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Takaful Re starts operations at DIFC

Takaful Re has been licensed by Dubai Financial Services Authority (DFSA) to operate from the Dubai ...

Takaful Re has been licensed by Dubai Financial Services Authority (DFSA) to operate from the Dubai International Financial Centre (DIFC).

Dr Omar Bin Sulaiman, director-general of the DIFC Authority, said, "This is a significant announcement for DIFC, especially when we already have some major international insurance companies located here. We welcome Takaful Re, the newly formed retakaful company, to the DIFC.

"The DIFC is committed to actively promoting the growth and development of the Islamic insurance industry in accordance with Shari'ah principles. The Takaful market is one of the fastest growing in the world.

"It is expected to grow at nearly 20% per annum to reach $7.4bn in global annual premiums in 15 years. Firms domiciled in the DIFC will complement the regional market and help it grow.

"By providing the ideal environment, both in terms of regulations and infrastructure, the DIFC aims to maximise this potential."

Posted on 3/1/2006 at www.reinsurancemagazine.com.

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