Report 2011 can be downloaded here.

TAKAFUL - Neova implements Islamic insurance system in Turkey

Insurance company Neova Sigorta is set to implement takaful, an Islamic insurance system, in Turkey.

Takaful is an Islamic insurance concept which is grounded in muamalat, or Islamic banking, and observes the rules and regulations of Islamic law. According to the takaful system, the company will distribute its profits to customers.

Neova Sigorta will be able to implement the takaful system once it begins to make a profit in three to four years. (source)

COOPERATION - Takaful International in medical services deal with Anadolu Medical Centre

MANAMA: Takaful International Company has signed a mutual co-operation agreement with Anadolu Medical Centre in Turkey to provide a wide range of medical services for its customers.

Anadolu Medical Centre has a specialised medical team in all disciplines including oncology, cardiac care, women's health and IVF, neurological sciences, surgical sciences and orthopedics.

It is also considered among the top hospitals in the world that uses the 'cyberknife radiosurgery' technology in the field of oncology, which is currently one of the most secured ways to treat tumours without any surgical intervention.

TAKAFUL - IFSB - STANDARD 11 - On solvency requirements for Takaful undertakings (Dec 2010)

2010 Eng_IFSB-11 - Standard on Solvency Requirements for Takaful (Islamic Insurance) Undertakings

TAKAFUL - IFSB - Islamic insurance aligns with global rules

The Islamic Financial Services Board has released a standard on solvency requirements for Islamic insurance undertakings to bring it into line with global insurance standards.

There are key differences between Takāful (Islamic insurance) and conventional insurance and the IFSB and the International Association of Insurance Supervisors have been working together to resolve this.

REGULATONS - The IFSB issues two Exposure Drafts for public consultation

Kuala Lumpur, November 4, 2010 - In its 22nd meeting held today in Kuala Lumpur, Malaysia, the Technical Committee of the Islamic Financial Services Board (IFSB) approved the issuance of the following two Exposure Drafts (EDs):

1. Guidance Note In Connection with the IFSB Capital Adequacy Standard: The Determination of Alpha in the Capital Adequacy Ratio
2. Guidance Note on the Recognition of Ratings by External Credit Assessment Institutions (ECAIs) on Takāful and ReTakāful Undertakings

INSURANCE - TAKAFUL - Insurance company aims at conservatives in Turkey

Neova Insurance, a joint venture by five companies, aims at atracting customers who are cool towards insurance because of the their religious concerns, said the chief executive officer Tuesday at a press meeting in Istanbul.

Neova Insurance succeeded to realize premium generation of 44 million Turkish Liras by the end of September.

Özgür B. Koç, the CEO of the company said Neova aims to reach people living in Anatolian cities through different applications developed with concept of “Insurance of the Future.”

TAKAFUL - Group effort - FWU eyes Turkey

It's been a big year for FWU Group, as the business has been spreading its wings across the globe, acquiring new distribution partners and launching new products. Sohail Jaffer, Partner of FWU Group, explained all to Isla MacFarlane.