Middle East Economic Survey
First Shari'a Compliant Reinsurance Firm Launched
Arab Insurance Group (Arig) announced on 19 September the creation of Takaful Re Limited, the first fully Shari'a compliant reinsurance company in the MENA region. Takaful Re, with a $500mn authorized capital and a $125mn issued and paid-up capital, will be incorporated at the Dubai International Finance Center (DIFC). Arig has teamed up with major regional financial...