The Dubai International Financial Center has welcomed the accession of the African Reinsurance Company to the list of companies based in the financial center.
The company’s new office in the Dubai International Financial Center is its first outside Africa, and will function as the Africa Re-subscription Agency Limited (Africa Re).
The African Reinsurance Company has worked over the past forty-four years to enhance its contributions to the development of the insurance and reinsurance sector to support the economic development process witnessed by African countries.
It is worth noting that the company has expanded its business and entered specific markets in Asia, Brazil and the Middle East.
Africa Re has pioneering experience in providing a range of services, including underwriting of relative and non-relative agreements (marine and non-marine), energy insurances (marine and non-marine), including oil, gas, petrochemicals, solar and renewable energy projects, giant power stations and infrastructure works. Energy related basic as well as general property insurance
Africa Re will support its clients by providing them with sufficient capacity to support their subscriptions in the Middle East, whether in conventional or takaful reinsurance operations, through its presence in the Dubai International Financial Center. In addition, “Africa Re” company has more than a decade of experience in providing Takaful reinsurance solutions and services that are compatible with the provisions of Islamic Sharia and necessary for Takaful insurance companies to meet their business requirements.
The Takaful insurance sector succeeded in achieving sustainable growth globally, supported by the increasing demand for financial services in line with Sharia provisions, both from Muslims and non-Muslims in the countries of the Gulf Cooperation Council, Southeast Asia and Africa.
The takaful insurance market in the Gulf Cooperation Council countries witnessed an increase in its gross net profits by 74.3% year-on-year to reach $ 414 million in 2019, according to the annual results of 2019 that were announced by the 47 Takaful insurance companies listed on the stock exchange in all Across the region.
The United Arab Emirates is the second largest market after Saudi Arabia.
While the DIFC is a center for many of the leading reinsurance companies in the Middle East, Africa and South Asia region, it is now home to more than 100 insurance and reinsurance companies, restricted finance companies and insurance related companies, including four of the five largest global insurance companies. In 2019, the DIFC reported a 17.4% increase in gross written premiums year-on-year.
Arif Amiri, CEO of the DIFC Authority, said: “We are pleased to welcome (Africa Re) to the DIFC, and the company has chosen the Financial Center as a destination to launch its first offices outside the African continent. Providing conventional and takaful insurance services provides additional options and we hope it will work. Africa Re, together with the Dubai International Financial Center and other companies, will develop and strengthen the reinsurance sector in the region in the future.
Amiri added, “We are fully confident that (Africa Re) will benefit from the growing demand in the market, especially with regard to Islamic finance, and dedicate its experience to reshape the future of this vital sector.”
“We are delighted to join the DIFC and be chosen as the first operations center outside of Africa. As one of the top 50 global reinsurance companies, the launch of our services comes from the financial center,” said Dr. Cornell Karikizi, Managing Director and CEO of the African Reinsurance Company. As a first step, other steps will follow to establish a presence for us in other financial centers around the world.Africa Re may be new to the DIFC, but it is not new at all to the Middle East region, as the company has worked to provide pioneering services in the region over a period of time. The past twenty years. ”
He added: “Africa Re has been closely monitoring the withdrawal and decrease of many of the capacity with a high credit rating from within the Middle East region. Therefore, the company has taken the decision to join the Dubai International Financial Center in order to be close to its customers and fill this gap and decline. In the sufficient absorptive capacity that qualifies them to advance the conventional and takaful insurance industry within the Middle East region.
Karikizi concluded, “We are confident that, through our presence in the DIFC, we will work to strengthen the traditional and takaful insurance markets, as well as work to support and develop the Takaful insurance system as a global system and remove all the obstacles it currently faces in the Middle East region.”
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