MLRe Secures Retakaful License, Signalling Strategic Expansion in Islamic Reinsurance
KUALA LUMPUR, 14 December 2023 – Malaysian Life Reinsurance Group Berhad (MLRe), a leading provider of reinsurance solutions in Malaysia, proudly announces that its being awarded by the Minister of Finance a license to operate a retakaful window. This milestone signifies a strategic expansion into the Family Retakaful sector, underlining MLRe's unwavering commitment to advancing the takaful business and paralleling its 26-year legacy as Malaysia's largest life reinsurance provider. We are committed in giving our support to the family takaful market for it to achieve sustainable growth.
The official launch ceremony at St Regis Kuala Lumpur today was graced by the esteemed presence of Deputy Governor of Bank Negara Malaysia, Adnan Zaylani Mohamad Zahid. The event was witnessed by MLRe's Chairman, Datuk Kamaruddin Taib, and Chief Executive Officer, Patrick Cheah.
The new retakaful window allows MLRe to offer family retakaful services, an essential component of the Islamic financial ecosystem, mirroring the company's successful trajectory in conventional life reinsurance. This strategic move aligns seamlessly with MLRe's longstanding commitment to delivering excellence in service and support to the industry.
During the launch, Datuk Kamaruddin Taib, Chairman of MLRe, stated, "Venturing into the retakaful market signifies more than expansion; it is a strategic evolution aligning with our 26-year history of excellence in reinsurance business."
He added, "Our commitment transcends past successes; we aspire to lead the retakaful sector's growth, contributing not only to business success but also to the broader economic and social objectives of Malaysia's Islamic finance vision."
Meanwhile, Patrick Cheah, Chief Executive Officer of MLRe, emphasized that the retakaful window marks a significant milestone in MLRe's history, showcasing agility and forward-thinking in a dynamic market.
“Our goal is to introduce customized retakaful solutions, tailored to meet the evolving needs of takaful operators. We are not merely expanding market choices and capacity; we are setting new standards in service excellence and innovation in the Islamic financial ecosystem," explained Patrick Cheah.
With a robust foundation in reinsurance and a visionary outlook, MLRe's venture into retakaful establishes a new industry benchmark, promising to leverage its extensive experience to enhance the takaful ecosystem in Malaysia and beyond.
The future appears promising for MLRe as our journey into the retakaful market represents a strategic leap towards shaping the future of financial services, characterized by innovation, inclusivity, and a profound sense of responsibility to our community and the industry.
In a philanthropic gesture during the launch event, MLRe contributed a cheque of RM20,000 to two Tahfiz institutions. Maahad Al Imam Al Adni, Shah Alam, Selangor, housing 22 students aged 8-15, received RM10,000, while Maahad Tahfiz Bustanul Quran PPR Taman Wahyu, Kuala Lumpur, accommodating 28 students aged 8-17, received another RM10,000 from MLRe.
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
For further information, please contact:
Name : Patrick Cheah Gim Guan
Tel : 03-2780 6611
Direct Line : 03-2780 6616
Email : patrick.cheah@mlre.com.my
About Malaysian Life Re
Malaysian Life Reinsurance Group Berhad (MLRe) is the first local life reinsurer in Malaysia. It was incorporated on 21 January 1997 as a joint venture between the Life Insurance Association of Malaysia (LIAM) and Reinsurance Group of America, Incorporated (RGA), with 70% and 30% stake respectively.
