Saturday, March 2, 2013
Kenya Re Launches Sharia-Compliant ReTakaful
Dubbed ReTakaful Window the independent fully-fledged company will serve as an alternative to conventional reinsurance. ReTakaful is based on the co-operative principle where policyholders pool resources to help each other in times of need.
The firm will be steered by a four-member Sharia Supervisory Board that has been assembled from eminent personalities selected from among Muslim scholars and the larger Muslim community.
The underwriter which carries out its reinsurance business in Africa, Asia and the Middle East serving over 170 companies in over 47 countries; makes Kenya the third African nation after neighbouring Sudan and Tunisia in offering this policy.