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Takaful insurers’ weakening profit highlights sector challenges

We expect providers of Islamic insurance (takaful) in the Gulf Cooperation Council (GCC) countries to report a decline in their combined net income for the fiscal year ended December 2022 compared with 2021. The anticipated deterioration reflects rising claims and costs, only partly offset by higher prices. We expect GCC takaful operators, which currently lack scale, to accelerate their technology investment and seek out merger and acquisition (M&A) deals to build the critical mass needed to improve efficiency and comply....

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