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Asia Capital Re opens branch office in Dubai

Singapore-based reinsurer Asia Capital Reinsurance Group (Asia Capital Re) has received final regulatory approval to open its branch office in the DIFC and began operations from 1 April 2013. Headed by Senior Executive Office Rainer Lehner, the Dubai office is Asia Capital Re's second branch office after Hong Kong.

“The economic growth in the Middle East has spurred governments across the region to proactively support investments in the infrastructure, commercial and residential property sectors,” says Dr Reto Brosi, Principal Officer of Asia Capital Re.

"We see tremendous corresponding opportunities for the (re)insurance sector to support this burgeoning growth. As a major economic centre in the region, Dubai is strategically located for Asia Capital Re to better service our expanding client base across the Middle East with our unparalleled combination of international underwriting expertise and deep local insight of the region’s risk exposures and business culture," Dr Brosi adds.

"Supported by colleagues in our Singapore headquarters, our Dubai Branch Office offers full-fledged underwriting capabilities for facultative and treaty businesses including property, energy and engineering lines. It also provides dedicated support in risk engineering, capital relief solutions, enterprise risk management, actuarial services and underwriting. Having a physical presence in the Middle East also allows us to respond even more quickly and be closer to our valued business partners,” says Mr Lehner.

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GCC Islamic banking assets continue healthy expansion

Islamic banking assets of commercial banks in the GCC are expected to have grown 14% on year to US$445 billion at the end of 2012, with the outlook for the industry remaining relatively positive in 2013, according to estimates by Ernst & Young's Global Islamic Banking Center.

Qatar was the fastest growing market where Islamic banking assets are expected to have grown by more than 23% during 2012.

“We expect a relatively positive outlook for the Islamic banking industry in the GCC,” Mr Ashar Nazim, partner, Global Islamic Banking Center, Ernst & Young says. “Quality of growth remains under pressure and we expect more Islamic banks initiating an honest introspection of their operating model, especially with regards to the weak data management infrastructure."

He adds: "Inability of most Islamic banks to generate accurate data and on time remains a serious concern for the management, the board as well as the regulators. Where such information is available, the analysis remains very rudimentary and has not really translated to a true competitive advantage."

In comparison to their conventional banking peers, Islamic banks remain technologically disadvantaged as software systems are primarily designed for financial institutions based on conventional banking frameworks. While the industry regulators are looking to tackle this issue, it remains a concern for the industry leading to significantly higher operational and commercial risk.

“Major investments in transforming the operating model are under way. Discussions with management reveal that a common theme across most banks is to get to know their customers,” said Mr Nazim.

Global Islamic banking assets with commercial banks are now at $1.55 trillion at end of 2012 and projected to exceed $2 trillion by 2015. Ernst & Young’s Islamic Banking Universe in its estimates represents banks across 22 major Islamic finance markets.