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International

U.A.E.: New Islamic reinsurer to be launched in Dubai

November 27, 2013 Reprints

Dubai Holding L.L.C. and Al Fajer Retakaful Insurance Co. K.S.C.C. are planning to launch an Islamic reinsurer, Emirates Retakaful, in January 2014, Reuters reported.

Fareed Lutfi, director of insurance services at Dubai Holding, said the new firm will focus on general takaful business, and will be located in the Dubai International Financial Centre.

A Dubai government study said that globally there are only 19 retakaful firms, so Islamic insurers most often have to transfer some risks to conventional reinsurers.

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U.A.E.: New Islamic reinsurer to be launched in Dubai

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