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Tokio Marine group joins DIFC

Posted: 18 March 2008

Dubai International Financial Centre (DIFC) has announced that the Tokio Marine Group has chosen this fast growing financial centre as its base for the Gulf region. Tokio Marine Group will expand across the MENA region through its new company Tokio Marine Middle East Limited (TMME).

Registered with and located within DIFC, Tokio Marine Middle East Limited is regulated by the Dubai Financial Services Authority as an insurance management services provider.
Nasser Al Shaali, CEO of DIFC Authority, said: "Takaful services are increasingly sought after in today's dynamic business environment and are of particular relevance to the region. DIFC is further consolidating its leading role in Islamic Finance with the addition of Tokio Marine Group, through its new company.

The inception of a company dedicated to Takaful services also illustrates the DIFC's increasing focus on socially responsible financial services."
Tokio Marine entered the Takaful industry in 2001 through its conventional financial operations in Saudi Arabia and subsequently became the first foreign company in the Kingdom to introduce property and casualty Takaful products.

Recognising the excellent potential in opening markets to new licenses, Tokio Marine Group established Tokio Marine Retakaful Company, based in Singapore, in September 2004. In 2006, the Tokio Marine Group took a 35 per cent stake in the new joint venture with Hong Leong of Malaysia for USD29m to form Hong Leong Tokio Marine Takaful Berhad.

"We are pleased to establish this company with the objective of seeking new business opportunities and expanding the Group's existing business in the Middle East and North African markets," said Mr. Hisato Hamada, President and CEO, Tokio Marine Group. "We are committed to providing products and services that are fully aligned with our customers' cultural and social values."
'The biggest challenge and potential for the region lies in the development of Family Takaful which is life insurance in compliance with Shariah principles.

The cultural mind-set against conventional life insurance has been one of the main reasons why development of life insurance has been slow. With strong professional approach and innovative takaful solutions, the regional markets should be able to realize the excellent potential that exists in Family Takaful with its related savings and pensions products', he added.

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