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The First Retakaful In Kuwait Al Fajer Retakaful Insurance Company Is Launched

Al Fajer Retakaful Insurance Company KSCC (Al Fajer Re), announced their launch with a paid up capital; KD 50million (US$178.5million) the first retakaful company licensed in Kuwait and the largest global retakaful company.

Al Fajer Re has attracted first class regional shareholders, led by Dubai Islamic Investment Group (DIIG) the global Shari'ah compliant investment company of Dubai Group who has taken a 51% shareholding.Global Investment House, the acting lead manager, has committed a significant investment in Al Fajer Re. Global  has taken apon itself to playan important role in promoting investment opportunities in the Arabian Gulf peninsula and itbrings in a strong reputation for investment banking, asset management, private equity investment, real estate investment and brokerage services.Mr. Sameer Al-Gharaballi, the new appointed Managing Director of Al Fajer Re,will bring a wealth of management experience and considerable  knowledge in the investment sector.

Mr. Al-Gharaballi said, we are delighted that Al Fajer is now underway with its prime location in Kuwait providing us with an important access to the Middle Eastern business community which will be used as a perfect platform to offer our specialised and technical underwriting skill sets.

Al-Gharaballi continued, Given that clearly evident growth in the Takaful industry is progressing and there are excellent opportunities ahead for a new strongly capitalised Retakaful company.

Al-Gharaballi added, that I am confident that our experienced management team, professionalism and incomparable will be a major force in the Retakaful marketplace.

The strong management team is led by the Chief Executive Officer, Jan Davis, who has many years of working experience in the region as well as in the London Market with in-depth experience to launch the new reinsurance venture.It is worth mentioning that Al Fajer Re is privileged to have Dubai Islamic Investment Group, Global Investment House and all other esteemed investors as shareholders of the company.Al-Gharaballi ended by thanking all Fajer Re employees who are committed to deliver excellent services with a dedication of ethical approach, creativity, and innovation throughout the planning stage of this new established company.

About Al Fajer Retakaful Insurance CompanyAl Fajer Retakaful Insurance Company KSCC is the first Retakaful company to be licensed in Kuwait and the third in the GCC region. Al Fajer is a Closed Kuwaiti Shareholding Company (under incorporation), registered and established under the regulatory guidelines set by the Ministry of Commerce. The company's objective is to provide Islamic reinsurance in compliance with Islamic law and in obedience to local laws and regulations. It will invest the company's surplus funds in portfolios with leading Islamic investment companies and products in accordance with provisions of Islamic law. Al Fajer has a paid up capital of KD50 million ($178.5 million)

Dubai Group Acquires 51% Stake In Kuwaiti Al Fajer Retakaful – The Largest Global Retakaful Company

Dubai Group, the leading diversified financial company of Dubai Holding announced today that it has acquired a 51% per cent controlling stake in Al Fajer Retakaful Insurance Company KSCC, through its global Shariah compliant investment company Dubai Islamic Investment Group.

Al Fajer Re, a closed Kuwaiti shareholding company, is the first licensed retakaful company in Kuwait and the third in the Gulf region, and is considered to be the largest global retakaful by paid up capital of US$ 178.5 million.

Dubai Islamic Investment Group's investment in Al Fajer Re marks Dubai Group's foray into the retakaful sector as a first step to drive the segment globally. Dubai Islamic Investment Group will bring extensive experience from its current investment portfolio owning stakes in Bank Islam Malaysia, the largest and oldest Islamic Bank in Malaysia, National Bonds UAE, the National Shariah-compliant Saving scheme and the strength of its sister companies under Dubai Group in Islamic finance, including takaful and retakaful products.

Salaam Al Shaksy, Chief Executive Officer of Dubai Islamic Investment Group, said: "We primarily focus on investments and establishing businesses through strategic alliances that help deliver exceptional returns, long term growth and sustainable shareholder value. Al Fajer Re offers tremendous growth potential and is an appropriate addition to our existing portfolio."

The worldwide takaful industry is one of the fastest expanding segments in global insurance, registering 15-20 per cent growth per annum, according to latest industry estimates. The international takaful market is expected to be worth over US$ 6billion by 2010 and currently generates premiums of approximately US$ 3.5 billion a year.

Al Fajer's core business model is to focus on Property & Engineering, Marine, Casualty & Motor and Family Retakaful. Underlying the Kuwaiti retakaful company's development is an in-depth strategy of diversification along the current lines of business and geographical spread, allowing its product portfolio to be more adaptable to market conditions.

Omar M. El-Quqa, Executive Vice President, Global Investment House, the Holding company which was instrumental in conceptualizing and incorporating Al Fajer Re, said the deal underscores Global's confidence and outlook for the retakaful industry in the region.

He added: "Dubai Islamic Investment Group's acquisition of a majority stake in Al Fajer Re reassures our faith in the concept when we took the challenge to establish the first such company in Kuwait. Its presence will further boost Al Fajer's regional expansion plans.

"Supported by an expert management team with an in-depth knowledge of the regional market, the deal will help Al Fajer Re to play a pivotal role in the development of this relatively young sector."

Dubai Islamic Investment Group seeks to tap the immense growth opportunities within the Shariah-compliant investments industry. This is being achieved by leveraging on its Shariah based approach when eyeing the possible Private Equity and Public Equity spectrum. This is in addition to focusing on the Shariah lifestyle such as healthcare, education, halal foods and several other industries.

 

Al-Fajer Al-Hazeen

When parents felt fear for their sons and wives from the possibility of being subjected to bomb and missile issues as a result of the war in 1991, they chose to send these children and women to shelters in their areas of residence .. In the Amiriyah shelter west of Baghdad, about 450 people, women, children, boys and old people always felt Reassured through their presence in this shelter .. Where children play under the light of the light bulbs that were interrupted from the role of their residence .. The girls intercourse in talks about life, war and love .. And when everyone slept while they were satisfied .. Some of them were worried about their families who are outside the shelter From bombing and bomb issues. At the dawn of that sad day, those outside the shelter outnumbered two rockets that penetrated the shelter, and most of the women and children in it died. Their relatives were torn apart by grief while sticking to the fence of the shelter waiting .. And waiting without success because the two missiles were (smart) missiles intended to kill These are in advance and everyone died.

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