KUALA LUMPUR: Malaysian Life Reinsurance Group Bhd (MLRe) has launched its retakaful business after securing the licence from the Finance Ministry, 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 syariah-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 yesterday.
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 the country’s vision to be a major hub of Islamic finance,” he said. — Bernama
