RULERS ENDORSE WORLD’S LARGEST RETAKAFUL COMPANY

The prime ministers of Malaysia and Dubai have endorsed the creation of the world’s largest retakaful company, which will be backed by Singapore-based reinsurer ACR Capital Holdings. Also providing backing to the new venture, to be named ACR ReTakaful Holdings Limited, are Malaysian national investment company Khazanah Nasional Bhd, and Dubai Banking Group, the global Shari’a-compliant investment company of Dubai Group. ACR ReTakaful will be capitalized at $300m and will be headquartered in the Dubai International Financial Centre. According to ACR chief executive John Tan Kwang Kherng, the plan is quickly to establish operating subsidiaries in Malaysia and the Middle East. Sheikh Mohammed Bin Rashid Al Maktoum, the prime minister and ruler of Dubai and Malaysian prime minister Dato Seri Abdullah Ahmad Badawi have both given their endorsement to the new venture.