Flip through the latest issue of Gulf Weekly.
For the third year in a row, the Central Bank of Bahrain (CBB) has been honoured with the top award at the International Takaful Summit held in London from July 13 -15.
The CBB was named 'Best Financial Centre' for 2010, recognising Bahrain the leading international centre for the Takaful industry.
Bahrain has nine Takaful and Retakaful operators, a critical mass for this growing sector of the insurance market.
The seven Takaful companies had gross contributions of BD32.7 million for 2009, representing a 22 per cent increase over 2008.
Of this amount, the Family Takaful contributions were BD5.7 million, 17.3 per cent of the total Takaful business.
"The sound regulatory infrastructure and the active dialogues undertaken by the CBB with the Takaful industry have been recognised as key drivers in the expansion of this sector," said Nader Al Mandeel, director, Insurance Supervision Directorate at the Central Bank of Bahrain.
"More recently, much work has been undertaken dealing specifically with corporate governance as well as regulatory solvency issues.
"The unique structure of Takaful companies requires a clear understanding of the various insurance risks and, through the years, the CBB has been at the forefront of ensuring the sound development of its regulatory framework in this regard."
