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.