Tuesday, September 19, 2006

MNRB & Munich Re setup Islamic Reinsurance in Malaysia

"MNRB, Munich Re to set up retakaful units", Business Times (Malaysia), September 19, 2006

Local Malaysian takaful company MNRB Holdings Berhad has joined with Munich Re, the German firm that is the second largest reinsurance company in the world, to offer Shari'ah-compliant reinsurance, called retakaful. Bank Negara Malaysia (the Malaysian Central Bank) has estimated the size of the takaful industry at US$1.8 billion, growing at 25 percent per year and expected to have US$7.4 billion in global annual premiums in 15 years.

1 comment:

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