Scor plans Malaysian retakaful capability

SINGAPORE—The Monetary Authority of Singapore has authorized SCOR Asia-Pacific to apply to the Labuan Offshore Financial Services Authority for an extension to its nonlife branch license in Labuan, Malaysia, to underwrite retakaful reinsurance contracts.

SCOR Asia-Pacific, the Singapore-based arm of French reinsurance group SCOR S.A., opened a branch in Labuan in 2000. The Labuan branch will be the base for the group's Islamic finance retakaful activities in Asia.

SCOR said it believes that the demand for Takaful reinsurance has "high growth potential," particularly in Asia and in the Middle East.