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ACR ReTakaful Gets BNM Licence To Offer Re-Takaful Solutions, Services

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Points of Essence:

  • A new retakaful player, ACR ReTakaful SEA Bhd recently receives a licence from Bank Negara Malaysia (BNM) to operate in Malaysia.
  • It is a wholly-owned subsidiary of Dubai-based ACR ReTakaful Holdings as a joint venture between ACR Capital, Khazanah Nasional Bhd and Dubai Banking Group.
  • It plans to offer retakaful solutions and services to the South-East Asian market.

SINGAPORE, July 7 (Bernama) — ACR ReTakaful SEA Bhd, a new syariah-compliant re-takaful company, has received an operating licence from Bank Negara Malaysia (BNM), said ACR Capital Holdings Pte Ltd, the Singapore-based parent of Asia Capital Reinsurance Group.

The company is a wholly-owned subsidiary of Dubai-based ACR ReTakaful Holdings, established in May as a joint venture between ACR Capital, Khazanah Nasional Bhd and Dubai Banking Group, the global investment company of Dubai Group.

In a statement here Monday, ACR Capital said the ACR ReTakaful would be capitalised at RM325 million and the BNM licence would allow the company to offer retakaful solutions and services to the South-East Asian market.

ACR ReTakaful chief executive officer, Zainal Abidin Mohd Noor, said the company was delighted to get the licence to start its retakaful business in Malaysia.

“The takaful and retakaful markets in our region are thriving and we are now well-positioned to respond to the growing needs and market potential that we see all around us,” he said.

ACR ReTakaful SEA is the second Malaysian venture of ACR Capital Holdings which was set up in November 2006 and capitalised at US$620 million (US$1 = RM3.26).

Source: BERNAMA

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Written by Suapi Shaffaii

July 10, 2008 at 6:42 am

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