| July 28, 2005 16:23 PM |
Takaful Ikhlas Considers Setting Up Retakaful Company
KUALA LUMPUR, July 28 (Bernama) -- MNRB Holdings Bhd's takaful arm, Takaful Ikhlas Sdn Bhd, is considering setting up a retakaful or Islamic reinsurance company, said MNRB chief executive officer Anuar Mohd Hassan.
"If this is to happen, it will be formed in conjunction with MNRB's associate company, Labuan Reinsurance (L) Ltd," he told reporters after the company's meeting with stakeholders here Thursday.
Anuar, who is also MNRB managing director, said there was nothing concrete at this point of time as the company was still looking at various models.
He said at the moment, takaful companies were using the concept of darurah for retakaful that was formed uniquely under conventional reinsurance.
So far, Malaysia has only one retakaful company, Asean Retakaful International (L) Ltd, an offshore subsidiary of Syarikat Takaful Malaysia Bhd.
In Singapore, Millea Asia Pte Ltd, a subsidiary of Japan-based Millea Holdings Inc, has set up Tokio Marine Nichido Retakaful Pte Ltd which started its operations from Nov 22 last year.
Asked about competition as Bank Negara Malaysia was issuing more new takaful licences, MNRB chairman Mohammad Abdullah said though new takaful operators would be looking at the same market, there was still substantial potential to be tapped.
He noted that in 2003, only 20 percent of the insurance market was available to be tapped by the takaful segment.
"We are not too worried for the simple reason we are already established. We have the infrastructure, manpower and our operations are already up and running," Mohammad said.
"The new operators will have to do the same things that we did one-and-a-half years ago. So, hopefully, we can move ahead of them in that sense," he said.
-- BERNAMA
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FATKURRADZI JAMIL
BA Hons Accounting (UK), Dip in Accountancy (UiTM)
Non-Banking Financial Islamic Consultant
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