Reinsurance News
takaful
Riyadh Re to launch in Saudi Arabia as IA license received
10th November 2025
The Cooperative Insurance Company (Tawuniya) has obtained the necessary license from the Insurance Authority (IA) to establish its new, wholly-owned subsidiary, Riyadh Reinsurance Company (Riyadh Re). Headquartered in Riyadh and incorporated on November 4th, 2025, Riyadh Re is entering the market with a strong capital base of SAR 550 million (approximately ... Read the full article
ARC launches Shariah-compliant climate protection facility to strengthen Africa’s resilience
29th October 2025
African Risk Capacity Limited, the commercial insurance affiliate of the African Union’s African Risk Capacity Group, has announced the launch of new Shariah-compliant protection solutions designed to strengthen climate resilience and expand access to financial protection across its Member States. The new initiative introduces a non-profit facility that enables governments, communities, ... Read the full article
Oman Re granted Retakaful licence
6th March 2024
Oman Re, the sole reinsurer in the Sultanate of Oman, has announced it has obtained a Retakaful licence by the Capital Market Authority. Granted on 22 February 2024, the licence empowers Oman Re to establish Retakaful operations, further solidifying its position in the market and enabling the provision of Shariah-compliant Retakaful ... Read the full article
Intense competition will continue to weight on Islamic insurers’ earnings: S&P
22nd August 2022
High competition and a surge in motor and medical claims will continue to constrain Gulf Cooperation Council (GCC)'s earnings, particularly in the largest regional market Saudi Arabia, if insurers do not substantially adjust their premium rates, according to a S&P report. This is despite the Gulf region's ongoing economic recovery from ... Read the full article
SCR approved for Takaful reinsurance operations in Morocco
17th May 2022
Société Centrale de Réassurance (SCR) has obtained the necessary approvals from Morocco's Insurance and Social Security Supervisory Authority (ACAPS) to create a "Retakaful" window, in order to undertake Takaful reinsurance operations in the country. Société Centrale de Réassurance (SCR) is a reinsurance subsidiary of the Caisse de Dépôt et de Gestion ... Read the full article
Morocco’s SCR receives approval for retakaful window
23rd February 2022
Morocco-based reinsurer Société Centrale de Réassurance (SCR), a subsidiary of Caisse de Dépôt et de Gestion, has received agreement from the Insurance and Social Security Supervisory Authority for the creation of a retakaful window to carry out takaful reinsurance operations in accordance with Sharia law. Through the retakaful window in Morocco, ... Read the full article
Malene Insurance Brokers becomes Howden Takaful Brokers
8th December 2021
Howden, the international insurance broker, has announced that following its merger with Malene Insurance Brokers in February 2019, Malene will operate as Howden Takaful Brokers, a fully dedicated Takaful specialist. Howden says the rebrand reinforces its commitment to respond to the growing demand for Islamic driven solutions and providing a strong ... Read the full article
Ethiopia Re & AlHuda CIBE enter agreement to promote Re/Takaful industry
22nd February 2021
AlHuda CIBE and Ethiopia Reinsurance have entered into an agreement in order to promote the takaful and retakaful industry in the East African and Ethiopian insurance market. Zubair Mughal, CEO of AlHuda CIBE, said that Islamic finance is not only the interest of the Muslim population due to a number of ... Read the full article
Africa Re joins DIFC in Middle East expansion
5th October 2020
Africa Reinsurance Group has selected the Dubai International Financial Centre (DIFC) for its first office outside Africa. DIFC is a financial centre in the Middle East, Africa and South Asia (MEASA) region and says Africa Re will operate as Africa Re Underwriting Agency Limited. Africa Re's focus is on the underwriting of proportional and ... Read the full article
Malaysian Re & Pacific Life Re partner to provide retakaful solutions
13th December 2019
Malaysian Reinsurance Berhad (Malaysian Re) and the Singapore branch of Pacific Life Re Limited have signed a Memorandum of Understanding (MoU) to provide retakaful products to Family Takaful Operators. The MoU was signed by Zainudin Ishak, President and Chief Executive Officer (CEO) of Malaysian Re and Andrew Gill, Managing Director Asia ... Read the full article
Islamic insurance demand to drive profits & premium growth: Moody’s
5th April 2019
Growth in global demand for Islamic insurance, also known as takaful, is supporting profitability in the sector and will likely result in moderate premium increases over the next 2-3 years, according to Moody’s Investors Service. Globally, gross takaful premiums, or contributions, increased at a compound annual rate of 9% between 2014 ... Read the full article
Swiss Re to provide KFH Takaful with reinsurance
24th December 2018
Swiss Re has signed an agreement to provide reinsurance throughout 2019 to KFH Takaful, a global provider of Islamic banking services. The takaful market, which is the Islamic alternative to insurance, attracted gross premium contributions of $14.9 billion in 2015, and is estimated to have attracted over $20 billion in 2017. KFH ... Read the full article
Pakistan approves first Islamic reinsurance service
3rd October 2018
Pakistan’s sole reinsurer offering sharia-compliant reinsurance has been granted approval by the country’s capital market regulator as attempts are made to boost the emergent Islamic insurance (takaful) sector, according to reports from Reuters. Takaful windows allows insurers to offer sharia-compliant and conventional products side by side, provided that client money is ... Read the full article
Over-dependence on Quard’ Hasan harming re/takaful sector: A.M. Best
20th August 2018
A.M Best believes that an over-dependence on interest-free loans (Quard’ Hasan) by the Middle East and North America (MENA) re/takaful sector is driving up policyholder deficits and not providing enough incentive for operators to manage their companies effectively. As competitive market conditions create significant underwriting losses, operators’ reliance on the Quard ... Read the full article
Doha Insurance Group to expand with London & Beirut reinsurance offices
21st March 2018
Doha Insurance Group (DIG) revealed plans to open representative offices in London and Beirut to underwrite reinsurance business including energy risks, life, and medical insurance, according to company chairman Sheikh Nawaf bin Nasser bin Khaled al-Thani, the Gulf Times reported. At the recent La Cigale Doha annual general meeting, Khaled ... Read the full article
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