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 play
an important role in promoting investment opportunities in the Arabian Gulf peninsula and it
brings 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 Company
Al 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)
