The Central Bank of Bahrain (CBB)'s Director of Financial Institutions Monitoring Department Abdul-Rahman Mohammed al-Baker said that the Takaful insurance sector in Bahrain has accomplished satisfactory growth over the last years.
Takaful installment in the past year alone has achieved BD 58 million growing by 8% compared to its average annual growth rate ranging between10% to 15% in previous years.
Life assurance sector has achieved a significant leap up to 20% of the whole Takaful insurance sector compared with not more than 10% in the previous seven years.
Al-Baker told "Akhbar Al-Khaleej" daily on the side-lines of the Takaful (Middle East) Annual Forum that the Central Bank of Bahrain (CBB) considers three new applications in the field of conventional life assurance and two other applications in the field of insurance brokerage.
Baker said that we have issued new instructions regarding financial solvency last September in anticipation that new regulations would achieve sound financial solvency as the new laws were met with positive echoes in view of preservation of the interest of both shareholders and insurance policy holders.