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Denis Kessler, Chairman and Chief Executive Officer of the Group, announced today in Singapore that the Monetary Authority of Singapore (MAS) has authorised SCOR Asia-Pacific to apply to the Labuan Offshore Financial Services Authority (LOFSA) for an extension to the licence of SCOR Asia-Pacific’s non-life branch in Labuan (Malaysia), in order to underwrite Retakaful reinsurance contracts complying with the principles of Islamic finance.
SCOR operates in Asia-Pacific out of its subsidiary SCOR Asia-Pacific in Singapore, attached to which is a network of subsidiaries and branches covering the entire region. This network was completed in 2000 with the opening of a branch in Labuan. This branch will be the base for the development of the Group’s Retakaful activities in Asia.
The SCOR Group has a long history on the Far-East Islamic markets and already counts Takaful insurance companies amongst its clients.
SCOR believes that the demand for Takaful reinsurance has high growth potential, particularly in Asia and in the Middle East where the Group has strong positions and the ambition of further development.
A Retakaful licence in Labuan will enable the Group to offer reinsurance solutions tailor-made to the needs of its Takaful clients, under the principles of Islamic finance.
