Global reinsurer, Swiss Re, received a composite licence from Bank Negara Malaysia yesterday to write retakaful business, and open a dedicated retakaful operation in Kuala Lumpur.
The composite licence allows Swiss Re to offer family (life) and general retakaful solutions to takaful clients worldwide.
The dedicated retakaful operation in Kuala Lumpur, headed by Marcel Omar Papp, signals a clear commitment to the development of this market.
"Swiss Re has been offering family retakaful solutions in the Middle East for the past three years. This new licence will allow us to consolidate and enlarge the scope of our efforts by also providing general retakaful solutions," said Papp, head of Swiss Re Retakaful in a statement yesterday.
He added, "Takaful is set to grow and we look forward to deploying our expertise and capacity to meet the needs of existing and new clients for syariah (Islamic law) compliant retakaful."
Swiss Re revealed that the average annual growth rate for takaful between 2004 and 2007, was estimated at 25 per cent (adjusted for inflation), versus 10.2 per cent of that in the conventional market.
"Takaful premiums of approximately US$ 1.7 billion (RM5.76 billion) were written in 2007, and it is estimated that the global takaful market could reach US$7 billion (RM23.73 billion) by 2015," Swiss Re said referring to its sigma report No 5/2008 "Insurance in emerging markets: overview and prospects for Islamic insurance."
It added that the 1.5 billion Muslims around the world, and also non-muslims interested in the principles underpinning syariah compliant products, represent a growing client segment for the insurance sector.
Swiss Re also operates a separate reinsurance branch in Kuala Lumpur.
Islamic insurance takaful is a system based on the principle of mutual assistance and voluntary contribution, where risks are shared collectively and voluntarily by a group of participants.
It has been developed as a syariah compliant alternative to conventional insurance which contains impermissable elements such as uncertainty and interest.
About Me
- Nuang
- Ibrahim bin Ramli@Nuang started his career with CIMB Wealth Advisors Berhad as Agency Manager in April, 2008.Previously he was an Internal Auditors and Accounts Executive with Perodua Sales Sdn Bhd since 17 August, 1994. His background:- 1.Certified of Achievement for Master Sales Leadership from Dr Lawrence Walter Ng of President of The Art Of Learning and International Of Learning Without Learning 2.Certified for eXtra Ordinary Performance of Lawrence Walter Award Certificate for One Million Ringgit Club 2007 3. Certified Life & General insurances 4. Conferred with Diploma in Business Studiess & Bachelor of Business Admin(Hons)Finance from UiTM, Terengganu Branch & Shah Alam respectively;
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