Top 10 Middle East stories of 2017
By Tom Carnegie, 27 Dec 17
A new family tax in Saudi Arabia, Abu Dhabi’s biggest ever scam and the UAE pushing ahead with a major life industry overhaul were some of the most read stories by our Middle East audience in 2017. To see the others, click through the slides.
The UAE Central Bank announced in May that it was cracking down on insurance products sold via banks after receiving a growing number of mis-selling complaints.
In a circular published on 11 May, the Central Bank has imposed an immediate ban on new approvals of requests from banks and finance companies to sell “savings and investment” and “non-capital guaranteed or protected” takaful insurance products until further notice.
This is while the authorities create new guidelines for bancassurance distribution of such products, that according to the circular, will require banks to profile customers for suitability, improve transparency of such products as well as introducing a “grievance redressal mechanism”.
The Central Bank will also fine banks that violate the new framework.
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