Hannover Retakaful B.S.C. (c) (HRT) is a fully owned subsidiary of the Hannover Re Group. The Group established HRT in 2006 to cater to growing Islamic business, thereby becoming the first major international reinsurance group to devote itself to this emerging market.
HRT was set up with an authorised capital of USD 135 million and fully paid up capital of USD 54 million, formally registered on 3 October 2006 in Bahrain. The company is licensed by the Central Bank of Bahrain to provide retakaful services. It operates internationally offering family, property and casualty retakaful services.
HRT conducts all facets of its business strictly in line with Sharia principles as advised by its Sharia Supervisory Board (SSB) which comprises of world renowned Sharia scholars namely Dr. Mohammad Ali Elgari, Mufti Hassan Kaleem and Sheikh Faizal Manjoo. The Scholars bring to the company a wealth of knowledge, expertise and guidance required for conducting operations strictly in line with Sharia principles. In addition the company has appointed an independent Sharia Audit firm to audit its compliance with Sharia.
HRT services over 200 partners from Bahrain across the globe. The company has contribution volumes in excess of USD 170m and an asset base of USD 423m. It is the largest retakaful operators worldwide with leading activities particularly in the GCC, Malaysia and North Africa.
In 2013, the company set up offices in Labuan, Malaysia to serve the need of the Malaysian takaful market. The opening of the branch in Labuan is expected to lead to further sustained growth of retakaful in Malaysia, which is one of the leading markets for takaful business.
HRT has been assigned a rating by Standard & Poor's of “A+” with a stable outlook.