Mada Brokers launches first insurance aggregator in Bahrain
Mada Brokers licenced by Central Bank of Bahrain (CBB), has announced the launch of the first insurance aggregator in the kingdom, accompanied by the introduction of the mobile application, 'Shamil by Mada.'
It currently offers three core insurance lines - Motor, Home, and Travel - through strategic partnerships with GIG Gulf, GIG Bahrain, and Solidarity.
The platform is designed to simplify the insurance process, offering side-by-side comparisons of policies from leading providers.
This groundbreaking initiative marks a significant milestone with the support and guidance of Central Bank of Bahrain (CBB), as Mada becomes the first company in Bahrain to provide clients with instant quotations for a variety of insurance products, including motor, home, and travel insurance.
This advancement underscores Mada's commitment to harnessing technology to enhance customer experience and address the evolving needs of its clients. In addition to the mobile application, the aggregator is also accessible via the company's website.
On the launch, Khaled Fuad Kanoo, the Chairman of the Board of Mada Insurance, said: "The launch of Mada's comprehensive digital application marks a major milestone in the Kingdom of Bahrain, as it introduces the first insurance aggregation platform of its kind."
"The platform serves as a unified marketplace that streamlines the insurance purchasing process -empowering users to compare multiple products and choose the option that best aligns with their needs," he stated.
Kanoo said: "At Mada Brokers, our mission is to drive the expansion of Bahrain's online insurance aggregator ecosystem—a model that has matured globally to become the primary channel for distributing personal and commercial insurance products."
"Our goal is to offer a user-friendly platform that equips consumers with the tools and knowledge necessary to make confident, informed decisions about their insurance coverage," he added.
Kanoo affirmed that Shamil by Mada is a key milestone in the company's journey, developed with the support and regulatory oversight of the Central Bank of Bahrain.
It reflects Mada ongoing commitment to using digital innovation to create transparent, accessible, and seamless insurance solutions for all clients.
In addition, Mada provides a range of corporate insurance solutions, offering coverage against a spectrum of risks such as property damage, business interruption, operational incidents, financial losses, employee benefits, and theft.
For individuals, Mada's personal insurance lines cover losses arising from death, injury, or property damage, ensuring financial protection and peace of mind, said the statement.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Trade Arabia
3 hours ago
- Trade Arabia
Al Salam Bank Bahrain closes $450m AT1 capital issuance
Al Salam Bank has announced the successful closure of its $450 million additional Tier 1 (AT1) capital issuance, reflecting strong investor confidence in the Bahraini bank's financial strength and long-term growth strategy. The issuance, which was structured as a private placement and advised by ASB Capital (the Group's asset management and investment banking arm headquartered in the DIFC), attracted substantial demand from regional and international investors. The AT1 Capital issuance forms a key initiative within the Group's broader financial optimisation strategy, enhancing its capital position to support future growth plans. Following market leading annual growth exceeding 35% across balance sheet metrics, the issuance was designed to further enhance the Group's financial standing and capitalization profile. The issuance also underscores the bank's commitment to sustainable growth and financial resilience, positioning it as a leading and diversified financial group in the region. The significant investor demand highlights the Group's ability to access liquidity from regional and global markets, reflecting strong investor confidence in the Bank's strategy and financial position. ASB Capital was mandated by Al Salam Bank to advise and structure the issuance. As part of its Capital Markets offering, ASB Capital provides innovative and tailored financing solutions to meet the evolving needs of clients by leveraging market expertise and strategic partnerships. Most recently, ASB Capital was also appointed as a joint lead manager by Bapco Energies in Q1 2025 for its $1 billion Sukuk issuance. Rafik Nayed, Group CEO of Al Salam Bank and Managing Director of ASB Capital, said: "The overwhelming response to our $450 million AT1 Capital issuance is a testament to Al Salam Bank's financial stability, market credibility, and strategic direction." "Since 2020, we have consistently increased our total equity by more than 65%, and this issuance further strengthens our capital base and enhances our financial agility to execute our ambitious growth aspirations," stated Nayed. "We have recently rolled out an aggressive growth strategy across all Group companies. We are confident that the Group is well positioned to continue creating sustainable shareholder value," he noted. Nayed highlighted ASB Capital's ability to attract substantial investor demand, despite global market volatility, spotlighting the team's capabilities in the Capital Markets space. "By focusing on efficient capital raising and tailored financing solutions, ASB Capital connects clients to a broad network of funding sources, enabling them to adapt to market conditions and achieve growth aspirations," he stated.
