Singapore-based Reinsurer Asia Capital Reinsurance Launches World’s Largest Retakaful Company in Joint Venture with Khazanah Nasional Bhd and Dubai Banking Group Singapore, 7 May 2008 – ACR Capital Holdings Pte Ltd (ACR) – Singapore‟s home-grown reinsurance firm focusing exclusively on the Pan Asian market – today announced an agreement with Malaysian national investment company Khazanah Nasional Bhd, and Dubai Banking Group, the global Shari‟ah-compliant investment company of Dubai Group, to set up a retakaful company. The announcement followed a meeting between H.H. Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice-President, Prime Minister and Ruler of Dubai and Malaysian Prime Minister Dato‟ Seri Abdullah Ahmad Badawi, during which they endorsed the new venture.
The new company, named ACR ReTakaful Holdings Limited, will be based in the Dubai International Financial Centre and with a capital of US$ 300 million will be the world‟s largest retakaful entity.
It is expected that ACR ReTakaful Holdings Limited will quickly establish two wholly owned retakaful operating companies. “We plan to set up retakaful businesses in Malaysia and in the Middle East as soon as possible,” said Mr John Tan Kwang Kherng, Chief Executive of ACR. “We are in discussions with regulators in both locations and hope to commence operations in the near future”. Said Mr Tan “We are naturally delighted to be in partnership with the Dubai Banking Group and Khazanah Nasional Bhd. Both are prestigious institutional investors in new sectors and markets,
and the driving force in shaping and nurturing strategic industries in Malaysia and the Middle East with the objective of promoting economic growth”. He added “By drawing on the financial strength and stability of our Malaysia and Dubai partners, their strong Asian networks and unrivalled access to the local markets, and at the same time leveraging ACR‟s vast management experience and technical expertise in...