Al Fajer Re obtains license in Labuan Malaysia

Apr 21, 2009

Al Fajer Re has established Al Fajer Retakaful Insurance Company K.S.C.C (Labuan Branch) in Labuan, Malaysia which has been granted a license by the Labuan Offshore Financial Services Authority (LOFSA) to underwrite general reinsurance and retakaful non-life business from Labuan in Malaysia.

Al Fajer Re has recognized the significance of Malaysia in the development of Islamic insurance both in Malaysia and in the wider regional context. The Labuan license provides Al Fajer Re with a service point in developing relationships, initially mainly in Malaysia, but in the short to medium term with rest of South East Asia. Al Fajer Re writes both Takaful and Shari’ah compliant Non-Takaful non-life business on a treaty and facultative basis.

Al Fajer Re has appointed the experienced and well respected Brighton Management Limited, as their management agent in Labuan. Mr Jan Davis CEO of Al Fajer Re commented “everyone is very interested by what is going on in the Islamic Financial Services sector in Malaysia. It is very important for us to be there and this is our first step. LOFSA have done a wonderful job in establishing Labuan as a credible offshore centre that is recognized worldwide. We appreciate LOFSA’s support and feel that with Brighton Management as our local agent our service will be kept at the highest level.”

Al Fajer Re was established in Kuwait in 2008 with a paid up capital of KD 50.000.000. It is a member of the Dubai Group, who with 51% is the largest shareholder. Al Fajer Re has a financial strength rating of A- (Excellent) from A.M. Best.