Allianz Takaful secures Qatar authorisation
by Gill Montia
Story link: Allianz Takaful secures Qatar authorisation
Qatar Financial Centre Regulatory Authority (QFCRA) has granted authorisation to Islamic insurer, Allianz Takaful – QFC Branch, to carry on regulated activities in or from the Qatar Financial Centre.
Allianz Takaful is the first Takaful firm to be authorised by the QFCRA and will be primarily advising on investments in respect of contracts for long-term insurance.
QFCRA chairman and chief executive Phillip Thorpe comments: “The arrival of institutions like Allianz confirms the QFC’s reputation as a world class financial centre and will help to accelerate the development of the regions’ insurance market.”
Kamesh Goyal, regional chief executive of Allianz Middle East North Africa and South Asia, says the group is honoured to receive the authorisation.
He adds: “Entering this important regional market … is a further milestone in Allianz’s regional expansion strategy.”
According to the insurer, its recently established Allianz Takaful Bahrain business is growing “very fast”, serving both Muslim and non-Muslim clients.
The unit expects to be able to share its “surplus return” (profit on Islamic investments) with customers in 2010.