The latest update from Mandarin Re for you;
Mandarin Re Ltd., the disciplined reinsurer that delivers long-term support to global cedants across property and specialty lines, especially in underserved markets, is delighted to have received approval from the Labuan Financial Services Authority to establish a retakaful window, pursuant to Sec. 77(4) of the Labuan Islamic Financial Services and Securities Act (2010).
A retakaful window is a division within a conventional reinsurer that offers Shariah-compliant reinsurance.
Dr Mohd Rofaizal bin Ibrahim of Afsha Shariah Advisory Sdn. Bhd., a lecturer at the Islamic University of Selangor, acts as Shariah Advisor to Mandarin Re.
Treaties and programmes can be structured to support wakalah, mudharabah, and wakalah-waqf takaful providers. With this licence, Mandarin Re is now able to help takaful operators world-wide to access additional capacity, allowing them to better serve their communities. For Mandarin Re, the establishment of a retakaful window adds an important new and diversifying element in support of international growth.
Initial development will focus on partnership development with takaful operators, brokers, and financial institutions in Southeast Asia and selected Middle Eastern markets.
Chief Underwriting Officer Arthur Underwood, who has extensive experience in the structuring and delivery of Shariah-compliant risk-sharing products for primary takaful providers, is to lead Mandarin Re’s work in the field. Mandarin Re will use its strong market connections in Malaysia, Indonesia, Brunei, Pakistan, and the Middle East to extend Shariah-compliant capital to business partners in those areas.
Chief Executive Officer Redzal bin Mohamad said, “I have worked with Shariahcompliant products for most of my career. It brings me great pleasure to at last be able to offer risk-sharing solutions compliant with my own faith, built on ta’awun (mutual assistance) and joint responsibility, through Mandarin Re.”
Chief Operating Officer Mikhail Grishin said, “This is not simply a regulatory achievement. It’s an important strategic step in our development as a global reinsurer that delivers much-needed risk capacity to underserved markets around the world.”
Arthur Underwood, Mandarin Re’s Chief Underwriting Officer, said, “Takaful companies around the world are underserved, not just in the Middle East, but also in Europe and North America. With this licence, we are able to help them provide for the members of their communities by extending their ability to share risk.”
Be the first to comment