24th December 2018 - Author: Charlie Wood Swiss Re has signed an agreement to provide reinsurance throughout 2019 to KFH Takaful, a global provider of Islamic banking services. The takaful market, which is the Islamic alternative to insurance, attracted gross premium contributions of $14.9 billion in 2015, and is estimated to have attracted over $20 billion in 2017. KFH Takaful said this agreement with Swiss Re strengthens efforts to enhance presence in the local market, while developing the company’s performance and competitiveness. “The agreement with Swiss Re reinforces the company’s absorptive capacity against risks, opens up new fields and has a higher ability to attract additional customers,” said Kotaiba Al Nusif, Chief Executive Officer of KFH Takaful. “We believe that this Treaty Agreement reflects the quality of our company,” added Al Nusif. “The high relevant and expansive plans along with our continuous endeavor to expand the market share are trusted to attract distinguished customers.” “Collaborating with a strong Insurance firm enables us to participate in Major Projects bearing in mind that the government is planning to launch more development/ infrastructure projects.” “This will also promote the performance in private sector, which requires necessary insurance and reinsurance activities in national or trans-border economic business.”
Swiss Re has agreed a reinsurance deal with Islamic banking provider KFH Takaful. The contract will see Swiss Re provide reinsurance to the company during 2019, bolstering Al Nusif capacity to absorb risks while boosting its competitiveness and appeal to customers. The takaful system offers an Islamic alternative to insurance, and the market was reportedly worth $20bn in 2017.