Malaysia: Tune Protect receives green light for retakaful window
Source: Middle East Insurance Review | Jun 2017
The Tune Protect Group has obtained the approval of the Labuan Financial Services Authority to establish a retakaful window within its wholly-owned unit, Tune Protect Re, to penetrate the ASEAN travel retakaful sector.
The establishment of the retakaful window will provide the Tune Protect Group with an opportunity to accelerate its growth in the retail business space and meet demand from consumers, the company said in a filing with Bursa Malaysia.
Tune Protect will use the new retakaful window to expand its reach via partnerships with takaful underwriters worldwide, and offer direct and digital retakaful solutions.
The Tune Protect Group will be setting aside a foreign currency sum equivalent to MYR1 million (US$231,713), as seed capital to fund the retakaful window. M
MYR1 = US$0.23