Munich Re for Individual Takaful Plans
About Munich Re The Munich Re Group operates worldwide, turning risk into
value. In the financial year 2007, it achieved a profi t of €3,937m on premium income
of approximately €37bn. With over 38,000 staff at more than 50 locations, it has
become the world‘s leading risk carrier and financial services provider.
With premium income of around €21.5bn from reinsurance alone, it is one of the world’s
leading reinsurers. Its primary insurance operations are mainly concentrated in
the ERGO Insurance Group – one of the largest insurance groups in Europe and Germany
with premium income of almost €17bn.
34 million clients in 26 countries place their trust in the services and security
it provides. The global investments of the Munich Re Group amounting to €176bn are
managed by MEAG, which also makes its competence available to private and institutional
investors outside the Group.
The Munich Re Group is in a unique position to contribute to the sustainable and
secure development of the insurance industry and society. Munich Re has deepened
this long-standing commitment in recent years. Its scope extends far beyond the
role of a pure risk carrier to include risk prevention, risk management and a wide
range of training and consulting services.
Munich Re Re-Takaful at a Glance:
• The first foreign
ReTakaful operator established in Malaysia
• Composite license
for family and general ReTakaful business
• Munich Re’s
Global Retakaful Hub and Centre of (Re)Takaful Competence
• Geared to support
takaful operators in their effort to achieve regional and international expansion
• Excellent AA-
(very strong) financial strength rating by Standard & Poor’s
• Munich Re Retakaful
operates on pure wakala model both in general and family retakaful
• Transparent
contract terms, in particular in respect of wakala fee, surplus sharing and Qard
e Hasan
• Level of service
and technical assistance Munich Re is known for, but tailored to takaful operators
• International
Shari’a Board ensuring global Shari’ah compliance
• We see Shari’a
compliance as a chance for innovation, not as a limitation Family Re-Takaful
• Operates on
a pure wakala model to ensure international Shari’a compliance
• Global pool
covering worldwide family retakaful business for optimal risk diversifi cation
• Covering all
family takaful risks plus attaching riders
• Offers unique,
Shari’a-compliant, pooling concept for large risks
• Annual surplus
distribution method ensures intergenerational equity
Shari’ah Advisory Board
• Shari’a Advisory
Board composed to cover the three main regions of the Islamic world, Southeast Asia,
Middle East and Indian Sub continent.
• High-ranking
scholars, representing practical, theoretical and methodological expertise, as well
as our straight and innovative approach.
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