Munich Re Syndicate launches Labuan retakaful window
Labuan FSA has approved the window facility to write sharia-compliant risks.
Munich Re Syndicate (MRS) Labuan has launched its first retakaful window in an effort to enhance its reinsurance business in the local market.
The Labuan Financial Services Authority (FSA) has approved the retakaful window facility to write sharia-compliant risks effective January this year.
The syndicate is working closely with existing clients to refine wordings that will align to retakaful requirements. It is also looking to digitise its distribution model.
“The disruption caused by the COVID-19 pandemic has also created opportunities for product evolution and market diversification. In our continuous effort to innovate, we are excited to have launched the retakaful window and to be able to extend this capability to clients,” said MRS Labuan managing director James Ng.