Emirates Retakaful

Dubai, Kuwait firms to launch Islamic reinsurer in Jan

Dubai Holding, a conglomerate owned by the emirate's ruler, and Kuwait's Al Fajer Re plan to launch a Emirates Retakafulfirm with $500m of authorised capital in January to tap unserved demand in retakaful. The new firm, Emirates Retakaful, will be set up in the Dubai International Financial Centre, said Fareed Lutfi, director of insurance services at Dubai Holding. There will be scope to add more investors to the firm, he added. Emirates Retakaful will focus on covering general takaful business, such as oil- and aviation-related risks, and later explore family takaful risk.

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