T'azur Company b.s.c. (c), (T'azur), a regional Takaful (Islamic Insurance) company headquartered in the Kingdom of Bahrain, announced today the signing of an Islamic re-insurance (Retakaful) agreement with Hannover Retakaful, the Bahrain-based Islamic subsidiary of Hannover-Re, one of the world's leading re-insurers with premiums in excess of EUR10bn.
Sheikh Dr. Abdulaziz Bin Naif Al Orayer, Chairman of T'azur said:
"We are pleased to enter into this agreement with Hannover Retakaful, a highly regarded 'A' rated re-insurance company. Today it is particularly important to partner with a solid Retakaful operator and together with Hanover Re we can confidently meet the market challenges and grow our business further."
Mahomed Akoob, Managing Director of Hannover Retakaful, added, "This agreement is an important milestone in Hannover Re's collaboration with the GCC takaful insurance market. We are proud to partner with T'azur putting in place one of the first fully Islamic Retakaful panels in the GCC region."
Tarik Aouad, Hannover Re's General Manager, welcomed the agreement with T'azur, "We have a very close relationship with T'azur, and look forward to developing and strengthening our association further."
T'azur fully Sharia-compliant re-insurance panel is led by Hanover Retakaful and also includes other highly rated Islamic reinsurance companies such as ACR Re, Takaful Re, MNRB and Best Re.