Hannover Re said it has established Hannover ReTakaful, B.S.C., in Manama, Bahrain, a wholly-owned subsidiary, for worldwide underwriting of retakaful reinsurance business written in conformity with Islamic law.
Hannover Re, based in Hannover, Germany, said it is the first of the major Western reinsurance groups to serve this emerging market with its own exclusively dedicated subsidiary.
"Takaful" is an Arabic term meaning "guaranteeing each other." On the reinsurance side, it is used to designate a business model that resembles the form of a mutual insurance company and makes appropriate allowance for the prohibition of interest income in the Islam.
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