Takaful in the Gulf: Big challenges and strong competition
Thursday, 07 23 2015, Category: Insurance and Reinsurance, Country: Gulf Cooperation Council
The “Standard & Poor’s” rating agency in a new report entitled "Regulatory Changes Cause A Shakeout In Gulf Islamic Insurance Markets" discussed the long-term impact of the drastic regulatory changes in the insurance sector witnessed by the Gulf states during the past 12 months.
These actions included the minimum capital insurance in the Sultanate of Oman, increasing liquidity requirements in Kuwait and the UAE and enforcing more rigorous solvency measures in Bahrain.
The international rating agency expected that the improved regulation will improve capital and liquidity management, the internal controls and governance of companies, which the agency considers positive from a credit perspective.
Source: Al Rai - Kuwait