Africa Reinsurance Corporation (Africa Re) Group, the largest reinsurer in Africa, has established its first office outside Africa in the Dubai International Financial Centre.
The company will provide conventional as well as sharia-compliant reinsurance services to the Middle East region.
Africa Re, which is expanding to select markets in Asia, Brazil and the Middle East, specializes in underwriting proportional and non-proportional (marine and non-marine) treaty business, offshore and onshore energy including oil, gas, petrochemicals, power and other utilities, as well as general property.
Offering conventional and Takaful products provides additional choice and we hope Africa Re will work with DIFC to develop the future of the region’s reinsurance sector"
"We are pleased to welcome Africa Re to DIFC, especially as they have chosen us for their first office outside the African continent. Offering conventional and Takaful products provides additional choice and we hope Africa Re will work with DIFC and the other firms in our ecosystem to develop the future of the region's reinsurance sector," said Arif Amiri, CEO of DIFC Authority, in a statement.
Africa Re is said to have more than ten years of experience in offering Retakaful products that are Sharia-compliant and vital for Takaful companies to meet their business needs.
African Reinsurance Group managing director and CEO Dr. Corneille Karekezi said: "Africa Re may be new to DIFC but has never been new to the Middle East which Africa Re supported for the last 20 years.
"Africa Re was closely observing the withdrawal of Reinsurance/Retakaful capacities from the Middle East hence a decision was taken to join DIFC in order to be in proximity to our clients and fill such gap of capacity through providing leading opportunities as support to all our longstanding clients in the Middle East.
The Takaful insurance sector succeeded in achieving sustainable growth globally, supported by the increasing demand for financial services in line with Sharia provisions, both from Muslims and non-Muslims in the countries of the Gulf Cooperation Council, Southeast Asia and Africa.
The takaful insurance market in the Gulf Cooperation Council countries witnessed an increase in its gross net profits by 74.3% year-on-year to reach $ 414 million in 2019, according to the annual results of 2019 that were announced by the 47 Takaful insurance companies listed on the stock exchange in all Across the region.
The United Arab Emirates is the second largest market after Saudi Arabia.