Malaysian Re and Pacific Life Re extend MoU on family retakaful market
June 14 2024 by Ji Youn Lee
Malaysian Re and the Singapore’s branch of London-headquartered Pacific Life Re (Pacific Life Re) have signed an extension to their Memorandum of Understanding (MoU) on providing sustainable retakaful solutions to family takaful operators.
The MoU, first signed in December 2019, utilises Pacific Life Re’s expertise in technical pricing, underwriting and product development to grow Malaysian Re’s retakaful business. Family takaful is a Malaysian Islamic business term which refers to shariah-compliant life insurance.
According to a press release this week issued by both companies, this collaboration has facilitated knowledge exchange particularly on in-depth technical knowledge and shariah advanced practice.
“Within the first five years of this collaboration, Malaysian Re has expanded not only its takaful business but also the conventional business. We look forward to unlocking new opportunities from the extension of this collaboration,” Ahmad Noor Azhari Abdul Manaf, president & chief executive officer of Malaysian Re, said in the renewal ceremony.
This collaboration is expected to expand Malaysian Re’s access to international research and data through the using the underwriting technology powered by Pacific Life Re’s subsidiary UnderwriteMe.
According to Allied Market Research, the global takaful insurance market was valued at US$31.7 billion in 2022 and is projected to reach US$126.8 billion by 2032, growing at a CAGR of 15.2% from 2023 to 2032.
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