Converium gets retakaful licence for Malaysia
Converium has received the approval of the Malaysian Labuan Offshore Financial Services Authority (LOFSA) to write international 'Retakaful' business through its Labuan office. Retakaful is the reinsurance of 'Takaful' business, the writing of insurance policies according to Islamic principles.
In 2005, the Takaful insurance market reached a global volume of an estimated $1.5bn of written premiums. The market is expected to develop substantially in coming years, with demand for Retakaful
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