Global Trade Review (GTR)’s Post

Labuan International Business and Financial Centre (Labuan IBFC), an Asian financial hub known for its insurance, reinsurance, Islamic finance, and digital business solutions, achieved significant growth in 2023, with continued expansion expected in 2024 due to its strong regulatory framework and creative strategies, according to Datuk Iskandar Mohd Nuli, Executive Chairman cum CEO. In a recent interview with Reinsurance News, CEO Nuli discussed the performance of the Labuan IBFC in 2023 and so far in 2024, as well as the centre’s views on the captive market, and importantly, its ambitions in the reinsurance industry.... https://lnkd.in/dAc3Yjq6

ICIEC: Navigating #Islamic Insurance for 30 Years    As ICIEC celebrates 30 years, let's explore the evolving landscape of Islamic #insurance!    Historically, some people viewed insurance with caution due to Shariah concerns. However, emerging innovative solutions like Takaful have continued to foster dynamic discussions on the subject.    ICIEC remains committed to understanding and supporting the evolving needs of Islamic #finance. Read more at:  https://lnkd.in/g_G4KZSA     #ICIECImpact #IslamicFinance #Takaful #ShariahCompliance #Innovation

The Reinsurance Dilemma: Why Does Pakistan Export Over a Billion USD Annually? Pakistan’s insurance sector annually exports over a billion USD to international reinsurance markets at Lloyd’s UK and Singapore to secure risks beyond the capacity of local insurers, who can’t settle the risk in case of realisation of loss. While this approach ensures robust risk management, it raises a critical question: Why doesn’t this reinsurance capacity exist locally, even partially? Currently, 100% of the risk is transferred abroad, where it is further distributed among multiple reinsurers through brokers. This begs the question: Why can’t we initiate a reinsurance capacity within Pakistan to retain capital? Imagine the potential if we could secure even 50% of reinsurance risk domestically. By establishing locally-owned reinsurance firms or mandating foreign reinsurers to open offices in Pakistan, we could keep substantial capital within the country. This move would not only save foreign exchange but also generate business activity, create jobs, and stabilize the local economy. It’s time to consider these opportunities for the potential expansion of our insurance industry. I invite thoughts and comments from insurance experts on how we can make this vision a reality. Appreciate your insights and suggestions. Let’s collaborate to strengthen Pakistan’s reinsurance sector! #Insurance #Reinsurance #Economy #Pakistan #RiskManagement #LocalCapacity #FinancialStability #BusinessGrowth

Takaful business in the AIFC💡 We’re back with our latest guide focusing on Takaful business in the AIFC. This license provides the flexibility to enter into Takaful (insurance) contracts, covering a wide range of risks for diverse customers across industries. 👇 Learn more by downloading our comprehensive guide. For further information, reach out to Madina Tukulova, Head of Islamic Finance, at ✉m.tukulova@aifc.kz. Follow us for more insights on Islamic finance licenses in the AIFC! #islamicfinance #AIFC #Business #Kazakhstan

📢 #SECP Announces Major #Capital Reforms for Insurance Companies under "Insured Pakistan" #Agenda! 🇵🇰 This initiative will enable insurers to underwrite larger risks and reduce foreign exchange outflows through reinsurance, ensuring a stronger insurance sector for the future! 🚀 #Insurance #FinancialStability #RiskManagement #SECP #InsuredPakistan #InsuranceReforms #IFRS17 #BusinessGrowth #PakistanInsurance #takafulmarket #capitalforms #Risk #digitalmarketing

On Wednesday, the National Bank of #Rwanda, in partnership with Africa Reinsurance Corporation, hosted the Insurance Strategy Forum under the theme '𝐒𝐡𝐚𝐩𝐢𝐧𝐠 𝐭𝐡𝐞 𝐅𝐮𝐭𝐮𝐫𝐞 𝐨𝐟 𝐑𝐰𝐚𝐧𝐝𝐚'𝐬 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐒𝐞𝐜𝐭𝐨𝐫.' The forum focused on discussing strategies to strengthen regulatory frameworks, foster innovation, and increase insurance penetration in #Rwanda. Watch this video for a recap. 🎥 #ISFRwanda2024

Takaful: A Growing Opportunity in Islamic Finance According to the LSEG (London Stock Exchange Group), global Islamic finance assets are projected to exceed US$ 6.7 trillion by 2027, reflecting the industry's steady expansion. Yet, Takaful insurance contributes just 2% of these assets. What’s holding it back, and how can it realize its true potential? Dive deeper into the principles of Takaful, its ethical advantages, and the roadmap to greater adoption:  https://lnkd.in/dpEqc2Gh #JameelFinance #SaudiArabia #Egypt #Türkiye #AbdulLatifJameel #Jameel

The Algerian insurance market posted 4.3% growth in turnover of DZD82.1bn ($597m), for the first half of 2023, in comparison to the same period in 2022, which also had a ripple effect on the reinsurance market. We spoke to Compagnie Centrale de Réassurance (CCR)’s Mr. Abdellah Benseidi about the current state of the industry and the future. #Algerian #Insurance #InsuranceIndustry #InsuranceMarket #ReinsuranceMarket

A Pillar of Islamic Finance🍂 Shariah Compliant Insurance for a Fairer Financial System💸 Like | Share | Comment!❤️🤝 #Takaful #IslamicFinance #ShariahCompliant #Insurance #FinancialInclusion #SocialJustice #EconomicStability

ICISA and AMAN UNION Join Forces to Strengthen Trade and Investment Insurance Landscape!   ICISA - International Credit Insurance & Surety Association and AMAN UNION, representing insurers in #OIC member countries, are proud to announce a strategic collaboration! This #partnership will foster knowledge sharing and collaboration in #trade and #investment insurance initiatives.   Learn more about this exciting development and its potential impact: https://lnkd.in/d8JwBt_g   #tradeinsurance #ICIECImpact #ExportCredit #CreditInsurance