Reinsurance services
Takaful
Hannover Re was the first of the major reinsurance groups to devote itself to the emerging Islamic insurance/takaful market. The primary takaful model that we use is “Wakala”.
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In 2006, we created a Sharia-compliant reinsurance subsidiary, Hannover ReTakaful B.S.C., in Bahrain to cater for this emerging market. The company is licensed by the Central Bank of Bahrain to provide comprehensive retakaful services.
Hannover ReTakaful B.S.C. is the only separately constituted and capitalised retakaful entity among the world’s top-tier reinsurance groups that is fully dedicated to takaful worldwide. It has its own rating.
The company conducts all facets of its business strictly in line with Sharia principles as advised by its Sharia Supervisory Board. In addition, the company has appointed an independent Sharia auditor to ensure full Sharia compliance.
Our clients around the globe benefit from the combination of global underwriting expertise and a deep knowledge of takaful insurance. We have the commercial flexibility to identify and implement Sharia-compliant solutions enabling them to compete effectively in their target markets.