Trade Arabia
4 hours ago
- Trade Arabia
TAQA appoints new Executive VP of Products & Technologies and CTO
Industrialization and Energy Services Company (TAQA), a global leader in energy and industrial services, has welcomed Jeff Lembcke to TAQA as Executive Vice President of Products & Technologies and Chief Technology Officer. Lembcke brings to TAQA more than four decades of global experience in engineering leadership within the energy services sector. In his new role, he will oversee TAQA's technology strategy, product innovation, and engineering excellence across our diversified portfolio of solutions. Prior to joining TAQA, Lembcke held senior executive roles at Weatherford International, including Chief Engineer, Director of Engineering Quality, and Vice President of Research, Development, and Engineering. He successfully led complex transformation programs, including integrating over 40 acquisitions, while accelerating innovation cycles and maintaining high operational performance. Lembcke is widely respected for his technical depth and strategic vision. He holds more than 50 US patents in areas such as artificial lift, completions, fiber optics, and production optimization, and has contributed to the development of global industry standards through his long-standing involvement with API and ISO technical committees. He earned a BS in Mechanical Engineering from the University of Oklahoma and an MBA from the University of Tulsa. Lembcke is also known for his strong leadership, mentorship, and passion for building high-performing teams and fostering a culture of innovation, TAQA said. - TradeArabia News Service
Trade Arabia
7 hours ago
- Trade Arabia
New technology, efficiency top priorities for supply chain leaders
Global supply chain leaders recognise technology as a performance enabler, with 61% investing between $1 million and $10 million in the next five years to build more resilient, efficient supply chains, says a report. Blue Yonder, a world leader in end-to-end digital supply chain transformation, today released the results of its inaugural 'Supply Chain Compass' report highlighting nearly 700 global supply chain leaders' key strategic priorities: implementing new technology (51%), improving efficiency and productivity (40%) and building more resilient supply chains (29%). The three-part report features responses from senior supply chain leaders in North America and Europe who work in manufacturing, retail and logistics. Achieving each strategic priority over the next three years will require specific actions, and respondents identified better demand planning (46%) and quickly obtaining and analyzing data on performance (46%) as two of the top actions they believe are essential to success. This was followed by investing in tracking and visibility solutions (45%), digital software transformation and innovation (41%) and managing supply chain costs (33%). In the current macroeconomic environment characterised by volatility and rapid change, focusing efforts on each of these actions will be critical. These priorities not only speak to immediate operational challenges but also position organisations to adapt swiftly to external pressures, ensuring resilience and competitiveness in an unpredictable landscape. 'A consistent theme among surveyed leaders was the adoption of innovative solutions that deliver true end-to-end visibility across the supply network and enable a more connected, intelligence-driven approach to demand and supply planning,' said Andrea Morgan-Vandome, Chief Innovation Officer, Blue Yonder. 'In the face of ongoing economic uncertainty, geopolitical instability, and inflationary pressures, supply chain leaders are prioritizing technologies that enhance speed and precision. The report highlights that, beyond mitigating risk, decision-makers are increasingly exploring next-generation AI agents to advance sustainability goals and build supply chains that are not only faster but also more efficient.' New Technology is Foundational Many leaders across industries are actively witnessing the transformative power that new technology can bring, with 74% agreeing that AI is already changing the way their business operates. A staggering 82% of leaders agree that outdated technology will hinder their supply chain's potential, and 51% state that implementing new technology is a top priority in the next three years. Supply chain leaders are willing to invest in technology, with 89% of decision-makers dedicating a specific budget to new supply chain technologies. For 61% of respondents, the budget for supply chain technology is between $1 million and $10 million across the next five years. With technology being a key enabler of supply chain performance, decision makers recognize they will need to prioritize new solutions and tools to respond to market challenges and growth opportunities. Barriers to AI Adoption Generative AI is currently under-implemented compared to traditional AI, which is largely used for prediction and automation. The majority of respondents (83%) are using (or are implementing) AI-powered automation, and 78% said the same of machine learning and predictive AI. By contrast, just 36% are using or implementing generative AI. However, there is a clear pathway of opportunity being explored. Generative AI is becoming more important to enhance reliability and address sustainability goals, with one in four companies indicating they are implementing the technology. Only 16% said they have no plans at all for implementing generative AI-based solutions. Understanding barriers to generative AI implementation is key for supply chain decision-makers: · Human Impact: Of those with no plans to implement generative AI, 51% said that their organization will prioritize a people-led approach over cutting-edge technology. · High Cost of Adoption: Organizations with an expected technology budget lower than $500,000 for the next one to five years are significantly less likely to consider implementing generative AI. · Different Priorities: Organizations not currently using generative AI aren't necessarily behind — they're prioritizing other strategic initiatives, such as automating inventory management to drive efficiency. Businesses that focus on transportation, order management and execution and fulfillment are significantly more likely to be investigating the implementation of generative AI (46%), while those in logistics (16%) are behind the adoption curve with no plans to implement. Intersection of Technology and Sustainability Achieving more sustainable supply chains is top of mind for today's leaders, with 'sustainable' being the number one word used to describe the future of their supply chains by respondents. This rang true for nearly two-thirds (68%) of leaders who agree there is an onus on supply chain operators to help solve problems like waste and climate change. Organizations that chose sustainability as a top three strategic priority are far more optimistic about their business performance. Overall, leaders are initially focusing on tangible efforts to impact sustainability, but many are not yet embracing technology solutions that can provide a combination of cost savings and sustainability benefits: · Top opportunities for sustainability in supply chains are tangible investments often bearing a cost: Sustainable packaging (37%), reducing waste across manufacturing (30%), recycling (28%), renewable energy resources/green fuels (28%) and lower emissions from warehouses and facilities (27%). · Fewer leaders have embraced technology-related sustainability opportunities: Data analytics for emissions tracking (22%), connected networks for efficient shipping (17%), reducing waste from expiration (13%) and better returns processing (12%). · Nevertheless, there is a recognized link between sustainability, technology, and efficiency among one cohort: 26% believe that forecasting technology can improve efficiency and, in turn, sustainability efforts. There is immense opportunity at the intersection of technology and sustainability. Respondents who named sustainability as a top three strategic priority are on the leading edge of technology and AI adoption: 94% say end-to-end data connectivity is fundamental to the success of their business (vs. 85% total), 80% say AI is already changing how they operate (vs. 74% total) and 61% say they are currently investigating generative AI.
