Arab Insurance Commissioners and Hawkamah Launch Regional Corporate Governance Initiative for the Insurance Industr
Arab Insurance Commissioners and Hawkamah Launch Regional Corporate Governance Initiative for the Insurance Industr
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Corporate Governance in the Insurance Industry Paramount for the Development of the Sector

The Arab Forum of Insurance Regulatory Commissions (AFIRC) and Hawkamah Institute for Corporate Governance launched a regional initiative to address corporate governance of the insurance industry.

The regional initiative called for the establishment of a Task Force in April,2007 which is expected to accomplish its mission in December 2007, aiming to bring the insurance industry and regulators together and to develop a corporate governance framework for the insurance industry in the Arab World.  The Task Force will undertake a corporate governance assessment of the insurance sector in participating Arab countries; develop an insurance corporate governance policy brief to include conventional insurance and takaful; develop corporate governance guidelines for the insurance sector; and build the corporate governance capacity of the industry.

Industry leaders and regulators view the development of guidelines and good Corporate Governance practices as essential for the success of economic reforms.  Good corporate governance enhances confidence in the regional and local economies, protects investors, and builds competitive businesses able to compete in the global marketplace.

Dr. Bassel Hindawi, the Director General of the Insurance Commission in Jordan and Chairman of AFIRC, noted" Corporate Governance issues became one of the most vital economic issues worldwide. Commitment of corporate governance standards would reflect positively on the management of the insurance companies, by efficient use of its resources, improve market competitiveness, and strengthening the stability of financial markets, which subsequently, represents an important element of attracting investment."

Dr. Nasser Saidi, Executive Director of Hawkamah, said, “Effective corporate governance is an integral element of sustainable economic growth and development.  Abiding by international standards and adapting corporate governance codes and principles to regional realities will help grow the insurance industry.  Better corporate governance standards will enable insurance companies to link with the financial markets, imply better performance and company valuations, and allow insurers to help develop the market and grow themselves.”

Testimonials

  • ‘’There was no doubt that once we communicate with Hawkamah for a workshop, we were sure that we will achieve our goals and get an added value. And thats what happened; we got a lot of positive feedback from participants which confirms the success of the company secretary 2 days workshop which took place in Manama – Bahrain as well as the fruitful feedback on the knowledgeable and insightful trainers and experts. We would be more than happy to have such cooperations in the future since we consider Hawkamah our patterner in success’’

    Faisal Al-Modlij - GM, Corporate Affairs and Governance - Sipchem KSA

  • "We extend our thanks and appreciation to Hawkamah institute for its cooperation and the effectiveness of the Director Development Program"

    Saeed Al Kaabi - Abu Dhabi Monitoring and Controlling Centre(ADMCC)

  • "The Director Development Program was very rich in useful information and added a lot to us, and the trainers’ experience, skills and capabilities had positive impact on delivering the information to us in a direct and clear manner"

    Hamad Al - Tamimi - Osool Asset Management

  • The corporate Governance in all type of entities adds morality and ensures implementation of the best practices to fulfill the responsibilities of those entities and to ensure the rights of all parties involved, especially those who have no authority to participate in the decision-making cycle.

    Hawkamah institute contributed to enrich the knowledge of these responsibilities and the role of governance for the success of institutional work in accordance with principles that establish values and ethics.

    Ajman Municipality

  • '‘Excellent, well delivered, informative program presented by well-seasoned trainers. The training program has helped transform and empower the Board’s vision and focus our minds on the relevant issues at hand. We sincerely thank you for the training sessions which helped broaden our perspective and decision making processes. We strongly recommend this training to elevate directors to the next level".

    Bank of Maldives

  • "I would like to thank Hawkamah for the ESG Reporting training , I found the two days ESG Reporting training very informative and helpful and I have definitely received some tools that I will use in my work"

    Rania Zaatari - Head of Makassed Communal Healthcare Bureau

  • "The DDP provides a solid foundation of corporate governance for existing and aspiring directors."

    David Haglund - Senior Executive Director and Portfolio Manager of the Templeton Frontier and MENA Market strategies

  • “Thank you so much for sharing such insightful webinar. It was great and valuable to all participate”

    Shady Rashed - Senior Economic Researcher at The Ministry of International Cooperation of Egypt

  • “Good session and very well organized on the webinar about How to buffer and lessen the impact of the novel Covid – 19, to maintain business sustainability with Hawkamah - AUB / Makhzoumi” 

    Bilal Hamade - Executive Advisor

  • "One of the best webinars I attended. Well done OSB Makhzoumi and Hawkamah”

    Fida Kanaan – Director – Executive education  OSB AUB

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