Largest reinsurance firm launched
Dubai Group, the leading diversified financial services company of Dubai Holding, announced yesterday the launch of ACR ReTakaful Holdings Limited, the world's largest reinsurance company with a paid-up capital of Dh1 billion.
ACR Retakaful Holdings Limited is a joint venture between Dubai Group, Khazanah Nasional Bhd, the investment arm of the Malaysian Government and Singapore-based Asia Capital Reinsurance (ACR).
The deal was completed through Dubai Group's subsidiary, Dubai Banking Group - the global Shariah-compliant investment company. The company will focus on general (non-life), non-cyclical and large speciality risks in infrastructure and transportation industries such as aviation, marine, energy and engineering and will lead the way in channelling these traditional risks from the conventional market into Islamic compliant takaful channels.
"The joint venture comes at a time when the Middle East's retakaful market is expanding. We have a proven track record of successful accomplishments within the reinsurace sector highlighted by our Al Fajer investment in Kuwait. Through our strategic investments, we will continue to play a major role in the regional Islamic finance sector," said Soud Ba'alawy, Executive Chairman of Dubai Group. /MENAFN/
ACR Retakaful Holdings Limited is a joint venture between Dubai Group, Khazanah Nasional Bhd, the investment arm of the Malaysian Government and Singapore-based Asia Capital Reinsurance (ACR).
The deal was completed through Dubai Group's subsidiary, Dubai Banking Group - the global Shariah-compliant investment company. The company will focus on general (non-life), non-cyclical and large speciality risks in infrastructure and transportation industries such as aviation, marine, energy and engineering and will lead the way in channelling these traditional risks from the conventional market into Islamic compliant takaful channels.
"The joint venture comes at a time when the Middle East's retakaful market is expanding. We have a proven track record of successful accomplishments within the reinsurace sector highlighted by our Al Fajer investment in Kuwait. Through our strategic investments, we will continue to play a major role in the regional Islamic finance sector," said Soud Ba'alawy, Executive Chairman of Dubai Group. /MENAFN/
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