New Sharia law reinsurer to be based in Kuala Lumpur
Swiss Re has won Malaysian central bank (Bank Negara Malaysia) approval to start up an Islamic reinsurance business (retakaful - complying with Sharia law) in Kuala Lumpur.
"This new licence will allow us to consolidate and enlarge the scope of our efforts by also providing general retakaful solutions," said Marcel Omar Papp, head of Swiss Re's Retakaful unit.
The licence allows Swiss Re to offer family and general Islamic retakaful, or reinsurance, globally.
"Takaful is set to grow and we look forward to deploying our expertise and capacity to meeting the needs of existing and new clients for Sharia (Islamic law) compliant Retakaful,” said Papp.
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