Malaysian Life Reinsurance Group Berhad (MLRe) has been granted a retakaful license by the Minister of Finance.
This landmark achievement marks MLRe’s entry into the Family Retakaful sector, emphasising its dedication to advancing the takaful business and building upon its 26-year legacy as Malaysia’s largest life reinsurance provider.
The official launch ceremony, held at St Regis Kuala Lumpur, was attended by key figures in the financial sector, including the Deputy Governor of Bank Negara Malaysia, Adnan Zaylani Mohamad Zahid, MLRe’s Chairman, Datuk Kamaruddin Taib, and Chief Executive Officer, Patrick Cheah.
The retakaful license enables MLRe to offer family retakaful services, a vital component of the Islamic financial ecosystem.
This move aligns seamlessly with MLRe’s track record of excellence in conventional life reinsurance, reflecting the company’s commitment to delivering high-quality service and support to the industry.
Chairman of MLRe, Datuk Kamaruddin Taib, highlighted the significance of entering the retakaful market, stating, “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 that MLRe aspires 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.
Chief Executive Officer of MLRe, Patrick Cheah, emphasised that the retakaful window represents a significant milestone in MLRe’s history, showcasing agility and forward-thinking in a dynamic market. He said, “Our goal is to introduce customized retakaful solutions, tailored to meet the evolving needs of takaful operators.”
In a philanthropic gesture during the launch event, MLRe contributed RM20,000 to two Tahfiz institutions. Maahad Al Imam Al Adni, Shah Alam, Selangor, and Maahad Tahfiz Bustanul Quran PPR Taman Wahyu, Kuala Lumpur, received RM10,000 each to support their educational initiatives.
