Dubai Group, the financial services unit of the government-owned investment company Dubai Holding, has launched the world's largest Islamic reinsurance company with a paid-up capital of one billion dirhams (272.48 million U.S. dollars), local newspaper Gulf News reported on Sunday.
The newly established ACR ReTakaful Holdings is a joint venture of Dubai Group, Malaysian investment group Khazanah Nasional and Singapore-based Asia Capital Reinsurance (ACR), the report said.
The deal was completed through Dubai Group's subsidiary Dubai Banking Group, a sharia-compliant investment company.
The new company will focus on general (non-life), non-cyclical and large specialty risks in infrastructure and transportation industries such as aviation, marine, energy and engineering.
It aims at leading the way in channelizing these traditional risks from the conventional market into sharia-compliant takaful channels. Takaful is an Islamic insurance concept in accordance with the rules and regulations of Islamic law.
"We are pleased to announce this landmark joint venture with our Malaysian and Singaporean partners, which reinforces our strong presence in Asian markets," said Mohammad Abdullah Al Gergawi, chairman of Dubai Holding.
"The deal reflects Dubai Holding's commitment to strategic investments within the reinsurance business regionally and globally," he added.
Founded in October 2004 by Dubai government, Dubai Holding aims at consolidating the various large-scale infrastructure and investment projects that contribute to Dubai's economic, social and industrial development.
It has 19 subsidiaries covering numerous sectors, including technology, communication, energy, health and education, tourism, real estate, finance, hospitality, biotechnology and industrial manufacturing.
Source: Xinhua
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