African Takaful Reinsurance Company (Africa Retakaful), a subsidiary of Africa Reinsurance Corporation, has recorded premiums worth US$27.136 million in Egypt during the first nine months of financial year of 2015.
Mohammed Maait – Egypt’s regional representative in Africa Retakaful’s board – told Amwal Al Ghad that the company has projected retakaful premiums in Egypt of up to US$40 million for 2015.
In 2010, African Reinsurance Corporation has launched its subsidiary African Takaful Reinsurance Company (Africa Retakaful), in response to increasing needs of African takaful industry for a specialized regional retakaful operator.
Africa Retakaful has commenced operations in 2011, to provide all types of retakaful products which are fully sharia’a compliant.
Actually Retakaful is a form of insurance whereby the Takaful operator pays an agreed upon premium from the Takaful fund to the reinsurance company or Retakaful operator, and in return, the Reinsurance company or the Retakaful operator will provides security for the risk reinsured.