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MANAMA, BahrainHannover Re has launched a wholly-owned subsidiary to underwrite so-called retakaful business, reinsurance that conforms with Islamic law.
Hannover ReTakaful B.S.C. (c) is based in Manama, Bahrain.
In the reinsurance industry, Takaful takes the form of a mutual insurance company.
There are currently about 80 takaful insurers active in 20 countries, according to the Hanover based reinsurance group.
These insurers are obliged to obtain reinsurance from a Sharia-compliant retakaful company and may only resort to traditional reinsurance if sufficient retakaful capacity is lacking, explained Hannover Re.