ACR Retakaful Holdings Limited is a joint venture between Dubai Group, Khazanah Nasional Bhd, the investment arm of the Malaysian Government and Singapore-based Asia Capital Reinsurance (ACR). The deal was completed through Dubai Group’s subsidiary, Dubai Banking Group - the global Shari’ah-compliant investment company.

The company will focus on general (non-life), non-cyclical and large speciality risks in infrastructure and transportation industries such as aviation, marine, energy and engineering, and will lead the way in channelling these traditional risks from the conventional market into Islamic compliant takaful channels.

Commenting on the launch of the new company, Mohammed Al Gergawi, Chairman of Dubai Holding stated that: “We are pleased to announce this landmark joint venture with our Malaysian and Singaporean partners, which reinforces our strong presence in Asian markets. Our success stems from our in-depth knowledge of the specific requirements in the Islamic finance industry. The deal reflects Dubai Holding’s commitment to strategic investments within the reinsurance business regionally and globally.”

Soud Ba’alawy, Executive Chairman of Dubai Group added: “The joint venture comes at a time when the Middle East's retakaful market is expanding. We have a proven track record of successful accomplishments within the reinsurance sector highlighted by our Al Fajer investment in Kuwait. Through our strategic investments, we will continue to play a major role in the regional Islamic finance sector."

Dubai Banking Group currently has investments in leading Islamic financial institutions, including Dubai Bank in the UAE, and Malaysia’s largest Islamic Bank - Bank Islam, with combined assets in excess of USD10bn.

John Tan, Founder and CEO of ACR, remarked that: “We are delighted to partner 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.”

Asia Capital Reinsurance (ACR) is the first independent reinsurance group with an exclusive focus on serving clients in the fast-growing Asian region.

Tan added: “Establishing ACR ReTakaful will allow us to retain the business within local markets and in accordance with Islamic principles."