Al Fajer targets growth via office in Labuan

Apr 23, 2009

KUWAIT-BASED Al Fajer Re intends its newly established Labuan operation to provide a base from which to grow its presence in Malaysia and south-east Asia. The reinsurer has received a licence from the Labuan Offshore Financial Services Authority to establish Al Fajer Retakaful Insurance Company’s Labuan branch. Its licence allows it to write general reinsurance and retakaful non-life business from Labuan and, according to the company, provides it with a service point to develop relationships in the region. The parent Al Fajer Re, which was set up last year and is part of the Dubai Group, already writes takaful and sharia compliant non-takaful non-life business on a treaty and facultative basis from its headquarters in Kuwait. To help its expansion in Labuan, Al Fajer Re has appointed Brighton Management as its management agent on the island. Al Fajer Re chief executive, Jan Davis, said the Islamic financial services sector in Malaysia had attracted the interest of the global insurance industry and stressed it was important for his company to have a presence there.