Offshore branch in Labuan for Takaful Re

TRL was able to successfully obtain the Retakaful operation license, after only 2 months of application with the Labuan Offshore Financial Services Authority (LOFSA).

The offshore branch will service the leading Takaful markets in the Far East including Malaysia, Indonesia, Brunei, Pakistan and Sri Lanka. And to ensure the best level of service and dedication for its clients, Takaful Re has appointed Brighton Management Limited to manage and supervise all related matters with LOFSA.

Mr. Chakib Abouzaid, Takaful Re's CEO, commented: 'We are thankful to LOFSA and the Takaful companies in Malaysia for being very supportive to Takaful Re; and, with the Retakaful business booming in the Far East, our branch will allow Takaful Re to be close in order to deliver its high quality products and services to its clients. Having this branch launched will be another record milestone for Takaful Re and we look forward towards strengthening our business relationships with our clients in the future.'

Takaful Re is a significantly capitalized Islamic reinsurance company committed to actively contribute to the growth and development of the Takaful industry in accordance with Sharia' principles. In October 2006, and a year after its first business commencement, TRL was assigned a BBB 'Stable' long-term counterparty credit and insurer financial strength ratings by Standards and Poor's.