Sunday, April 19, 2009

ACR ReTakaful aims to grow its business in Malaysia: REUTERS

DUBAI: The Kuala Lumpur-based Islamic reinsurer ACR ReTakaful SEA Bhd expects to grow its business in Malaysia, Brunei and Indonesia, an executive.
Chief executive Zainal Abidin M. Noor estimated yearly growth for Islamic insurance, or takaful, at 20 per cent in Malaysia and up to 15% in Indonesia, Reuters reported on April 14.
"Malaysia is a mature market and we see tremendous growth there still. In terms of Indonesia, there is big space for growth given that it is the biggest Islamic country," he told the Reuters Islamic and Finance Summit here.
ACR ReTakaful SEA is interested in specialised risk, including special liabilities, offshore energy, aviation and satellite and space insurance, he said.
Zainal said the company was in talks to enter into a strategic alliance with an Islamic reinsurer in Malaysia, which would likely take place in September, but declined to give further details.
Under takaful, the risk and reward are shared between the customer and insurer; in conventional insurance, the insurer takes on all the risk for a premium. - Reuters