Takaful News - Labuan: Scor To Enter Retakaful Sector

Source: Middle East Insurance Review | Mar 2007

French reinsurer, Scor, has received the green light from the Monetary Authority of Singapore (MAS) to apply to the Labuan Offshore Financial Services Authority (Lofsa) for Scor Asia-Pacific’s non-life branch in Labuan, Malaysia, to underwrite retakaful contracts.

Scor operates in the Asia Pacific through its subsidiary, Scor Asia-Pacific in Singapore. The group already counts takaful companies among its clients, and believes that the demand for Shariah-compliant reinsurance has high growth potential, particularly in Asia and the Middle East where the Group aims to develop further.

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