Emirates News Now – African Reinsurance Company chooses Dubai as a...

Emirates News Today – The Dubai International Financial Center 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, which is its first office outside of Africa, will function as the Africa Re-IPO Limited “Africa Re”.Over the past 24 years, the company has worked to enhance its contributions to the development of the insurance and reinsurance sector to support the economic development process witnessed by African countries.

Africa Re has pioneering experience in providing a range of services, including underwriting of relative and non-relative agreements “marine and non-marine” and energy insurances “marine and non-offshore”, including oil, gas, petrochemicals, solar and renewable energy projects, giant power stations and related infrastructure works. Powered as well as general property insurances.

Africa Re will support its customers by providing them with sufficient capacity to support their subscriptions in the Middle East region, whether in conventional or takaful reinsurance operations, through its presence in the Dubai International Financial Center.

Africa Re has more than a decade of experience in providing Takaful reinsurance solutions and services that are compliant 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 law, 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 a rise in its gross net profits by 74.3% year on year to reach $ 414 million in 2019, according to the annual results for the year 2019 announced by 47 Takaful insurance companies listed on the stock exchange around Region, and the UAE is the second largest market after Saudi Arabia.

Dubai International Financial is a center for many of the leading reinsurance companies in the Middle East, Africa and South Asia and 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 and in 2019 the center announced On the increase in gross written premiums by 17.4% year on year.

Arif Amiri, CEO of the DIFC Authority, said: “We are pleased to welcome Africa Re in the DIFC and the company has chosen the financial center as a destination to launch its first office outside the African continent, indicating that the provision of conventional and takaful insurance services provides additional options and we hope that Africa will operate. Re, with the Dubai International Financial Center and other companies, will develop and strengthen the reinsurance sector in the region in the future.

For his part, the Managing Director and CEO of the African Reinsurance Company, Dr. Cornell Karikizi, said: “We are pleased to join the Dubai International Financial Center and choose it as the first operations center outside Africa. We are confident that, through our presence in the center, we will work to strengthen the traditional and takaful insurance markets and support And developing the Takaful insurance system as a global system and removing all obstacles that it is currently facing in the Middle East.