Expertise in Islamic reinsurance - Retakaful
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At Swiss Re, we recognise the increasingly important role that Islamic reinsurance, or Retakaful, plays.
We have a dedicated Retakaful operation in Kuala Lumpur, Malaysia and we are extending our family and general solutions to Takaful operators worldwide.Clients can trust our solutions, backed by Swiss Re’s global expertise, financial strength and Shari’a (Islamic law) credibility.
What we offer
We're committed to offering all Swiss Re's well developed services in the conventional reinsurance area to our Takaful clients. We provide services in underwriting, claims, training, product development and risk management.
Our value propositions include:
•Assisting clients in setting up a Takaful operation.
•Offering our Takaful clients the same full range of products, services and expertise as offered to conventional reinsurance clients.
•Providing an innovative and Shari’a-compliant Retakaful model with the support of our well-respected Shari’a Board.
•Using our strength in product development to help our clients develop innovative Takaful products.
•Offering assistance to our clients in the development of alternative distribution channels.
•Relying on Swiss Re’s financial strength and capacity, and tapping into the Group’s technical expertise and global resources.
What is Islamic insurance?
Takaful is a system based on the principles of mutual assistance and voluntary contribution where risks are shared collectively and voluntarily by a group of participants. It complies with the fundamentals of Shari’a (Islamic law).
Participants in a Takaful arrangement agree to donate a sum of money (tabarru) to a common pool with the intention of assisting other participants financially in case of any calamity. Takaful has been developed as a Shari’a-compliant alternative to conventional insurance which contains impermissible elements such as uncertainty and interest.