Al Fajr Re launches a new company in the DIFC

The Emirati authorities have granted a license to Al Fajr Re to establish a new company. Named Emirates Retakaful (Emirates Re), the new entity has a paid up capital of 120 million USD, wholly owned by Al Fajr.
The establishment of Emirates Re results from a recommendation by the rating agencies requiring that in the absence of a genuine takaful insurance law, 50% of the capital of the Kuwaiti reinsurer must be allocated to Emirates Re.