Malaysia: Takaful grows faster than conventional insurance in Labuan in 2020
Source: Middle East Insurance Review | Jun 2021
Takaful and retakaful gross contributions at Malaysia’s Labuan International Business and Financial Centre (Labuan IBFC) grew by more than 13% last year.
This is faster than the growth rate of more than 4% in total premiums (including conventional insurance business) of the mid-shore IBFC’s insurance and reinsurance sector, a spokesperson said in an email to Salaam Gateway.
In all, 221 insurance and insurance-related entities operated out of IBFC in 2020, out of which six were full-fledged (re)takaful operators and 44 were Islamic insurance windows.
In January, the Labuan Financial Services Authority approved Munich Re Syndicate’s retakaful window, adding to the IBFC’s Islamic insurance sector. M