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Takaful and Retakaful are the Islamic alternative to conventional insurance and reinsurance. They operate on Shariah principles, ensuring compliance with Islamic law. The same coverages are offered as with the traditional (re)insurance model.
Takaful – This is a system of insurance based on mutual assistance and voluntary contributions for the common good. Risks are shared collectively among participants.
Retakaful – This involves a contractual agreement where the Retakaful provider (reinsurer) assumes part or all of the risks insured by the original Takaful provider (insurer). The insurer pays a specified amount of contributions to the reinsurer. This system helps Takaful operators manage large or unexpected claims, ensuring they can meet their obligations even in times of significant losses.
SMGA only writes retakaful, offering both Treaty and Facultative solutions to our cedants. We partner with brokers who have an established ToBA with SMGA however, we are open to new partners, subject to them meeting FAC mandated the due diligence requirements.
SMGA operates on the Wakalah Waqf model which is a fee-based model where SMGA acts as the agent and administrator. The fee is fixed annually and includes an administration and investment components.
We have established a Waqf Fund (i.e. the Participant Retakaful Fund), into which clients’ contributions are placed. For this purpose, we have a Shariah-compliant bank account and our Shariah guidelines and governance framework are strictly followed regarding the segregation of monies. All surpluses belong to the policyholders.
We have retained a recognised Shariah Advisor, Mufti Zeeshan Abdul Aziz, who will advise us on developing our Retakaful offerings in a way that meets our customers’ needs, while being Shariah compliant.
Our Shariah Governance Framework mandates regular auditing to ensure our business continues to be administered in a Shariah-compliant manner.
We are proud to offer Retakaful coverage across all our lines of business covering both Treaty and Facultative.
Our Retakaful offering provides a secure, ethical, and community-oriented insurance solution that aligns with Islamic values.
Enhanced Financial Security
Retakaful helps Takaful operators manage large or unexpected claims, ensuring you can meet your obligations, even during significant losses. This means policyholders can have greater confidence in the stability and reliability of their takaful provider.
Profit Sharing
In a Retakaful arrangement, any surplus from the Retakaful fund is shared among the policyholders. This aligns with the principles of mutual assistance and cooperation, providing policyholders with a share of the profits.
Ethical Assurance
Policyholders benefit from knowing that their contributions are managed and invested in a Shariah-compliant manner. This ensures that their funds are not involved in activities prohibited by Islamic law, such as interest-based transactions or investments in unethical industries.
Community and Mutual Support
Retakaful fosters a sense of community and mutual support among policyholders. Contributions are pooled together to help those in need, promoting a spirit of solidarity and shared responsibility.
Transparency and Fairness
The Retakaful model emphasises transparency and fairness. Policyholders are informed about how their contributions are used, and the terms of the coverage are clear and straightforward. This builds trust and ensures that policyholders understand their rights and obligations.
Risk Mitigation
By spreading risks across a larger pool, Retakaful helps mitigate the impact of individual claims. This means that policyholders are less likely to face financial difficulties due to unexpected events.
Meet our team of Retakaful experts who are ready to help you.
Amal Omari – Group Chief Operating Officer
Amal oversees MNK Group’s daily business operations and administration, and provides management, leadership and vision to ensure that the Group meets its objectives. Amal is a member of MNK International’s Executive Committee.
Wajahat Khawaja – Group Head of Governance & Controls
Wajahat is responsible for enhancing and embedding group-level policies and building common controls for the entire organisation. This includes underwriting guidelines, a peer review and an independent review framework. He leads the roll-out of these policies, supporting a cultural shift at MNK Group as it continues to expand its geographical footprint.
Umair Ismail – Senior Executive Officer MNK International
Umair is the Senior Executive Officer and Director at MNK International’s DIFC operation, where he leads broking operations and focuses on expanding the company’s business across the GCC and globally.
Shariah Advisor:
Mufti Zeeshan Abdul Aziz
Other Experts in the MNK Group:
Siva Bandaru
Thila Sundaram
Rick Yap Ching Luan