The Kenya Reinsurance Corporation (KenyaRe) has confirmed that it will start ReTakaful insurance in Kenya and the areas where it already has a presence in West Africa (Abidjan, Ivory Coast) and the Middle East markets.
The plan to venture into sharia-compliant business is part of Kenya Re’s 2013-2017 core strategic areas that touch on market expansion and development of products as the company seeks to expand its presence in the growing Islamic finance segment.
According to the firm’s Managing Director, Mr Jadith Mwarania, “There is a change in the insurance market and we want to take full advantage when it fully blossoms,”
ReTakaful is the alternative form of the conventional reinsurance, which strictly forbids the aspect of brokerage, profiteering, and issues of commission which are against the Islamic faith.
(Re)Takaful has been identified by experts as one key area (re)insurers can grow the market.