KUALA LUMPUR: Malaysian Life Reinsurance Group Bhd (MLRe) has launched its retakaful business after securing the licence from the Minister of Finance, signifying its strategic expansion into the family retakaful sector.
It said the new retakaful business would allow the group to offer family retakaful services, an essential component of the Islamic financial ecosystem, mirroring the company’s successful trajectory in conventional life reinsurance.
MLRe chairman Datuk Kamaruddin Taib said the retakaful business would tap into the growing demand for shariah-compliant financial services.
"It allows MLRe to cater to a broader market, particularly those seeking reinsurance products that adhere to Islamic principles, promoting financial inclusion and diversification of their business portfolio,” he said during the MLRe Retakaful launching ceremony here today.
Kamaruddin said the decision to enter the retakaful market is a well-considered strategic move to reflect MLRe’s role as a key player in this growing sector.
"It aligns with our mission of providing more comprehensive and inclusive financial services, catering to a more diverse clientele in Malaysia, also in line with Malaysia’s vision to be a major hub of Islamic finance,” he said.
Kamaruddin said the establishment of MLRe in 1997 as the first local life reinsurer had assisted the national agenda on saving valuable foreign exchange and currency outflow, and the expansion of the retakaful window will further enhance this objective.
Meanwhile, MLRe chief executive officer Patrick Cheah said the retakaful business marks a significant milestone in the company’s history in showcasing agility and forward-thinking in a dynamic market.
"Our goal is to introduce customised retakaful solutions tailored to meet the evolving needs of takaful operators. We are not merely expanding market choices and capacity, but we are setting new standards in service excellence and innovation in the Islamic financial ecosystem,” he added. - Bernama
