MNRB gets nod for general, family retakaful

MNRB Holdings Bhd’s unit Malaysian Reinsurance Bhd has received Bank Negara Malaysia’s approval to conduct general and family retakaful business.

The reinsurer said recently that the business would be under Section 10 of the Islamic Financial Services Act 2013 (IFSA) via the setting up of a retakaful division.

“Following the above, the MNRB Group plans to undertake an internal restructuring exercise for its retakaful business, the details of which will be announced at a later date,” it said in a report in The Star.