Takaful, retakaful gross contributions at Malaysia's Labuan IBFC rises more than 13% in 2020
Takaful and retakaful gross contributions at Malaysia's Labuan International Business and Financial Centre grew by more than 13% last year, its regulator told Salaam Gateway ahead of the release of its 2020 market report.
Total premiums of the mid-shore IBFC's insurance and reinsurance sector grew more than 4%, a spokesperson said in an email.
221 insurance and insurance-related entities operated out of IBFC in 2020, out of which six were full-fledged (re)takaful operators and 44 were Islamic insurance windows.
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