Issue 8 | May 2007

MEMSA Newsroom (see articles below)

Tata AIG General Insurance launches “Domestic TravInsure”- a unique domestic travel insurance policy for SpiceJet passengers -Click here Qatar: ALICO AIG Life partners with QFC UAE: Takaful Re reports 400% growth in premiums in Q1 UAE: Task Force to be set up for insurance industry Saudi Arabia: Listing plans by seven insurance firms Greece: Citibank loans for natural gas installations UAE: Saadiq Visa Gold Credit Card released by StanChart Turkey: Total assets of Islamic banks to reach TnL 19bn Greece: Authorities seize 5.3 tonnes of unsafe food Greece: Fiat ordered recall on 128 Ducato 2.0 JTD cars Greece: Inspectors seized 15 tonnes of unfit food Qatar: ALICO AIG Life partners with QFC AME Info, 30 Apr 2007,:- A license has been awarded to American Life Insurance Co (ALICO) - AIG Life (ALICO AIG Life) to carry out its group insurance business from the Qatar Financial Centre (QFC) that is situated in Doha. Application will also be made by ALICO AIG Life for extension of its license for conducting individual and retail operations from and in the QFC, which is a business and financial centre, once the retail regime of QFC is ready. ALICO AIG Life is a member firm of US-based American International Group Inc (AIG). © Esmerk Link to original article in English. Back to Top UAE: Takaful Re reports 400% growth in premiums in Q1 Insurance Day, 16 May 2007, p.8:- Takaful Re, which is based in Dubai and owned by Arab Insurance Group (ARIG), has reported a 400% increase in gross written premiums in the first quarter. Premiums increased to US$ 9.2mn (EUR 6.8mn) while profit increased from US$ 500,000 in the same period in 2006 to US$ 1.3mn, a 260% increase. The company, which specialises in property, marine and engineering insurance, attributed the increase to strong demand in North Africa and the Middle East, which was achieved despite a conservative underwriting policy and fierce competition in takaful markets. © Esmerk Back to Top UAE: Task Force to be set up for insurance industry AME Info, 21 May 2007,:- In the United Arab Emirates (UAE), a regional initiative has been unveiled by Hawkamah Institute for Corporate Governance (HICG) and Arab Forum of Insurance Regulatory Commissions (AFIRC). The initiative includes the setting up of a Task Force in April 2007, with a target to develop a corporate governance framework for the region's insurance industry and to bring together the regulators and the insurance industry. The Task Force will develop guidelines for the insurance sector, develop insurance policy including takaful and conventional insurance, and set up corporate governance capacity. © Esmerk Link to original article in English. Back to Top Saudi Arabia: Listing plans by seven insurance firms Khaleej Times, 19 May 2007,:- In Saudi Arabia, a total of SR 354.4mn (US$ 94.49mn EUR 69.8mn) are expected to be raised by seven local insurance firms via their own initial public offerings (IPOs), expected to kick off from 19 May 2007. The firms include Al Ahli Takaful, which will issue 2.65mn shares or 26.45% stake as well as Gulf Union Cooperative Insurance Co and Sanad for Cooperative Insurance that are set to issue 8.8mn shares or 40% and 8mn shares or 40% stake respectively. Meanwhile, Allied Cooperative Insurance Group, Al-Ahlia Insurance, Saudi Indian Cooperative Insurance and Saudi Arabian Cooperative Insurance will each offer 40% stake, representing 4mn shares. All shares will be sold at SR 10 each. The IPO will be closed on 28 May 2007. © Esmerk Link to original article in English. Back to Top Greece: Citibank loans for natural gas installations Imerisia, 16 May 2007,:- Citibank of Greece, in partnership with the natural gas supplier EKO Fisiko Aerio, has launched a new loan that has been especially designed as a helping hand to Athenians wishing to install a natural gas supply network to their household. The loan has a fixed rate that starts from 3.25% and can go up to 6.50%, while consumers can borrow up to EUR 10,000 (US$ 13,410.04) and repay the loan within a 60 month period. The loan is available to consumers that want to replace their petrol powered central heating system with natural gas, and for that purpose only. Natural gas is a more friendly source of energy towards the environment, while is also about 20% cheaper than fuel. © Esmerk Link to original article in Greek. Back to Top UAE: Saadiq Visa Gold Credit Card released by StanChart Trade Arabia, 14 May 2007,:- A new Shariah-compliant credit card, known as Saadiq Visa Gold Credit Card, has been rolled out by Standard Chartered Bank (StanChart) in the United Arab Emirates (UAE) to mark the introduction of its worldwide Islamic banking business brand, dubbed Saadiq. The card features Ujrah-based fixed-fee structure for a flexible payment of fixed maintenance fee each month apart from international acceptance and recognition. The new product comes with a service account and offers a zero-interest card. The bank will offer the card across its network soon. The credit card is an exclusive loyalty and rewards scheme providing travel privileges like discounts on air tickets, an Islamic travel protection and Auto Assist services as well as a complimentary voucher for Marhaba services. Saadiq Visa Gold Credit Card is the maiden global Islamic credit card of StanChart. © Esmerk Link to original article in English. Back to Top Turkey: Total assets of Islamic banks to reach TnL 19bn Reporter, 22 May 2007,:- The head of the Union of Turkish Islamic Lenders estimated that the total assets of Islamic banks in Turkey will reach TnL 19bn (US$ 14.25bn EUR 10.52bn) by the end of 2007, up from TnL 13.7bn in 2006. Albaraka Turk, Bank Asya, Kuveyt Turk and Turkiye Finans are the interest-free banks in Turkey. Bank Asya is the leading Islamic bank with TnL 4.2bn assets, followed by Turkiye Finans with TnL 4.1bn. © Esmerk Greece: Authorities seize 5.3 tonnes of unsafe food Kathimerini, 18 May 2007,:- A total of 5.3 tonnes of food that was classified as unfit for human consumption has been confiscated by Athens' prefectural authorities, during checks that were carried out by its food and health and safety inspectors on several local food companies such as butchers, supermarkets, and bakeries. Meanwhile, Athens' authorities have launched legal proceedings against 61 food businesses, for violating food health and safety regulations, issuing fines totaling EUR 20,400 (US$ 27,356.48). © Esmerk Link to original article in Greek. Back to Top Greece: Fiat ordered recall on 128 Ducato 2.0 JTD cars Naftemporiki, 03 May 2007,:- Fiat Auto Hellas (the exclusive representative of Fiat, Lancia, and Alfa Romeo motors in Greece) has ordered the recall of 128 Fiat Ducato 2.0 JTD (from 7000022 to 7574570) due to a mechanical fault in production. Although no accidents have been recorder due to the specific fault so far, Fiat Auto Hellas will notify the owners of the 128 vehicles in witting to suggest they take their car into their nearest Fiat dealership for a free of charge service and replacement of the faulty part, the EGR valve. © Esmerk Link to original article in Greek Back to Top Greece: Inspectors seized 15 tonnes of unfit food Kathimerini, 24 Apr 2007,:- A total of 15 tonnes of meat and vegetables were confiscated by Piraeus' prefectural authorities, in Greece, after its inspectors found that the products had passed their expiry date, therefore were classified as unfit for human consumption. The products were found in the Rendi food market, in southern Athens, and some of them had a 2005 expiry date. © Esmerk Link to original article in Greek. Back to Top

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