IslamicFinance.de

African Reinsurance Corporation has launched a new subsidiary called African Takaful Reinsurance Company (Africa Retakaful). The new company is a subsidiary of African Re to give the much needed back up to takaful insurance companies around the globe. Africa Retakaful is wholly owned by Africa Re and licensed in Egypt under the Investment and Free Zone Law. It was decided that the clients will decide to place the business with either Africa Retakaful or Africa Re exclusively. In all cases Africa Re, which enjoys the A- rating from S&P and AM Best respectively will provide all the required support for Africa Retakaful. Meanwhile, Mr. Omar Gouda has been appointed Managing Director of African Reyakaful. Omar, a seasoned and respected reinsurance expert who is well known at home ( Egypt ) and in the Middle East was the Regional Director of North East Africa and Middle East of Africa Re before his appointment.