Takaful Re, first Islamic reinsurance company, licensed to operate from DIFCPress Release27 Dec 2005 01:25 pm
Takaful Re Limited, one of the most financially secure Retakaful Companies in the Middle East & North Africa (MENA) region has been licensed by Dubai Financial Services Authority (DFSA) to operate from the Dubai International Financial Centre (DIFC).
Dr. Omar Bin Sulaiman, Director General of the DIFC Authority said, “This is a significant announcement for DIFC, especially when we already have some major international insurance companies located here. We welcome Takaful Re , the newly formed retakaful company, to the DIFC.
”The DIFC is committed to actively promoting the growth and development of the Islamic insurance industry in accordance with Shari'ah principles. The Takaful market is one of the fastest growing in the world. It is expected to grow at nearly 20 per cent per annum to reach US $ 7.4 billion in global annual premiums in 15 years. Firms domiciled in the DIFC will complement the regional market and help it grow. By providing the ideal environment, both in terms of regulations and infrastructure, the DIFC aims to maximise this potential.”
Mr. Khalid Ali Al Bustani, Takaful Re Chairman, said, “We are pleased to associate ourselves with the DIFC which is renowned internationally. For Takaful Re, to be in the DIFC is a commitment for integrity, transparency and efficiency. On behalf of Takaful Re, I am delighted to receive this license from DFSA and look forward towards a great future and success in business for our organization operating from within the DIFC”.
With an authorised capital of US$500 million and paid-up capital of US$125 million, Takaful Re has plans to focus on retakaful business in the MENA and Islamic countries. Takaful Re is dedicated to offer Shari’ah compliant reinsurance and related services to the growing Takaful & Islamic insurance markets. Takaful Re will offer reinsurance capacity in all major lines of property, marine and family Retakaful business.