ReTakaful players: Sharia-compliance not enough
Tuesday, 11 15 2016, Category: Islamic Insurance, Country: Middle East
ReTakaful companies have been considered to be the fundamental support of Takaful companies for approximately 30 years. These companies contributed to the growth of the sector in many international markets. However, the failure or suspension of many Arab ReTakaful players due to the losses, which they faced raise question about this experience.
Among the companies that suspended underwriting we mention “Takaful Re”, “Best Re”, “Arab Union Re” and the Sudanese “National Re”.
Takaful and ReTakaful players consider that Sharia-compliance of ReTakaful companies is not sufficient to support the industry and its development. Therefore, Sharia-compliance should be confirmed but at the same the professionals of the industry have to develop the technical skills needed in order to improve performance in line with the international developments in order to better serve the rapid growth of the Takaful market.
Source: Al Borsa News