Takaful News - Kuwait to Have Its First Retakaful Company

Source: Middle East Insurance Review | Sep 2006

Kuwait is set to have its first licensed retakaful company when Global Investment House (Global) launches Al Fajer Retakaful Insurance Company KSCC (Al Fajer) as a reinsurance Islamic company in the country.

Al Fajer, which will have a paid-up capital of KD50 million (US$172.88 million), will also be the second retakaful company in the Gulf region.

The international takaful industry is predicted to generate premiums of US$3.5 billion per year, and to expand two or three times over the next five to eight years. Al Fajer aims to capitalise on this growth at the regional and international levels.

At present, because of the lack of reinsurance capacity in the Middle East, around two thirds of total reinsurance business in the region is channelled to companies outside the region.

Global plans to list Al Fajer on the Kuwait stock exchange in as short as three years’ time.

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