CR IP TI ON BS SU
WEDNESDAY, FEBRUARY 12, 2014
Sheraton Roundabout gets a new look
Entity needed for sharia supervision: Central Bank
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www.kuwaittimes.net
RABI ALTHANI 12, 1435 AH
Real cruise into Cup final
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Takaful firms struggle in overcrowded market Conventional insurance companies dominate conspiracy theories
Give me a break
By Badrya Darwish
badrya_d@kuwaittimes.net
P
arallel to the Hala February festivals and celebrations, TV channels do vox pops on the streets about people’s national origins, their feelings of the celebrations and their reasons to visit Kuwait. The TV stations go around asking people about their opinion of the celebrations. The funniest part was a TV segment that I watched this week. The broadcaster announced that in the downtown square, they were greeting tourists from Denmark who came to celebrate the Hala February holidays in Kuwait. My expectation was to see a tall, blonde English-speaking girl with a German accent talking about her exotic visit to the hotspot Kuwait. After all, she travelled halfway around the world for the occasion. Instead, in front of the camera I saw the 180 degree extreme - an Arab-looking and Arabic-speaking woman dressed in the traditional black abaya and black headscarf. She was speaking Arabic in a Kurdish or Iraqi accent. I couldn’t tell which one exactly. Was that a Danish tourist? Was something wrong with my eyes? Or maybe the presenter made a mistake by not saying that the interviewee was Iraqi or Kurdish. The woman who might have married and moved to Denmark was interviewed as a Danish subject. This was the most hilarious thing I have seen from the Hala February coverage. Of course the lady came to visit relatives in Kuwait. What was the funniest part of the interview with the Danish guest was when she started throwing words in broken English while answering the questions in Arabic. Since the visa issuing department was closed for the annual inventory, when it reopened, many visa requests had accumulated and thousands of people apply to bring friends and family into the country. The month of February also helps when many travel agencies manage to get visas and flights for those who book hotels through them. Another nice ad I saw for Hala February was from a travel agent advertising visits to Kuwait. The ad said that the accommodation was in a 4star hotel with somebody accompanying you during your shopping trips. The list of visits to places included Avenues mall, 360, Marina and Hawally malls. The last on the list was Mahameed Mall. I guess these are the places we have in Kuwait that are advertised as places of interest. In addition to the Danish guest! Couldn’t the presenter find a real Western tourist to talk about Hala February? Did it have to be a Danish guest of Arab origin? There are many people from faraway destinations that come to visit. They could have been interviewed instead. Give me a break!
103 dead in Algeria army plane crash ALGIERS: A military aircraft crashed in Algeria’s mountainous northeast yesterday, killing all 103 people on board, a security source said, in what would be its deadliest air disaster since independence five decades ago. The C-130 Hercules aircraft, which was flying to the city of Constantine crashed “in poor weather conditions” in Oum El Bouaghi, some 380 km east of the capital, Algerian radio said. The plane was carrying 99 passengers - soldiers and their families - as well as four crew members, the source told AFP. “ There were no survivors,” the source added, although army spokesman Lahmadi Bouguern said he could not confirm that all on board had perished. The plane was travelling from the desert garrison town of Tamanrasset in the deep south, and crashed into Mount Djebel Fertas in the Oum El Bouaghi region, official media quoted Colonel Bouguern as saying. Preliminary Continued on Page 13
KUWAIT: Trees are reflected in the infinity pool of a hotel in Salmiya yesterday. — Photo by Joseph Shagra
Max 20º Min 04º High Tide 11:46 & 21:57 Low Tide 05:25 & 16:33
KUWAIT: Kuwait’s first Islamic insurer was born 14 years ago, but its takaful firms are still struggling in a crowded market that faces cut-throat competition. This has led to stagnant growth and persistent losses for takaful firms operating in Kuwait, one of the world’s richest countries on a per capita basis, raising doubts about the sector’s long-term viability. In a market with 32 insurers, takaful firms say they are at a disadvantage to their conventional peers which have operated for decades, allowing them to build solid customer bases and amass large financial surpluses. While Islamic finance widens its global footprint, Kuwait’s takaful sector could shrink in the next five to seven years, said Abdulrazaq M Al-Wohaib, managing director and chief executive of T’azur Takaful Insurance Co. “We are moving opposite to the rest of the world this has reduced the profit margins of these companies.” Gross takaful contributions in Kuwait grew an estimated 4.3 percent in 2012 after 4.5 percent in 2011, among the lowest growth rates for takaful anywhere in the world, a report by consultancy Ernst & Young estimated. Kuwaiti takaful firms posted a combined KD 47.4 million ($167.7 million) in premiums in 2012, an 18.7 percent share of the total, Commerce Department data showed. This was spread across 11 locally incorporated takaful firms; many companies in the sector have failed to post consistent profits. Unlike conventional insurance, takaful is based on the concept of mutuality, where a takaful operator sets up a fund to oversee and manage pools of money contributed by policy holders. Continued on Page 13
Oppn wades into Gulf pact row Activists criticize jailing of tweeter By B Izzak KUWAIT: Controversy raged yesterday over the Gulf security pact with the government assuring MPs that national legislation supersedes the provisions of the pact as the opposition joined the fray in describing the pact as an attempt to curb freedoms. Minister of Oil and National Assembly Affairs Ali Al-Omair called on MPs to read the pact in an objective way, reiterating the government’s position that the agreement does not contradict Kuwaiti constitution and laws. The minister said in a statement that the government will never refer any-
thing that breaches the constitution to the Assembly, insisting that the pact does not violate Kuwaiti laws. He said that the first article of the agreement clearly states that member states will not implement whatever contradicts their constitutions and national legislation, adding that the pact assures the sovereignty of all the Gulf states. Kuwait has refused to be a member of the Gulf security pact until it was amended in 2012 to be in line with the Kuwaiti constitution. But a number of MPs raised objections to the new version of the pact on the grounds that it violates the Continued on Page 13
10% of drugs fake By A Saleh KUWAIT: The director of drugs inspection department at the Health Ministry Dr Jaber Al-Khalidi said yesterday counterfeit drugs made up to 10 percent of the medicine in the local market. He said the department is keen on preventing these drugs from reaching consumers, adding that 420 discoveries of fake drugs were made in 2013, and
these ended up with the public prosecution. He said that most of the medicines confiscated are male sex-enhancing drugs and weight-reduction pills for women, adding that some of these diet tablets may lead to suicide attempts. Khalidi said among the obstacles they face is a lack of response by some of the violators and that is why police are called in. Continued on Page 13